Goldman Sachs 2013 Annual Report Download - page 112
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Consolidated Statements of Earnings
Year Ended December
in millions, except per share amounts 2013 2012 2011
Revenues
Investment banking $ 6,004 $ 4,941 $ 4,361
Investment management 5,194 4,968 4,691
Commissions and fees 3,255 3,161 3,773
Market making 9,368 11,348 9,287
Other principal transactions 6,993 5,865 1,507
Total non-interest revenues 30,814 30,283 23,619
Interest income 10,060 11,381 13,174
Interest expense 6,668 7,501 7,982
Net interest income 3,392 3,880 5,192
Net revenues, including net interest income 34,206 34,163 28,811
Operating expenses
Compensation and benefits 12,613 12,944 12,223
Brokerage, clearing, exchange and distribution fees 2,341 2,208 2,463
Market development 541 509 640
Communications and technology 776 782 828
Depreciation and amortization 1,322 1,738 1,865
Occupancy 839 875 1,030
Professional fees 930 867 992
Insurance reserves 176 598 529
Other expenses 2,931 2,435 2,072
Total non-compensation expenses 9,856 10,012 10,419
Total operating expenses 22,469 22,956 22,642
Pre-tax earnings 11,737 11,207 6,169
Provision for taxes 3,697 3,732 1,727
Net earnings 8,040 7,475 4,442
Preferred stock dividends 314 183 1,932
Net earnings applicable to common shareholders $ 7,726 $ 7,292 $ 2,510
Earnings per common share
Basic $ 16.34 $ 14.63 $ 4.71
Diluted 15.46 14.13 4.51
Average common shares outstanding
Basic 471.3 496.2 524.6
Diluted 499.6 516.1 556.9
The accompanying notes are an integral part of these consolidated financial statements.
110 Goldman Sachs 2013 Annual Report