Investment bank Lazard Ltd reported a 13per cent jump in quarterly profit that beat Wall Street estimates on Thursday, helped by high advisory fees as a flurry of mergers and acquisitions closed out a record year for dealmaking.
Global mergers and acquisitions, one of Lazard’s main revenue drivers, smashed all-time records in 2021 by topping $5 trillion for the first time, buoyed by an abundance in capital and sky-high valuations.
Technology and healthcare companies, in particular, raised capital and forged deals at a frenetic pace, taking advantage of booming equity markets and helping investment banks draw a windfall in advisory fees.
The U.S. bank’s adjusted net income rose to $217 million, or $1.92 per share, in the quarter ended Dec. 31, from $192 million, or $1.66 per share, a year earlier.
Analysts on average had expected earnings of $1.44 per share, according to Refinitiv-IBES.
Lazard, whose business is split between asset management and financial advisory, reported a 14per cent surge in operating revenue to $968 million.
Operating revenue from the financial advisory business grew 20per cent to $608 million, while revenue from the asset management arm rose 3per cent to $347 million in the quarter.
(Reporting by Manya Saini in Bengaluru; Editing by Ramakrishnan M.)
For all the latest business News Click Here
