Goldman Sachs 4Q profits surge to $4.4bn, topping estimates

NEW YORK: Goldman Sachs said Tuesday the firm's fourth-quarter profits more than doubled on a strong performance across operations and lower costs.

Goldman profits soared to $4.4 billion in the final quarter of the year, a 153 percent increase compared with the year-ago level, again underscoring the investment bank's might at a time when other sectors have been devastated by the coronavirus pandemic.

Revenues rose 18 percent to $11.7 billion.

Goldman's results reflected surging revenues in financial advising services, good trading activity and much lower expenses for litigation and regulatory matters.

And amid the Covid-19 restrictions, the financial giant saw lower travel and entertainment costs.

"It was a challenging year on many fronts, and I am deeply proud of how our people helped clients respond to the economic disruption brought on by the pandemic and the extreme market volatility experienced over the past months," Chief Executive David Solomon said.

"We hope this year brings needed stability and a respite from the pandemic, but we remain ready to handle a wide range of outcomes."

Shares rose 2.3 percent to $308.00.