Goldman Sachs posts the latest good news for US banks
The numbers: Goldman Sachs reported better-than-expected earnings and revenue for the quarter (pdf). The bank earned $4.29 per share and saw revenues of $10.1 billion.
The takeaway: This is the latest in a number of solid earnings results from US banks, which have all beat expectations to date. As usual, Goldman made the most money from its market-making activities (essentially, facilitating client trades), or $3.4 billion in the first quarter. Revenue from investment banking were also strong, up 36% from the first quarter of 2012 and 12% from the fourth quarter.
What’s interesting: The firm made little mention in its earnings release of thwarted plans to give more capital back to shareholders through share buybacks or dividends—plans that the Federal Reserve said showed “weaknesses.”
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