Goldman Sachs reports 7% rise in its profits for Q1 2013
Goldman Sachs has reported a 7% rise in its profits during Q1 2013 following a strong performance in its investment banking division.
The company made $2.26 billion net profits, a 7% rise comparing with Q1 2012.
The investment banking division made $1.57 billion, a 36% rise, during the period.
Goldman Sachs’ total revenue rose just 1% to $10.1 billion. The figures were ahead of analysts’ expectations.
Earnings at the company’s equity arm fell 15% to $1.92 billion, which mostly reflecting a slowdown in trade executions and volumes on behalf of its clients.
“We are pleased with our performance for the quarter,” said Lloyd C Blankfein, chairman and chief executive.
“Our strong client franchise across our businesses drove generally solid results.
“Still, the potential for macro-economic instability was felt in the quarter and constrained overall corporate and investor activity. We continue to be very focused on controlling our costs and efficiently managing our capital.”