Q1 net earnings of $2.83B or $6.95 per share vs. $5.15 a year ago. Annualized Q1 ROE of 15.4%, the highest rate in more than five  years, notes the bank.

Investment Banking net revenue up 5% Y/Y to $1.79B. Financial advisory revenue down 22%, underwriting revenue up 27%.

Institutional Client Services net revenue up 31% Y/Y to $4.39B. FICC revenue up 23% to $2.07B, with bank noting improved market-making conditions and higher client activity. Equity revenue up 38% Y/Y to $2.31B.

Investing & Lending net revenue up 43% Y/Y to $2.09B.

Investment Management net revenue up 18% Y/Y to $1.77B.

Operating expenses up 21% Y/Y to $6.62B. Comp and benefits up 25% to $4.12B; ratio of comp and benefits to net revenue flat at 41%.

Dividend raised to $0.80 from $0.75. 3M shares bought back during quarter for $800M, or $264.32 each. Tangible book value per share on March 31 of $176.28.

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Conference call at 9:30 ET

Previously: Goldman Sachs beats by $1.28, beats on revenue (April 17)

GS -0.55% premarket




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