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Investments

Goldman Sachs 2Q14 earnings tick up to $9.13B

Doubles net provisions for litigation and regulatory proceedings

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Goldman Sachs’ (GS) second-quarter 2014 net revenue increased to $9.13 billion, up from $8.6 billion a year ago, with earnings per share rising to $4.10 from $3.70 for the second quarter of 2013.   

This beat analyst expectations, with EPS beat by $1.05 and revenue beat by $1.16 billion.

“We are pleased with our results for the quarter in the context of mixed operating conditions during the period,” said Lloyd Blankfein, chairman and CEO.

“This performance was driven by the diversity, strength and breadth of our global client franchise. Good client activity in Investment Banking and Investment Management as well as a better environment for our Investing & Lending activities helped offset less favorable conditions for Institutional Client Services,” he added.

Meanwhile, net provisions for litigation and regulatory proceedings for the second quarter of 2014 almost doubled from $149 million a year ago, increasing to $284 million.

Recent reports show that the U.S. Department of Justice is using some of the money from a JPMorgan Chase (JPM) settlement to speed up its cases against other big banks, including Goldman Sachs.

In its first-quarter earnings, Goldman Sachs reported that its first-quarter net income decreased 10%. However, earnings still came in above analysts’ estimates.

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