Goldman Sachs Group Inc. reported net earnings of $4.74 billion for the first quarter of 2025, a 6% increase compared to the same period in 2024. Diluted earnings per common share reached $14.12, up from $11.58 in Q1 2024. The annualized return on average common shareholders' equity was 16.9%, compared to 14.8% in the prior year's first quarter. Book value per common share increased by 2.2% to $344.20 as of March 31, 2025.
Total net revenues for Q1 2025 amounted to $15.06 billion, a 6% increase year-over-year. This rise was primarily driven by a significant increase in net revenues within Global Banking & Markets, partially offset by slightly lower net revenues in Asset & Wealth Management. The increase in Global Banking & Markets was largely attributed to substantially higher net revenues in Equities. The decrease in Asset & Wealth Management resulted from significantly lower net revenues in Equity investments and Debt investments.
Operating expenses for Q1 2025 totaled $9.13 billion, a 5% increase compared to Q1 2024. This increase was mainly due to higher transaction-based expenses and compensation and benefits expenses, partially offset by lower consolidated investment entities (CIEs) expenses and a decrease in the FDIC special assessment fee. The efficiency ratio (total operating expenses divided by total net revenues) was 60.6% for Q1 2025, slightly lower than the 60.9% recorded in Q1 2024. The company returned $5.34 billion to common shareholders during Q1 2025, comprising $4.36 billion in share repurchases and $976 million in dividends.
Provision for credit losses was $287 million in Q1 2025, compared to $318 million in Q1 2024. The Q1 2025 provision primarily reflected net provisions related to the credit card portfolio, while the Q1 2024 provision included net provisions for both the credit card portfolio and wholesale loans. As of March 31, 2025, Goldman Sachs had 46,600 employees, essentially unchanged from December 31, 2024. The company anticipates approximately $150 million in severance expense during the second quarter of 2025 related to a planned headcount reduction. The effective tax rate for Q1 2025 was 16.1%, lower than the 2024 full-year rate of 22.4%, primarily due to increased tax benefits on share-based award settlements. The company projects a 2025 annual effective tax rate of approximately 21%.
About GOLDMAN SACHS GROUP INC
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