Goldman Sachs’ securities services revenue rose 10% year over year to $352 million in net revenue for the first quarter of 2014.
In comparison, the firm had net revenue of $320 million in the prior year’s first quarter. Goldman’s securities services revenue was also 4% higher than the previous quarter, which saw $337 million in revenue for Q4 2013. The firm said this increase was due to growth in customer balances.
As a whole, the firm’s net revenue of $9.3 billion was 8% less than the $10.1 billion in the first quarter of 2013. Compared to the previous quarter, though, net revenue rose 6% to $8.8 billion. However, the $2 billion in net earnings for the quarter measured 10% less year over year and 13% less since last quarter.
Under the Basel III transitional provisions, the firm’s tier 1 capital ratio measured 16.3%, and the Common equity tier 1 ratio was 14.6% as of March 31, 2014. Next quarter, the firm will use the Federal Reserve Board’s Basel III Advanced approach for calculating capital ratios. This quarter, Goldman ran a parallel computation and found that the firm’s Common equity tier 1 ratio was 11.3% under this approach.
Goldman Sachs Sees Securities Service Revenue Gains
Goldman Sachs’ securities services revenue rose 10% year over year to $352 million in net revenue for the first quarter of 2014.