(Reuters) -Investment bank Lazard reported a rise in fourth-quarter profit on Thursday, helped by a strong performance in its advisory business.
Interest-rate cuts by the Federal Reserve and expectations of a friendlier regulatory environment for deals and offerings under U.S. President Donald Trump’s administration have improved sentiment among bankers.
Results for Wall Street’s leading banks in the second half of 2024 were improved by a rebound in mergers and acquisitions and renewed activity in the equity and debt markets.
Mirroring the trend, Lazard also reported a 6% rise in financial advisory revenue on an adjusted basis in the last three months of 2024 to $508 million over the previous year.
It reported a net income of $85 million, or 78 cents per share, on an adjusted basis for the three months ended Dec. 31, compared to $65 million, or 66 cents apiece, in the year-ago period.
(Reporting by Pritam Biswas in Bengaluru; Editing by Pooja Desai)
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