Goldman Sachs's Q2 net surges 65 per cent to $3.44 billion
15 Jul 2009
Wall Street banking major Goldman Sachs on Tuesday reported a 65 per cent surge in profit at $3.44 billion on net revenues of $13.76 billion in the second quarter ended 26 June 2009.
Goldman Sachs, which recently returned federal bailout funds to the tune of $10 billion, had reported a profit of $2.09 billion and revenues worth $9.42 billion in the comparable period of the previous year.
Diluted earnings from shares rose to $4.93 in the second quarter from $4.58 in the first quarter. Annualised average return on equity rose to 23 per cent in the second quarter from 18.3 per cent in the first quarter.
Excluding one-time preferred dividend of $426 million related to the repurchase of the firm's TRAP common stock, diluted earnings per common share were $5,71 and annualised return on equity was 23.8 per cent for the second quarter and 19.2 per cent for the first half of 2009.
Goldman Sachs was among the first to return federal funds provided as bailout money by the treasury to help loss-making major banks to tide over the one of the worst economic recessions in nearly 80 years.
"Net revenues in trading and principal investments were $10.78 billion, 93 per cent higher than the second quarter of 2008 and 51 per cent higher than the first quarter of 2009," the statement said.
