Goldman Sachs has reported a net income of $2.73bn for the first quarter of 2018, a surge of 27% compared to $2.16bn a year ago.
The banking group’s net revenues for the quarter ended 31 March 2018 were $10.03bn, a 25% jump from $8.02bn in the corresponding quarter of 2017.
The bank’s net provisions for litigation and regulatory proceedings were $44m, versus $139m last year.
Net revenues in the group’s Investment Management division in the first quarter of 2018 were $1.77bn, up 18% from $1.5bn in the previous year.
The group attributed the rise to higher management and other fees, reflecting higher average assets under supervision, higher incentive fees and higher transaction revenues.
Assets under supervision at the Investment Management arm totalled $1.5 trillion at the end of March 2018.
Net revenues in Institutional Client Services unit were $4.38bn in the first quarter of 2018, a 31% surge from $3.36bn reported in the same period last year.
Net revenues in Fixed Income, Currency and Commodities Client Execution soared 23% year-on-year to $2.07bn. The bank said that the increase was driven by higher net revenues in currencies, commodities and credit products.
Goldman Sachs chairman and CEO Lloyd Blankfein said: “Solid performance across our businesses produced strong returns in the first quarter. We are well positioned to serve our clients as the global economy continues to show strength and central banks unwind certain aspects of policy stimulus. We are also broadening our client base and further diversifying our businesses to drive more revenue and earnings growth for the firm.”