The decline compares with $86.7m in 2009, according to accounts recently filed to the Companies Office by Goldman Sachs Bank (Europe).
The bank had total assets of $9.8 billion at the end of 2010 — down from $13.1bn 12 months previous.
The company’s salary bill last year totalled $9.37m — an average payout of $173,629 to each of its 54 staff, who are engaged in trading and sales, support, finance, operations and technology.
The bank’s operating income declined by 21%, from $110.6m to $87.1m, while operating expenses increased by 22%, from $23.8m to $29.1m, according to the figures.
A breakdown of the bank’s operating income shows that the company generated $49.7m in investing and lending, $41.9m in fees and commission, $31.2m in institutional client services, $5.9m in investment banking and $120,000 in investment management.
The bank paid $7.2m in tax, compared to $11m the previous year and had accumulated profits of $157.9m at the end of December.
The directors say the reduction in profit after tax and total assets is reflective of the business environment in which the bank operates, in addition to various trades maturing in the year. They claim the financial position was satisfactory and that no major changes in the bank’s activities are expected.
The chairman of the company is former attorney general and EU commissioner, Peter Sutherland.
The number of shares owned by Mr Sutherland in Goldman Sachs increased by 10% to 21,597 to the end of December, giving his shareholding a value of $3.63m.
The figures show that aggregate emoluments to directors totalled $1.36m last year compared to $1.66m in 2009.
Independent directors of the bank include David Went, Richard O’Toole, Cornelius O’Sullivan, James O’Dwyer and Patrick Mulvihill, who are all Irish.