Goldman Sachs posts huge jump in Q1 profits

Investment bank Goldman Sachs posted a huge jump in first-quarter profits on Wednesday, with the group taking advantage of record levels of dealmaking activity throughout the period.

Goldman Sachs said net earnings skyrocketed to $6.84bn in the three months ended 31 March, a marked improvement when compared to the $1.12bn seen at the same time a year earlier.

Earnings per share rose to $18.60 from $3.11 in the first quarter of 2020, well ahead of analysts estimates for an EPS of $10.22.

Quarterly net revenues were $17.70bn, more than double the amount reported for the same period twelve months prior, as the bank's Global Markets unit generated quarterly net revenues of $7.58bn, 47% higher than the first quarter of 2020 and its highest quarterly net revenues since 2010.

Book value per common share also increased, up 6.2% during the quarter to $250.81.

As of 1240 BST, Goldman Sachs shares were up 1.78% in pre-market trading at $327.68 each.