Goldman Sachs Group, Inc. (the) · NYSE:GS
Goldman Sachs Group, Inc. (the) — Q1 2025 Earnings Presentation
15 slides from Goldman Sachs Group, Inc. (the)'s earnings presentation, Apr 14, 2025
Slide 1: First Quarter 2025 Earnings Results Presentation
First Quarter 2025 Earnings Results Presentation April 14, 2025 Goldman Sachs
Slide 2: Results Snapshot
Results Snapshot Goldman Sachs Net Revenues Net Earnings EPS 1Q25 $15.06 billion 1Q25 $4.74 billion 1Q25 $14.12 Annualized ROE¹ Annualized ROTE¹ Book Value Per Share 1Q25 16.9% 1Q25 18.0% 1Q25 $344.20 (+2.2% YTD) Quarterly Highlights 3rd highest quarterly net revenues Selected Items4 $ in millions,
Slide 3: Financial Overview
Goldman Sachs Financial Overview Financial Results Financial Overview Highlights1Q25 results included EPS of $14.12 and ROE of 16.9%— 1Q25 net revenues were higher YoY, reflecting higher net revenues in Global Banking &Markets, partially offset by slightly lower net revenues in Asset & Wealth Manage
Slide 4: Global Banking & Markets Financial Results
Goldman Sachs Global Banking & Markets Financial Results VS. VS. $ in millions 1Q25 4Q24 1Q24 Investment banking fees $ 1,914 (7)% (8)% FICC 4,404 61% 26 2% Equities 4,192 21% 27% Other 197 (16)% N.M. Global Banking & Markets Highlights 1Q25 net revenues were higher YoY Investment banking fees prima
Slide 5: Global Banking & Markets—Net Revenues
Global Banking & Markets—Net Revenues Net Revenues VS. $ in millions 1Q25 4Q24 VS. 1Q24 Advisory $ 792 (18)% (22)% Equity underwriting 370 (26)% Debt underwriting 752 26% 8% Investment banking fees 1,914 (7)% (8)% FICC intermediation 3,390 94% (2)% FICC financing 1,014 3% 19% FICC 4,404 61% 2% Equit
Slide 6: Asset & Wealth Management Financial Results
Goldman Sachs Asset & Wealth Management Financial Results $ in millions 1Q25 VS. 4Q24 VS. 1Q24 Management and other fees: Asset management $ 1,191 1% 7% Wealth management 1,512 (7)% 13% Total Management and other fees 2,703 (4)% 10% Incentive fees 129 (26)% 47% Private banking and lending 725 (1)% 6
Slide 7: Asset & Wealth Management—Assets Under Supervision
Goldman Sachs Asset & Wealth Management—Assets Under Supervision AUS Highlights³ During the quarter, AUS increased $36 billion to a record $3.17 trillion—Net inflows primarily in fixed income and equity assets Net market appreciation in fixed income assets, partially offset by net market depreciatio
Slide 8: Asset & Wealth Management—Alternative Investments
Asset & Wealth Management—Alternative Investments Alternative Investments Highlights³ 1Q25 Management and other fees from alternative investments were $523 million, up 8% compared with 1Q24 â– During the quarter, alternative investments AUS increased $5 billion to $341 billion â– 1Q25 gross third-pa
Slide 9: Platform Solutions Financial Results
Platform Solutions Financial Results Goldman Sachs $ in millions Consumer platforms $ 1Q25 VS. 4Q24 VS. 1Q24 611 2% (1)% Transaction banking and other 65 (10)% (19)% Net revenues 676 1% (3)% Platform Solutions Highlights â– 1Q25 net revenues were slightly lower YoY—Consumer platforms net revenues we
Slide 10: Loans and Net Interest Income
Loans and Net Interest Income Loans and Net Interest Income Highlights³ â– 1Q25 loans increased QoQ Gross loans by type: $205 billion—amortized cost, $6 billion—fair value, $4 billion—held for sale $210—Average loans of $202 billion Loans by Segment³ ($ in billions) $196 $184 Total allowance for loa
Slide 11: Expenses
Expenses Financial Results Goldman Sachs Expense Highlights â– 1Q25 total operating expenses were higher YoY Compensation and benefits expenses were higher (reflecting improved operating performance)—Non-compensation expenses were slightly higher, reflecting: Significantly higher transaction based e
Slide 12: Capital and Balance Sheet
Goldman Sachs Capital and Balance Sheet Capital and Balance Sheet Highlights â– Standardized CET1 capital ratio decreased QoQ, reflecting an increase in credit RWAS and a decrease in CET1 capital, partially offset by a decrease in market RWAS â– Advanced CET1 capital ratio increased QoQ, reflecting
Slide 13: Cautionary Note Regarding Forward-Looking Statements
Goldman Sachs 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
Slide 14: Footnotes
Goldman Sachs 1. Footnotes Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net eamings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is cal
Slide 15: Footnotes—Continued
Footnotes—Continued 5. 6. 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). Consists of AUS, brokerage assets and Marcus deposits. Goldman Sachs 7. Other on-b