From RTTNews:

Goldman Sachs Group Inc. (GS) reported a 58 percent increase in profit for the fourth quarter from last year, with a 41 percent decrease in provisions for bad loans and 7 percent net revenue growth, beating analysts’ expectations. The company reported $5.48 per share in earnings, higher than the expected $3.20 per share.

Goldman Sachs is currently trading on the NYSE at $384.00, up $6.25 or 1.65 percent in pre-market trading on Tuesday.

The company reported net earnings of $1.87 billion or $5.48 per share for the fourth quarter, up from $1.19 billion or $3.32 per share in the prior-year quarter. Provision for credit losses for the quarter was $577 million, down from $972 million last year.

Operating expenses for the fourth quarter were $8.49 billion, 5 percent higher than last year, reflecting the FDIC special assessment fee of $529 million. Total net revenues for the quarter grew 7 percent to $11.32 billion.

Net revenues in Global Banking & Markets were $6.35 billion, down 3 percent from the previous year, while net revenues in Asset & Wealth Management were $4.39 billion, 23 percent higher than the prior year. Platform Solutions net revenues grew 12 percent to $577 million from last year.

The Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.75 per common share to be paid on March 28, 2024 to common shareholders of record on February 29, 2024.

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Read more: Goldman Sachs Q4 Profit Surges 58%, Tops Estimates