Record revenues in mergers and acquisitions in the first nine months of this year boosted profits at Lazard as Bruce Wasserstein, chairman and chief executive, said the bank had limited exposure to the volatile credit market environment.

M&A operating revenue increased by a fifth to $655.8m (€454m) for the first nine months of this year. The company made a record nine-month and third-quarter net profit of $200.1m and $83.6m, a 33% increase over the first nine months of 2006 and a 139% increase over third-quarter 2006.