💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

Goldman Sachs profit halves on mounting loan loss provisions

Published 2020-04-15, 07:50 a/m
© Reuters. FILE PHOTO: A Goldman Sachs sign is displayed inside the company's post on the floor of the NYSE in New York
GS
-

(Reuters) - Goldman Sachs Group Inc (N:GS) 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.

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

"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."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.