The Goldman Sachs Group, Inc. (NYSE:GS) today reported its financial results for the second quarter of 2021.

Net revenues in Global Markets were $4.90 billion for the second quarter of 2021, 32% lower than a strong second quarter of 2020 and 35% lower than a strong first quarter of 2021.

Net revenues in Fixed Income, Currency and Commodities (FICC) were $2.32 billion, 45% lower than the second quarter of 2020, as the prior year period included strong activity levels due to high volatility amid the COVID-19 pandemic.

The decrease in net revenues was due to significantly lower net revenues in FICC intermediation, reflecting significantly lower net revenues in interest rate products, credit products and commodities, and lower net revenues in mortgages and currencies. In addition, net revenues in FICC financing were lower, reflecting lower net revenues from repurchase agreements, partially offset by higher net revenues from mortgage lending.

Net revenues in Equities were $2.58 billion, 12% lower than the second quarter of 2020, due to significantly lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, reflecting higher average client balances.

Across all segments, Goldman Sachs reported net revenues of $15.39 billion and net earnings of $5.49 billion for the second quarter ended June 30, 2021. Net revenues were $33.09 billion and net earnings were $12.32 billion for the first half of 2021.

Diluted earnings per common share (EPS) was $15.02 for the second quarter of 2021 compared with $0.53 for the second quarter of 2020 and $18.60 for the first quarter of 2021, and was $33.64 for the first half of 2021 compared with $3.66 for the first half of 2020.

In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $8.23 for the second quarter of 2020 and $8.76 for the first half of 2020.