Lazard put an "ugly" first-quarter loss behind it today by returning to profitability on the back of a trebling in restructuring revenues that helped the bank beat analyst expectations for the period. However, falling merger and acquisition-related revenues and a drop in fees from asset management meant profits remained down on a year ago.

Profits at Lazard fell 33% to $43.1m (€30.3m) in the three months to June 30 from $64.6m a year earlier, but the firm returned to the black after posting what one equity analyst had described as an "ugly" $29.7m first-quarter loss in April. Earnings per share were $0.34, versus the $0.13 analyst consensus estimate.