CREDIT SUISSE: 7 takeaways from a big Goldman Sachs report about business in Q1 (GS)

The bank's reported EPS of $5.15 and $8 billion revenues in the first quarter of 2017 were below analyst expectations.

Total revenue came in below that of the fourth quarter, with investment banking the only key business line to report a quarter-on-quarter improvement.

On Thursday, Goldman Sachs released its 10Q filing. The document, which has more than 150 pages, takes a deeper look at the firm's business in Q1 of 2017 than its earnings report released in April.

In a note out to clients on Friday, a group of equity analysts at Credit Suisse led by Christian Bolu, outlined the seven key takeaways from the report.

They are as follows:

1) Reasonably possible losses (RPL) was unchanged. "Upper end of reasonably possible losses unchanged at $1.8 billion."

2) Wholesale funding was cheaper. In total, the interest rate paid on the bank's wholesale funding declined by 9 basis points.

3) Low net interest income drove declines. "We present an alternative view of trading revenues which highlights the drivers of revenue growth/decline–most of the yr/yr decline was driven by lower net interest income."

4) There were fewer loss days. In Q1 2017 the bank witnessed 7 loss days in its trading business. That's down from 8 days last quarter and 9 days in Q1 2016.

5) Lower FX value was at risk. "Significantly lower FX VAR at quarter-end relative to period average could be indicative of a pullback in risk positioning as the quarter progressed – recall GS called out FX trading weakness as a drag on 1Q FICC growth."

6) Liquidity coverage radio/Net stable funding ratio were in compliance. "As of Mar 2017, GS is LCR-compliant and continues to anticipate NSFR-compliance by the January 1, 2018 effective date."

7) The bank moved to better compliance with Volcker. "Continued progression towards Volcker compliance (investments in funds declined by 4% qtr/qtr); GS was granted a five-year extension (through July 2022) on the conformance period."

Credit Suisse is bullish on GS' stock. It has a price target of $230.00, above the firm's market price of $225 per share.