Lazard announces Q4 and annual results

by Richard Kilner

Story link: Lazard announces Q4 and annual results

Lazard Ltd. has announced its financial results for Q4 and the full-year 2009.

The bank enjoyed its third best quarter ever in terms of revenue, with operating revenue of $514.4m for the quarter and $1,617.6m for the year.

However, on a US GAAP basis, the firm did incur a net loss of $142.4m, or $1.64 per share, for Q4, a downward shift compared to the same quarter last year when a net income of $38m was recorded.

In the third quarter the firm made net profits of $52.5m, equating to $0.41 per diluted share.

For the year, Lazard made a net loss of $130.2m, or $1.68 per share, another decline from 2008 when profits of $3.1m were made.

On a fully exchanged basis the firm made a 2009 net profit of $11.1m, although Q4 was still in the red with a net loss of $54.9m.

Chairman and CEO Kenneth M. Jacobs described the firm’s very strong revenue was an indication of the strength of its strategic approach.

Jacobs added that the firm took an extra hit from compensation in the fourth quarter, before going to express his confidence in the firm’s long term prospects and potential for growth.