Goldman Sachs revenue grew 13% in 2020

The US investment bank Goldman Sachs posted an attributable net profit of $ 8.915 billion for the whole of 2020, which is equivalent to an increase of 13% compared to the previous year’s earnings, despite the impact on its balance sheet of the crisis generated by Covid-19.

The firm managed to improve its profitability despite the fact that in 2020 it registered extraordinary charges derived from the crisis. According to the annual accounts published by the company on Tuesday, last year it registered provisions to face credit losses amounting to 3,098 million dollars, triple the amount in 2019.

“We hope that this year will bring much needed stability and a respite from the pandemic, but we remain prepared to handle a wide range of scenarios and we are ready to meet the needs of our customers”, explained the president and CEO of Goldman Sachs, David Solomon.

Revenue in 2020 grew by 22 percent, to $ 44.56 billion. Income from interests grew by 9%, to 4,751 million dollars, while those from commissions and fees reached 39,809 million, 22% more.

Only in the fourth quarter of the year, the net attributable profit of Goldman Sachs was 4,362 million dollars, 153% more than in the same period of the previous year. On his side, revenues rose 18%, to 11,741 million dollars.

K. Tovar

Source: Investing