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 |

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2: 
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES


Consolidated Balance Sheets 

(Unaudited)

|    |                                                                                                             |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                                             | As of     |           |           |    |           |
|  2 |                                                                                                             | March     | December  |           |    |           |
|  3 | $ in millions                                                                                               | 2024      | 2023      |           |    |           |
|  4 | Assets                                                                                                      |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                   | $         | 209,385   |           | $  | 241,577   |
|  6 | Collateralized agreements:                                                                                  |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)              | 231,918   |           | 223,805   |    |           |
|  8 | Securities borrowed (includes $48,624 and $44,930 at fair value)                                            | 214,913   |           | 199,420   |    |           |
|  9 | Customer and other receivables (includes $23 and $23 at fair value)                                         | 160,419   |           | 132,495   |    |           |
| 10 | Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)                     | 507,718   |           | 477,510   |    |           |
| 11 | Investments (includes $81,777 and $75,767 at fair value)                                                    | 154,900   |           | 146,839   |    |           |
| 12 | Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)                 | 183,934   |           | 183,358   |    |           |
| 13 | Other assets (includes $248 and $366 at fair value)                                                         | 35,253    |           | 36,590    |    |           |
| 14 | Total assets                                                                                                | $         | 1,698,440 |           | $  | 1,641,594 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $31,370 and $29,460 at fair value)                                                       | $         | 440,662   |           | $  | 428,417   |
| 18 | Collateralized financings:                                                                                  |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 267,479   |           | 249,887   |    |           |
| 20 | Securities loaned (includes $10,289 and $8,934 at fair value)                                               | 66,261    |           | 60,483    |    |           |
| 21 | Other secured financings (includes $14,798 and $12,554 at fair value)                                       | 15,052    |           | 13,194    |    |           |
| 22 | Customer and other payables                                                                                 | 256,662   |           | 230,728   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 201,142   |           | 200,355   |    |           |
| 24 | Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)                                | 78,603    |           | 75,945    |    |           |
| 25 | Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)                                 | 233,919   |           | 241,877   |    |           |
| 26 | Other liabilities (includes $150 and $266 at fair value)                                                    | 20,114    |           | 23,803    |    |           |
| 27 | Total liabilities                                                                                           | 1,579,894 |           | 1,524,689 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                        |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $11,203                                    | 11,203    |           | 11,203    |    |           |
| 31 | Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                          | 4,564     |           | 5,121     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                  | 61,314    |           | 60,247    |    |           |
| 35 | Retained earnings                                                                                           | 146,690   |           | 143,688   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (3,317)   |           | (2,918)   |    |           |
| 37 | Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares                                         | (101,917) |           | (100,445) |    |           |
| 38 | Total shareholders' equity                                                                                  | 118,546   |           | 116,905   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,698,440 |           | $  | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements. 

|    |                                    |    |
|---:|:-----------------------------------|---:|
|  1 | Goldman Sachs March 2024 Form 10-Q |  2 |



Question: What was Goldman Sachs' Return on Equity (ROE) for Q1 2024?
Answer: The Return on Equity (ROE) for Goldman Sachs for the first quarter of 2024 is calculated as follows:
ROE = (Net Income after prefered stock dividend / Shareholder's Equity) * 100
Net Earnings Applicable to Common Shareholders (2024 Q1) = $3,931 million 
Average Shareholder's Equity (2024 Q1) = (Total Shareholders' Equity at Q1 2024 + Total Shareholders' Equity at Q4 2023) / 2
= ($118,546 million + $116,905 million) / 2
= $117,725.5 million
ROE = (3,931 / 117,275.5) * 100 = 3.34%