Goldman Sachs’ annual profit was the lowest since 2019 – Kommersant

American bank Goldman Sachs published quarterly and annual reports, with quarterly profit soaring 51% and beating analysts’ expectations and annual profit being the lowest since 2019.

The year’s results were affected by losses associated with the bank’s withdrawal from the retail sector. And the last quarter of the year was pulled out by the asset management and securities trading divisions, whose performance turned out to be better than expected. In the fourth quarter, Goldman Sachs’ net profit reached $2.01 billion, net revenue increased by 7%, to $11.32 billion. At the end of the year, net profit amounted to $8.52 billion, net revenue decreased by 2%, to $46.25 billion.

At the same time, the bank’s operating costs at the end of the year increased by 11% and reached $34.5 billion. The revenue of the global banking and markets division at the end of the quarter decreased by 3% year on year, to $6.35 billion; at the end of the year, it also decreased – by 8%, to $30 billion. The asset management division, which is key for the bank, saw revenue growth for the quarter and the entire year amounting to 23% and 4%, respectively.

Alena Miklashevskaya