The rise in revenues were aided by higher fees, some of which stemmed from the firm's acquisition of the United Capital wealth business last year.

Goldman Sachs reported that its net revenue for consumer and wealth management in the first quarter of this year rose by 21 per cent from a year ago to $1.49 billion, also rising by 6 per cent from the end of December last year. 

Net wealth management revenues rose by 18.1 per cent from a year ago, driven by “significantly” higher management and other fees, including the effect of the acquired United Capital wealth business. Net revenues in private banking and the lending business fell, however. 

Consumer banking net revenues - $282 million – rose by 39 per cent from a year ago, driven by higher net interest income, reflecting a rise in deposit balances and credit card loans.

Across the whole of Goldman Sachs, net revenues were $8.74 billion in Q1, unchanged from a year ago but fell by 12 per cent from the end of 2019. The firm said the quarter-on-quarter fall in revenue was mainly caused by a drop in asset management revenue.

Goldman Sachs said its operating environment was hit by the spread of COVID-19. The group hiked its provision for credit losses to $937 million from $224 million a year earlier. The rise in provisions was mainly because of expected loan impairments in the energy sector – hit by developments such as sliding oil prices – and the coronavirus pandemic. 

Within investment banking, net revenues rose by 25 per cent year-on-year to $2.18 billion.