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Goldman Sachs Reports Second Quarter Earnings Per Common Share Of $3.70

Provision for Taxes

The effective income tax rate for the first half of 2013 was 30.4%, down from 33.0% for the first quarter of 2013, primarily due to a determination that certain non-U.S. earnings will be permanently reinvested abroad, as well as changes in the earnings mix.

Capital

As of June 30, 2013, total capital was $240.08 billion, consisting of $78.04 billion in total shareholders’ equity (common shareholders’ equity of $70.84 billion and preferred stock of $7.20 billion) and $162.04 billion in unsecured long-term borrowings. Book value per common share was $151.21 and tangible book value per common share  (3) was $141.62, both approximately 2% higher compared with the end of the first quarter of 2013. Book value and tangible book value per common share are based on common shares outstanding, including restricted stock units granted to employees with no future service requirements, of 468.5 million as of June 30, 2013.

On April 25, 2013, The Goldman Sachs Group, Inc. (Group Inc.) issued 40,000 shares of perpetual 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J (Series J Preferred Stock), for aggregate proceeds of $1.00 billion.

During the quarter, the firm repurchased 10.5 million shares of its common stock at an average cost per share of $152.80, for a total cost of $1.60 billion. The remaining share authorization under the firm’s existing repurchase program is 75.9 million shares.  (13)

Under the regulatory capital requirements currently applicable to bank holding companies, 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, up from 14.4% and 12.7%, respectively, as of March 31, 2013 (in each case under Basel 1 and reflecting the revised market risk regulatory capital requirements which became effective on January 1, 2013).

Other Balance Sheet and Liquidity Metrics

  • The firm’s global core excess liquidity (GCE)  (4) was $183 billion  (5) as of June 30, 2013 and averaged $180 billion  (5) for the second quarter of 2013, compared with an average of $181 billion for the first quarter of 2013.
  • Total assets were $938 billion  (5) as of June 30, 2013, compared with $959 billion as of March 31, 2013.
  • Level 3 assets were $43 billion  (5) as of June 30, 2013, compared with $46 billion as of March 31, 2013, and represented 4.6% of total assets.

Dividends

Group Inc. declared a dividend of $0.50 per common share to be paid on September 27, 2013 to common shareholders of record on August 30, 2013. The firm also declared dividends of $244.79, $387.50, $261.11, $261.11, $371.88 and $401.04 per share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series I Preferred Stock and Series J Preferred Stock, respectively (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock), to be paid on August 12, 2013 to preferred shareholders of record on July 28, 2013. In addition, the firm declared dividends of $1,022.22 per each share of Series E Preferred Stock and Series F Preferred Stock, to be paid on September 3, 2013 to preferred shareholders of record on August 19, 2013.

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