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Goldman Sachs Q1 2013 net revenues increases to $10.09bn

Goldman Sachs Group has reported net revenues of $10.09bn for the first quarter of 2013, with an increase of $141m, compared to $ 9.23bn during the comparable period earlier year.

For the first quarter ended on 31 March 2013, its net earnings were $2.26bn, up by 7% from $2.1bn during the same period last fiscal.

Diluted earnings per common share stood at $4.29 compared to $3.92 during the first quarter and $5.6 for the fourth quarter of 2012.

Net revenues in Investment Banking division were $1.57bn, with an increase of 36% from $1.15bn during the year ago quarter period.

Institutional Client Services net revenues were $5.14bn, 10% lower compared to $ 5.7bn during the first quarter of 2012.

For the current quarter period, Investing & Lending net revenues were $2.07bn, up by 8% from $1.91bn during the same period a year ago. Net revenues were positively impacted by an increase in equity prices and generally tighter credit spreads.

Investment Management net revenues were $1.32bn, with an increase of 12% compared to $1.17bn during the corresponding period earlier year.

Formed in 1869 and headquartered in New York, Goldman Sachs operates as an investment banking, securities and investment management firm that delivers an array of financial services to corporations, financial institutions, governments and high-net-worth individuals.