Mubasher: Goldman Sachs posted a 5.6% year-on-year decline in net earnings during the second quarter of this year, while its total revenues fell 1.8%, according to the bank’s financial statement released on Tuesday.

The New York bank generated $2.421 billion in Q2-19, compared with $2.565 billion in Q2-18. Diluted earnings per share (EPS) declined by 2.8% year-on-year to $5.71.

The lender’s net revenues totalled $9.46 billion in the period between April and June, versus $9.63 billion in the same period last year.

Goldman Sachs, which is one of the US banks that depend on Wall Street activities, reported $1.86 billion in revenues from investment banking division during the second quarter, 9% lower than the same quarter a year ago, but 3% higher than the prior quarter.

The bank’s investing and lending operations produced $2.53 billion in revenues in Q2-19, compared with $2.18 billion in Q2-18.

After passing the US Federal Reserve’s annual stress test late last month, Goldman raised its dividend by 47% to $1.25 per share, from $0.85, while it authorised a $7 billion share buyback programme.

For the first half of this year, net earnings came in at $4.67 billion, compared with $5.39 billion the year before, while net revenues declined by around 7% year-on-year to $18.27 billion.

“We’re encouraged by the results for the first half of the year as we continue to invest in new businesses and growth to serve a broader array of clients,” Goldman Sachs’ Chairman and CEO David Solomon said.