U.S. investment bank Goldman Sachs (GS) has reported fourth-quarter financial results that beat Wall Street forecasts due to a boost in its asset management unit.
Goldman Sachs announced earnings per share (EPS) of $5.48 U.S. per share, which was better than the $3.62 U.S. consensus forecast of analysts who cover the bank.
Revenue in the October through December quarter totaled $11.32 billion U.S. versus $10.80 billion U.S. that had been expected on Wall Street.
Goldman Sachs' profit rose 51% in Q4 from a year earlier.
The bank said its Q4 results got a lift from better-than-expected asset management revenue.
The Q4 print represents a comeback for Goldman Sachs, which has endured a string of poor quarterly results over the last year as the investment bank moved away from a failed and costly consumer banking endeavour.
Goldman Sachs continues to get most of its revenue from deals such as mergers and acquisitions (M&A) and initial public offerings (IPOs).
During Q4, fees from investment banking declined 12% compared to the same period of 2022, to $1.65 billion U.S. amid a continued dearth of deals on Wall Street.
However, equity trading revenue rose 26% in Q4 and revenue from the asset and wealth management business increased 23% to $4.39 billion U.S.
Goldman Sachs’ stock has risen 8% in the last 12 months to trade at $377.75 U.S. per share.
