Fri, Jul 26, 8:32 PM (43 days ago)
Lazard, Inc. reported net income attributable to Lazard of $50 million for Q2 2024, compared to a net loss of $124 million in Q2 2023. Net revenue increased by 7% to $685 million, driven by a 17% rise in investment banking and advisory fees. Asset management fees slightly decreased by 1%. Adjusted net revenue rose by 10% to $685 million. Compensation and benefits expenses decreased by 21%, and adjusted compensation and benefits expenses increased by 7%, with the ratio of adjusted compensation and benefits expense to adjusted net revenue improving to 66%. Non-compensation expenses decreased by 7%, and adjusted non-compensation expenses rose by 3%. Operating income was $64 million, compared to a loss of $110 million in Q2 2023. The provision for income taxes reflected an effective tax rate of 18.2%, up from (9.4)% in Q2 2023. Net income attributable to noncontrolling interests decreased by 41%. For the first half of 2024, net income attributable to Lazard was $86 million, up from a net loss of $146 million in the first half of 2023. Net revenue increased by 22% to $1.45 billion, driven by a 37% rise in advisory fees. Operating income was $118 million, compared to a loss of $147 million in the first half of 2023. The effective tax rate for the first half of 2024 was 21.9%, up from 7.8% in the first half of 2023. The company completed the sale of an office building for $193 million, which will be used for general corporate purposes. Total stockholders' equity was $514 million as of June 30, 2024.