Fri, Jul 26, 8:34 PM (43 days ago)
Lazard Group LLC's Q2 2024 financial report highlights a mixed performance across its segments. The firm reported a net income attributable to Lazard Group of $47 million, a significant improvement from the net loss of $273 million in Q2 2023. Net revenue increased by 7% to $685 million, driven by a 17% rise in investment banking and advisory fees, although asset management fees saw a slight decline. Operating expenses decreased by 17%, mainly due to lower compensation and benefits expenses, which included costs related to prior year’s cost-saving initiatives. Adjusted compensation and benefits expense rose by 6%, while adjusted non-compensation expense increased by 4%. The effective tax rate for the quarter was 23.8%, a significant change from the negative rate in Q2 2023. Overall, Lazard Group's financial advisory segment saw a revenue increase of 17%, while asset management revenue remained flat. The firm's liquidity position remains robust with $841 million in cash and cash equivalents, and recent refinancing activities have strengthened its debt profile. The firm anticipates continued growth in its advisory business, supported by ongoing investments in sector expertise and capabilities.