Goldman Sachs profit halves on mounting loan loss provisions By Reuters

© Reuters. FILE PHOTO: A Goldman Sachs sign is displayed inside the company’s post on the floor of the NYSE in New York

(Reuters) – Goldman Sachs Group Inc (N:) reported a 49% fall in quarterly profit on Wednesday, as the bank put aside nearly $1 billion to meet future loan defaults and booked heavy losses on its debt and equity investments.

The bank’s net earnings applicable to common shareholders fell to $1.12 billion in the quarter ended March 31 from $2.18 billion a year ago. Earnings per share fell to $3.11 from $5.71 a year earlier.

Analysts had expected a profit of $3.35 per share, on average, according to the IBES estimate from Refinitiv. It was not immediately clear whether those estimates were comparable.

“Our quarterly profitability was inevitably affected by the economic dislocation,” said Goldman Chief Executive David Solomon. “As public policy measures to stem the pandemic take root, I am firmly convinced that our firm will emerge well-positioned.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*