Goldman Sachs (ticker GS) is out with second quarter 2012 earnings. Goldman reported earnings per share of $1.75 compared with $1.85 from the prior year.
“During the second quarter, market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer
Some Goldman Highlights:
- Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions for the year-to-date.
- Book value per common share and tangible book value per common share both increased approximately 2% during the quarter to $137.00 and $126.12, respectively.
- The firm continues to manage its liquidity and capital conservatively. The firm’s global core excess liquidity was $175 billion as of June 30, 2012. In addition, the firm’s Tier 1 capital ratio under Basel 1 was 15.0% and the firm’s Tier 1 common ratio under Basel 1 was 13.1% as of June 30, 2012.
Goldman‘s comments on Investment Banking revenues: “Net revenues in Investment Banking were $1.20 billion, 17% lower than the second quarter of 2011 and 4% higher than the first quarter of 2012. Net revenues in Financial Advisory were $469 million, 26% lower than the second quarter of 2011, reflecting a decline in industry-wide completed mergers and acquisitions.”