The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $8.61 billion and net earnings of $1.93 billion for the second quarter ended June 30, 2013. Diluted earnings per common share were $3.70 compared with $1.78 for the second quarter of 2012 and $4.29 for the first quarter of 2013. Annualized return on average common shareholders’ equity (ROE) (1) was 10.5% for the second quarter of 2013 and 11.5% for the first half of 2013.
- Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions for the year-to-date. (2)
- The firm ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date. (2)
- Debt underwriting produced record quarterly net revenues of $695 million.
- Book value per common share and tangible book value per common share (3) both increased approximately 2% during the quarter to $151.21 and $141.62, respectively.
- The firm continues to manage its liquidity and capital conservatively. The firm’s global core excess liquidity (4) was $183 billion (5) as of June 30, 2013. In addition, the firm’s Tier 1 capital ratio (6) was 15.6% (5) and the firm’s Tier 1 common ratio (7) was 13.5% (5) as of June 30, 2013, in each case under Basel 1 and reflecting the revised market risk regulatory capital requirements which became effective on January 1, 2013.
“The firm’s performance was solid especially in the context of mixed economic sentiment during the quarter,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “Improving economic conditions in the U.S. drove client activity and the strength of our global client franchise allowed us to deliver positive performance across a number of our businesses. While the operating environment has shown noticeable signs of improvement, we continue to put a premium on disciplined risk management, particularly in regard to the firm’s strong capital and liquidity levels.”