Goldman Sachs flies past analysts' first quarter estimates

Goldman Sachs flew past analysts' estimates for first quarter earnings.

Earnings per share for the three months ending on 31 March printed at $10.76, against the $8.89 that analysts had penciled-in.

Revenues also topped estimates, despite falling by 27% to $12.93bn, although that was better than the $11.83bn expected on the Street.

Asset Management revenues were particularly weak, falling by 88% from one year ago to $546m, while those form Investment Banking fell by just over a third to $2.41bn.

Global Markets and Consumer & Wealth Management revenues on the other hand both grew.

The lender also booked $561m in credit loss provisions for te quarter, against a $70m benefit in the comparable year ago quarter.

As of 1417 GMT, shares of Goldman Sachs were trading 1.87% higher to $327.97.

-- More to follow --