Goldman Sachs Group, Inc. (the) · NYSE:GS
Goldman Sachs Group, Inc. (the) — Q1 2024 Earnings Presentation
16 slides from Goldman Sachs Group, Inc. (the)'s earnings presentation, Apr 15, 2024
Slide 1: First Quarter 2024 Earnings Results Presentation
First Quarter 2024 Earnings Results Presentation April 15, 2024
Slide 2: Results Snapshot
Results Snapshot Net Revenues Net Earnings EPS 1Q24 $14.21 billion 1Q24 $4.13 billion 1Q24 $11.58 Annualized ROE1 Annualized ROTE1 Book Value Per Share 1Q24 14.8% 1Q24 15.9% 1Q24 $321.10 (+2.4% YTD) Highlights Selected Items and FDIC Special Assessment Fee4 #1 in announced and completed M&A2 $ in mi
Slide 3: Financial Overview
Financial Overview Financial Results $ in millions, vs. vs. except per share amounts 1Q24 4Q23 1Q23 Global Banking & Markets $ 9,726 53% 15% Asset & Wealth Management 3,789 (14)% 18% Platform Solutions 698 21% 24% Net revenues 14,213 26% 16% Provision for credit losses 318 (45)% N.M. Operating expen
Slide 4: Global Banking & Markets Financial Results
Global Banking & Markets Financial Results Global Banking & Markets Highlights 1Q24 net revenues were higher YoY vs. vs. — Investment banking fees reflected significantly higher net revenues in Debt underwriting, $ in millions 1Q24 4Q23 1Q23 Advisory and Equity underwriting Investment banking fees $
Slide 5: Global Banking & Markets – Net Revenues
Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights 1Q24 Investment banking fees were significantly higher YoY vs. vs. — Advisory reflected an increase in completed mergers and acquisitions transactions $ in millions 1Q24 4Q23 1Q23 — Equity underwrit
Slide 6: Asset & Wealth Management Financial Results
Asset & Wealth Management Financial Results vs. vs. $ in millions 1Q24 4Q23 1Q23 Management and other fees: Asset management $ 1,113 2% 8% Wealth management 1,339 (1)% 7% Total Management and other fees 2,452 –7% Incentive fees 88 49% 66% Private banking and lending 682 3% 93% Equity investments 222
Slide 7: Asset & Wealth Management – Assets Under Supervision
Asset & Wealth Management – Assets Under Supervision AUS Rollforward3 AUS by Asset Class3 $ in billions 1Q24 4Q23 1Q23 $ in billions 1Q24 4Q23 1Q23 Beginning balance $ 2,812 $ 2,680 $ 2,547 Alternative investments $ 296 $ 295 $ 268 Long-term AUS net inflows / (outflows) 24 51 8 Equity 713 658 597 Li
Slide 8: Asset & Wealth Management – Alternative Investments
Asset & Wealth Management – Alternative Investments Alternative Investments AUS and Effective Fees3 Alternative Investments Highlights3 1Q24 Management and other fees from alternative investments were $486 million, down 2% 1Q24 compared with 1Q23 $ in billions Average AUS Effective Fees (bps) During
Slide 9: Platform Solutions Financial Results
Platform Solutions Financial Results Platform Solutions Highlights 1Q24 net revenues were higher YoY vs. vs. — Consumer platforms primarily reflected higher average credit card balances and higher $ in millions 1Q24 4Q23 1Q23 average deposit balances Consumer platforms $ 618 23% 26% — Transaction ba
Slide 10: Loans and Net Interest Income
Loans and Net Interest Income Loans by Segment3 ($ in billions) Loans by Type3 Metrics $184 $183 $178 $ in billions 1Q24 4Q23 1Q23 2.8% Corporate $ 36 $ 36 $ 40 ALLL to Total Gross Loans, at Commercial real estate 27 26 29 Amortized Cost Residential real estate 24 25 22 1.6% $122 $117 $109 Global Ba
Slide 11: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) 1Q24 Firmwide Loans, Net of ALLL3 1Q24 AWM On-Balance Sheet Alternative Investments3 $ in billions 1Q24 $ in billions CRE-related Office-related Warehouse / other indirect $12 Loans (included in firmwide loans) $ 1.6 $ 0.2 Industrials $3 Multifamily $3 $26 Hospitality $2
Slide 12: Expenses
Expenses Financial Results Expense Highlights ??1Q24 total operating expenses were slightly higher YoY vs. vs. — Compensation and benefits expenses were higher, reflecting improved operating $ in millions 1Q24 4Q23 1Q23 performance Compensation and benefits $ 4,585 27% 12% — Non-compensation expense
Slide 13: Capital and Balance Sheet
Capital and Balance Sheet Capital3 Capital and Balance Sheet Highlights3 ??Standardized CET1 capital ratio increased QoQ, reflecting an increase in CET1 capital 1Q24 4Q23??Advanced CET1 capital ratio increased QoQ, primarily reflecting a decrease in credit RWAs and an increase in CET1 capital Standa
Slide 14: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current con
Slide 15: Footnotes
Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by di
Slide 16: Footnotes—Continued
Footnotes—Continued 5. Includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term (medium term refers to a 3-5 year time horizon from year-end 2022). 6. Consists of AUS, brokerage assets and Marcus deposits. 7. Includes CIEs and other