Lazard, the investment bank, saw its profits increase in the fourth quarter, as highlighted in their report released on Thursday. This boost was largely driven by robust performance in their advisory division.
The recent decisions by the Federal Reserve to lower interest rates, along with the anticipation of a more favorable regulatory climate for mergers and acquisitions under the leadership of U.S. President Donald Trump, have uplifted the mood in the banking sector.
Wall Street’s major banks witnessed better results in the latter half of 2024, bolstered by a resurgence in mergers and acquisitions and a revitalization in the equity and debt markets.
Following this upward trend, Lazard’s financial advisory revenue experienced a 6% increase on an adjusted basis during the last three months of 2024, reaching $508 million, compared to the same time frame the previous year.
For the quarter ending December 31, Lazard reported an adjusted net income of $85 million, or 78 cents per share. This was a significant rise from the $65 million, or 66 cents per share, recorded in the same period a year earlier.
(Reported by Pritam Biswas in Bengaluru; Edited by Pooja Desai)
