NEW YORK CITY (dpa-AFX) - Goldman Sachs Group Inc. (GS) reported Monday that
profit for the first quarter grew 27 percent from last year, reflecting
double-digit net revenue growth across all its operating segments. Both earnings
per share and quarterly revenues topped analysts' expectations by a large
margin.

In Monday's pre-market trading, GS is currently trading on the NYSE at $404.37,
up $14.88 or 3.82 percent.

'Our first quarter results reflect the strength of our world-class and
interconnected franchises and the earnings power of Goldman Sachs. We continue
to execute on our strategy, focusing on our core strengths to serve our clients
and deliver for our shareholders,' said David Solomon, Chairman and CEO.

For the first quarter, net earnings applicable to common shareholders increased
to $3.93 billion or $11.58 per share from $3.09 billion or $8.79 per share in
the prior-year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report
earnings of $8.56 per share for the quarter. Analysts' estimates typically
exclude special items.

Provision for credit losses for the quarter was $318 million, compared to a net
benefit of $171 million last year, primarily reflecting net provisions related
to both the credit card portfolio and wholesale loans.

Operating expenses were $8.66 billion for the quarter, 3 percent higher than
last year, primarily reflecting higher compensation and benefits expenses as
well as higher transaction based expenses and an incremental expense for the
FDIC special assessment fee.

Total net revenues for the quarter grew 16 percent to $14.21 billion from $12.22
billion in the same quarter last year, reflecting higher net revenues across all
operating segments. Analysts expected revenue of $12.91 billion for the quarter.

Net interest income declined 10 percent to $1.61 billion, while non-interest
income grew 21 percent to $12.61 billion from last year.

Net revenues in Global Banking & Markets were $9.73 billion for the first
quarter, up 15 percent from the previous year, primarily due to 32 percent
higher Investment Banking fees, a 10 percent growth in Fixed Income, Currency
and Commodities (FICC) net revenues and 10 percent higher Equities net revenues.

Net revenues in Asset & Wealth Management were $3.79 billion for the first
quarter, 18 percent higher than the prior year, reflecting record management and
other fees as well as higher net revenues in both private banking and lending.

Platform Solutions net revenues in grew 24 percent to $698 million from last
year, reflecting significantly higher net revenues in Consumer platforms.

On Thursday, the Board of Directors of The Goldman Sachs Group, Inc. declared a
dividend of $2.75 per common share to be paid on June 27, 2024 to common
shareholders of record on May 30, 2024.

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