Goldman Sachs has posted net earnings applicable to common shareholders of $1.63bn for the second quarter of 2017, almost flat compared with the previous year.
Net revenues for the quarter ended 30 June 2017 stood at $7.88bn, down 1% from $7.93bn a year ago.
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The company’s net provisions for litigation and regulatory proceedings were $22m in the second quarter of 2017, versus $126m in the year ago quarter.
Net revenues in the group’s Investment Management unit were $1.53bn, an increase of 13% over the last year. The group attributed the rise in revenues to higher management and other fees, mainly reflecting higher average assets under supervision, higher incentive fees and transaction revenues. The unit’s total assets under supervision totalled $1.41 trillion at the end of June 2017.
Net revenues in Institutional Client Services division stood at $3.05bn for the second quarter of 2017, a 17% surge compared to year ago quarter.
Net revenues in Fixed Income, Currency and Commodities Client Execution slumped 40% year-on-year to $1.16bn.
Goldman Sachs chairman and CEO Lloyd Blankfein said: “A mixed operating environment persisted into the second quarter as conditions continued to support underwriting and M&A, while constraining certain market-making activity. Against that backdrop, we produced revenue growth and improved profitability for the first half of 2017, reflecting both the diversity and strength of our global businesses.”
