Goldman Sachs Group Inc announced on Wednesday it has redeemed the warrants under the TARP’s Capital Purchase Program at $1.1 billion.

On an annualized basis the total return to taxpayers was 23 percent, the bank said in a released statement today.

“This return is reflective of the government’s assistance, which benefitted the financial system, our firm and our shareholders,” said Lloyd C. Blankfein, Chairman and CEO.

Blankfein said the company was grateful to for the government’s efforts and was pleased the funds could be used to revitalize the economy.

The payment is in addition to the $318 million in preferred dividends that the firm paid the government after the U.S. Treasury’s $10 billion investment in the company.