Goldman Sachs Hikes Dividend 31% as Results Top Wall Street's View

Tuesday, 17 Apr 2012 08:03 AM

 

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Goldman Sachs Group Inc.'s first-quarter net income climbed as global markets strengthened but its investment banking business continued to struggle a bit and revenue from institutional client services declined.

The New York investment company also said Tuesday that it is raising its quarterly dividend by 31 percent.

Goldman Sachs said its net income available to common shareholders rose to $2.07 billion, or $3.92 per share, for the quarter. That compares with $908 million, or $1.56 per share, a year ago.

Analysts expected earnings of $3.52 per share.

Revenue for the three months ended March 31 declined 16 percent to $9.95 billion, but topped Wall Street's $9.38 billion.

Net revenue in investment banking fell 9 percent to $1.15 billion, while institutional client services revenue dropped 14 percent to $5.71 billion.

Goldman Sachs' stock fell $2.65 to $115.08 in premarket trading.

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