The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $9.13 billion and net earnings of $2.04 billion for the second quarter ended June 30, 2014. Diluted earnings per common share were $4.10 compared with $3.70 for the second quarter of 2013 and $4.02 for the first quarter of 2014. Annualized return on average common shareholders’ equity (ROE) (1) was 10.9% for both the second quarter of 2014 and the first half of 2014.
- 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 also ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date. (2)
- Underwriting produced record quarterly net revenues of $1.28 billion, including record net revenues in debt underwriting.
- Investment management generated record quarterly management and other fees of $1.20 billion, as assets under supervision increased to a record $1.14 trillion.
- Book value per common share and tangible book value per common share (3) both increased approximately 2% during the quarter to $158.21 and $148.45, respectively.
- The firm continues to manage its liquidity and capital conservatively. The firm’s global core excess liquidity (4) was $170 billion (5) as of June 30, 2014. In addition, the firm’s Common Equity Tier 1 ratio (6) was 11.4% (5) as of June 30, 2014, under the Basel III Advanced approach. Total assets decreased $56 billion to $860 billion (5) as of June 30, 2014, resulting from a firmwide initiative to reduce activities with lower returns, including certain client secured financing activities.
“We are pleased with our results for the quarter in the context of mixed operating conditions during the period,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “This performance was driven by the diversity, strength and breadth of our global client franchise. Good client activity in Investment Banking and Investment Management as well as a better environment for our Investing & Lending activities helped offset less favorable conditions for Institutional Client Services.”
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