Goldman Sachs Group, Inc. (GS) has reported results for the first quarter of the current fiscal that show net revenues of $9.95 billion and net earnings of $2.11 billion. On a diluted basis, earnings per share work out to $3.92 per share as against $1.56 per share in the same quarter of the previous year and $1.84 per share in the preceding quarter. The annualised return on average equity was 12.2% as Goldman continued to demonstrate its leadership position in investment banking ranking first in global mergers and acquisitions in this year to date. In Investment Banking, net revenues were 9% lower than the same quarter in the previous year at $1.15 billion but 35% higher than the last quarter of 2011. Financial Advisory revenues were 37% higher than the comparable quarter of the previous year at $489 million but net revenues from underwriting were 27% lower at $665 million. Institutional Client Services produced net revenues of $5.71 billion, down 14% over the comparable quarter last year but up 87% from the preceding quarter.Fixed Income, Currency and Commodities Client Execution generated net revenue of is $3.46 billion which were down 20% over the preceding quarter has higher interest rate product revenues were offset by lower revenues from all other products. Net revenues from Equities amounted to $2.25 billion, 3% lower than on a year-on-year because higher commissions and fees eroded higher revenues equity execution from clients. This was a function of lower market volumes distinguished by higher equity prices and the lower degree of volatility. To continue reading, click here.