Goldman Sachs Group Inc (NYSE:GS) stock rose 1.38% (As on January 16, 11:16:12 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 23. Last year, the bank narrowed its ambitions in consumer markets and stopped offering new loans on Marcus, its consumer platform. The company is currently trying to end credit card partnerships with Apple and General Motors, as well. Much like its banking peers, Goldman was also assessed a one-time fee by the Federal Deposit Insurance Corporation to help pay for the regional banking crisis last spring. Goldman paid $529 million to help clean up the mess that Silicon Valley Bank and Signature Bank left in the wake of their collapses. That’s a hefty fee, but scores less than the largest US banks paid. Return on average common shareholders’ equity (ROE) was 7.5% for 2023 and annualized ROE was 7.1% for the fourth quarter of 2023. Return on average tangible common shareholders’ equity (ROTE) was 8.1% for 2023 and annualized ROTE was 7.6% for the fourth quarter of 2023.

Moreover, during the year, the firm supported clients and continued to execute on strategic priorities, which contributed to the firm’s third highest annual net revenues of $46.25 billion. Global Banking & Markets generated net revenues of $30.00 billion, driven by strong performances in both Fixed Income, Currency and Commodities (FICC), which included the second highest net revenues in FICC financing, and Equities, which included record net revenues in Equities financing. Asset & Wealth Management generated net revenues of $13.88 billion, including record Management and other fees and record Private banking and lending net revenues.  Assets under supervision increased 10% during the year to a record $2.81 trillion.

GS in the fourth quarter of FY 23 has reported the adjusted earnings per share of $5.48, beating the analysts’ estimates for the adjusted earnings per share of $3.47, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 7 percent to $11.32 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $10.71 billion. The increase compared with the fourth quarter of 2022 reflected higher net revenues in Asset & Wealth Management and Platform Solutions, partially offset by lower net revenues in Global Banking & Markets. Net revenues in Asset & Wealth Management were $4.39 billion for the fourth quarter of 2023, 23% higher than the fourth quarter of 2022 and 36% higher than the third quarter of 2023.