Lazard: net profit down 59 per cent to $29 million in Q3, revenue up 9 per cent
‘The plan is progressing at a rapid pace’ across all activities
(Il Sole 24 Ore Radiocor) - Investment bank Lazard reported a 59 per cent fall in net profit in the third quarter compared with the same period last year, despite record revenue from its financial advisory business. The firm’s profit, in fact, stood at $29 million for the July–September period. By contrast, the group’s total turnover grew by 9 per cent over the same period, reaching $814 million, thanks to strong performance in both financial advisory services (+10 per cent) and asset management (+9 per cent). With revenues of €470 million in the third quarter, ‘financial advisory services recorded record revenue’, explains CEO Peter Orszag. As for asset management, turnover reached $357 million, with average assets under management standing at $287 billion. The group’s strategic plan for 2030, which aims to double revenue compared with 2023 levels, is “progressing as planned, with strong momentum” across all business areas.
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