The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $34.21 billion and net earnings of $8.04 billion for the year ended December 31, 2013. Diluted earnings per common share were $15.46 compared with $14.13 for the year ended December 31, 2012. Return on average common shareholders’ equity (ROE) (1) was 11.0% for 2013.
Fourth quarter net revenues were $8.78 billion and net earnings were $2.33 billion. Diluted earnings per common share were $4.60 compared with $5.60 for the fourth quarter of 2012 and $2.88 for the third quarter of 2013. Annualized ROE (1) was 12.7% for the fourth quarter of 2013.
- Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions for the year. (2) The firm also ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year. (2)
- Investment Banking produced net revenues of $6.00 billion, which is the second highest annual performance. Underwriting produced record net revenues of $4.03 billion, including record net revenues in debt underwriting.
- Assets under supervision (3) increased 8% from a year ago to a record $1.04 trillion. Net inflows in long-term assets under supervision (3) of $41 billion (4) during 2013 were the highest since 2007. Investment Management generated net revenues of $5.46 billion, which is the second highest annual performance.
- Book value per common share increased approximately 5% to $152.48 and tangible book value per common share (5) increased approximately 7% to $143.11 compared with the end of 2012.
- During 2013, the firm repurchased 39.3 million shares of its common stock for a total cost of $6.17 billion, while maintaining strong capital levels. The firm’s Tier 1 capital ratio (6) was 16.7% (7) and the firm’s Tier 1 common ratio (6) was 14.6% (7) as of December 31, 2013, in each case under Basel I and also reflecting the revised market risk regulatory capital requirements which became effective on January 1, 2013.
- The firm continues to manage its liquidity conservatively. The firm’s global core excess liquidity (8) was $184 billion (7) as of December 31, 2013.