Goldman Sachs (NYSE: GS) reported fourth-quarter earnings of $5.68 a share that topped Wall Street estimates.
The investment bank titan reported net revenues of $32.07 billion and net earnings of $4.29 billion for the year ended December 31, 2017. Diluted earnings per common share were $9.01 compared with $16.29 for the year ended December 31, 2016. Return on average common shareholders’ equity (ROE) was 4.9% for 2017.
During the fourth quarter of 2017, the firm recorded $4.40 billion of income tax expense related to Tax Legislation. Excluding this expense, diluted earnings per common share were $19.76 and ROE was 10.8% for 2017.
Fourth-quarter net revenues were $7.83 billion and the net loss was $1.93 billion.
The diluted loss per common share was $5.51 compared with diluted earnings per common share of $5.08 for the fourth quarter of 2016 and $5.02 for the third quarter of 2017.
During 2017, the firm advanced its online consumer lending and deposit platform, Marcus: by Goldman Sachs, originating over $2 billion of loans and growing online deposits by over $5 billion.
Said CEO Lloyd Blankfein, "Last year, we delivered higher revenue and stronger pre-tax margins despite a challenging environment for our market-making businesses.
"With the global economy poised to accelerate, new U.S. tax legislation providing tailwinds and a leading franchise across our businesses, we are well positioned to serve our clients and make significant progress on the growth plan we outlined in September."
Shares in GS opened Wednesday down $3.33, or 1.3%, to $255.12
