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Goldman Sachs reports lower Q4'19 net income YOY; i-banking revenues down 6%

Goldman Sachs Group Inc. reported fourth-quarter 2019 net earnings applicable to common shareholders of $1.72 billion, or $4.69 per share, compared to $2.32 billion, or $6.04 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $5.11.

Total net revenues grew 23% year over year to $9.96 billion from $8.08 billion.

The company reported revenues for its recently revised business segments.

Net revenues for the investment banking segment were $2.06 billion for the quarter, down 6% from $2.19 billion in the year-ago quarter. Financial advisory revenues declined 29% year over year to $855 million from $1.20 billion. Total underwriting revenues were up 31% to $977 million from $744 million. Corporate lending revenues were down 8% year over year to $232 million.

Net revenues in the global markets segment were up 33% year over year to $3.48 billion. Fixed income, currency and commodities client execution revenues grew 63% year over year to $1.77 billion from $1.09 billion. Total equities revenues were $1.71 billion, up 12% from $1.52 billion.

Net revenues for the asset management segment were up 52% year over year to $3.00 billion from $1.97 billion. Net revenues for the consumer and wealth management segment were up 8% year over year to $1.41 billion from $1.30 billion.

Net interest income grew 7% during the fourth quarter of 2019 to $1.07 billion from $991 million in the fourth quarter of 2018.

During the fourth quarter of 2019, the firm repurchased 10.2 million shares at an average cost of $212.67 for a total of $2.16 billion.

For full year 2019, the company reported net earnings applicable to common shareholders of $7.90 billion, or $21.03 per share, compared to $9.86 billion, or $25.27 per share, in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for 2019 was $21.43.

During 2019, the firm recorded net provisions for litigation and regulatory proceedings of $1.24 billion, which reduced diluted EPS by $3.16 and reduced return on equity by 1.5 percentage points and return on average tangible common shareholders' equity by 1.6 percentage points.