The Goldman Sachs Group, Inc. (NYSE:GS) today reported its financial results for the first quarter of 2021, with the Global Markets segment delivering particularly robust results.

Net revenues in Global Markets were $7.58 billion for the first quarter of 2021, 47% higher than the first quarter of 2020 and 78% higher than the fourth quarter of 2020.

Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.89 billion, 31% higher than the first quarter of 2020, due to significantly higher net revenues in FICC intermediation, reflecting significantly higher net revenues in mortgages and interest rate products and, to a lesser extent, commodities and credit products, partially offset by significantly lower net revenues in currencies. Net revenues in FICC financing were essentially unchanged.

Net revenues in Equities were $3.69 billion, 68% higher than the first quarter of 2020, due to significantly higher net revenues in both Equities intermediation, reflecting significantly higher net revenues in both derivatives and cash products, and Equities financing, reflecting improved market conditions and increased activity (including higher average customer balances in the Prime business).

Across all segments, net revenues were $17.70 billion for the first quarter of 2021, 102% higher than the first quarter of 2020 and 51% higher than the fourth quarter of 2020. The increase compared with the first quarter of 2020 reflected higher net revenues across all segments, including significant increases in Asset Management, Global Markets and Investment Banking.

Net earnings for the first quarter of 2021 amounted to $6.84 billion. Diluted earnings per common share (EPS) was $18.60 for the first quarter of 2021 compared with $3.11 for the first quarter of 2020 and $12.08 for the fourth quarter of 2020.

Annualized return on average common shareholders’ equity (ROE) was 31.0% and annualized return on average tangible common shareholders’ equity (ROTE) was 32.9% for the first quarter of 2021.