LONDON (ShareCast) - (Sharecast News) - Goldman Sachs beat the Street's estimates for its bottom line, but topline growth fell short.
"The events of the first quarter acted as another real-life stress test, demonstrating the resilience of Goldman Sachs and the nation's largest financial institutions," Goldman Sachs chief executive officer, David Salomon said.

"Our deeply rooted risk management culture, strong liquidity and robust capital position enabled us to continue to support our clients and deliver solid performance. We are operating from a position of strength and remain focused on executing our strategy to further grow our leading Global Banking & Markets and Asset & Wealth Management franchises."

The iconic lender unveiled a 19% drop in net earnings for the first quarter to approximately $3.1bn, for earnings per share of $8.79 (FactSet: $8.14).

That compared to the $10.76 in EPS notched up during the same quarter one year ago.

Total revenues however fell by 5.5% to $12.22bn (FactSet: $12.76bn).

Revenues from Fixed Income, Commodities and Currencies were down by 17% to $3.93bn while those from equities fell 7% to $3.02bn.

The topline was also hurt by a roughly $400m loss from the partial sale of the Marcus loans portfolio and the transfer of the rest to held-for-sale.

Net interest income declined 3% to $1.78bn.

As of 1252 BST, shares of Goldman Sachs were off by 3.58% to $327.51.

-- More to follow --

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