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Goldman Sachs' revenue more than doubled to $8.35 billion

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Staff writer ▼ | October 16, 2012
Goldman Sachs GroupGoldman Sachs Group reported that it's net revenues more than doubled, from $3.59 billion to $8.35 billion. Net earnings were also above expectations: $1.51 billion for the third quarter ended September 30, 2012.


Diluted earnings per common share were $2.85 compared with a diluted loss per common share of $0.84 for the third quarter of 2011 and diluted earnings per common share of $1.78 for the second quarter of 2012. Annualized return on average common shareholders’ equity (ROE) was 8.6% for the third quarter of 2012 and 8.8% for the first nine months of 2012.

Goldman Sachs Group CEO Lloyd C. Blankfein"This quarter's performance was generally solid in the context of a still challenging economic environment," said Lloyd C. Blankfein, Chairman and Chief Executive Officer.

Net revenues in Investment Banking were $1.16 billion, 49% higher than the third quarter of 2011 and 3% lower than the second quarter of 2012. Net revenues in Financial Advisory were $509 million, slightly lower compared with the third quarter of 2011. Net revenues in the firm’s Underwriting business were $655 million, more than double the amount in the third quarter of 2011, which had particularly low volumes.

Net revenues in Institutional Client Services were $4.18 billion, 3% higher than the third quarter of 2011 and 8% higher than the second quarter of 2012. Net revenues in Fixed Income, Currency and Commodities Client Execution were $2.22 billion, 28% higher than the third quarter of 2011. Net revenues in Equities were $1.96 billion, 16% lower than the third quarter of 2011, primarily due to significantly lower commissions and fees, reflecting lower market volumes, and lower net revenues in equities client execution.

As of September 30, 2012, Goldman Sachs' total capital was $241.57 billion: $73.69 billion in total shareholders’ equity and $167.88 billion in unsecured long-term borrowings. Book value per common share was $140.58 and tangible book value per common share was $129.69, both approximately 3% higher compared with the end of the second quarter of 2012.

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