GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1: 
PART I. FINANCIAL INFORMATION 


Item 1. Financial Statements (Unaudited) 



THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES


Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                         |       |       |        |    |       |
|---:|:-----------------------------------------------|:------------------------|:------|:------|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded March |       |       |        |    |       |
|  3 | in millions, except per share amounts          | 2024                    |       | 2023  |        |    |       |
|  4 | Revenues                                       |                         |       |       |        |    |       |
|  5 | Investment banking                             | $                       | 2,085 |       |        | $  | 1,578 |
|  6 | Investment management                          | 2,491                   |       |       | 2,289  |    |       |
|  7 | Commissions and fees                           | 1,077                   |       |       | 1,088  |    |       |
|  8 | Market making                                  | 5,992                   |       |       | 5,433  |    |       |
|  9 | Other principal transactions                   | 960                     |       |       | 55     |    |       |
| 10 | Total non-interest revenues                    | 12,605                  |       |       | 10,443 |    |       |
| 12 | Interest income                                | 19,555                  |       |       | 14,938 |    |       |
| 13 | Interest expense                               | 17,947                  |       |       | 13,157 |    |       |
| 14 | Net interest income                            | 1,608                   |       |       | 1,781  |    |       |
| 15 | Total net revenues                             | 14,213                  |       |       | 12,224 |    |       |
| 16 | Provision for credit losses                    | 318                     |       |       | (171)  |    |       |
| 17 | Operating expenses                             |                         |       |       |        |    |       |
| 18 | Compensation and benefits                      | 4,585                   |       |       | 4,090  |    |       |
| 19 | Transaction based                              | 1,497                   |       |       | 1,405  |    |       |
| 20 | Market development                             | 153                     |       |       | 172    |    |       |
| 21 | Communications and technology                  | 470                     |       |       | 466    |    |       |
| 22 | Depreciation and amortization                  | 627                     |       |       | 970    |    |       |
| 23 | Occupancy                                      | 247                     |       |       | 265    |    |       |
| 24 | Professional fees                              | 384                     |       |       | 383    |    |       |
| 25 | Other expenses                                 | 695                     |       |       | 651    |    |       |
| 26 | Total operating expenses                       | 8,658                   |       |       | 8,402  |    |       |
| 28 | Pre-tax earnings                               | 5,237                   |       |       | 3,993  |    |       |
| 29 | Provision for taxes                            | 1,105                   |       |       | 759    |    |       |
| 30 | Net earnings                                   | 4,132                   |       |       | 3,234  |    |       |
| 31 | Preferred stock dividends                      | 201                     |       |       | 147    |    |       |
| 32 | Net earnings applicable to common shareholders | $                       | 3,931 |       |        | $  | 3,087 |
| 34 | Earnings per common share                      |                         |       |       |        |    |       |
| 35 | Basic                                          | $                       | 11.67 |       |        | $  | 8.87  |
| 36 | Diluted                                        | $                       | 11.58 |       |        | $  | 8.79  |
| 38 | Average common shares                          |                         |       |       |        |    |       |
| 39 | Basic                                          | 335.6                   |       | 346.6 |        |    |       |
| 40 | Diluted                                        | 339.5                   |       | 351.3 |        |    |       |

Consolidated Statements of Comprehensive Income 

(Unaudited)
|    |                                                            |                         |       |      |      |    |       |
|---:|:-----------------------------------------------------------|:------------------------|:------|:-----|:-----|:---|:------|
|  2 |                                                            | Three MonthsEnded March |       |      |      |    |       |
|  3 | $ in millions                                              | 2024                    |       | 2023 |      |    |       |
|  4 | Net earnings                                               | $                       | 4,132 |      |      | $  | 3,234 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                         |       |      |      |    |       |
|  6 | Currency translation                                       | 26                      |       |      | (31) |    |       |
|  7 | Debt valuation adjustment                                  | (556)                   |       |      | (1)  |    |       |
|  8 | Pension and postretirement liabilities                     | 16                      |       |      | 14   |    |       |
|  9 | Available-for-sale securities                              | 115                     |       |      | 427  |    |       |
| 10 | Other comprehensive income/(loss)                          | (399)                   |       |      | 409  |    |       |
| 11 | Comprehensive income                                       | $                       | 3,733 |      |      | $  | 3,643 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                    |
|---:|---:|:-----------------------------------|
|  1 |  1 | Goldman Sachs March 2024 Form 10-Q |



Question: How did Goldman Sachs’ Operating Profit Margin fare in the first quarter of 2024?
Answer: The Operating Profit Margin for Goldman Sachs for the first quarter of 2024 is calculated as follows:
Operating Profit Margin = (Operating Profit / Revenue) * 100
Operating Profit (2024 Q1) = $5,237 million (Pre-tax earnings)
Revenue (2024 Q1) = $14,213 million
Operating Profit Margin = (5,237 / 14,213) * 100 = 36.84%