Lehman Brothers opened the full-year reporting season for US banks with a blistering performance as higher revenues across all businesses propelled net profits up 39% to a record $2.4bn (€1.8bn) in 2004.

Net profits in the year to the end of November soared from $1.7bn last year on record revenues from capital markets, investment banking and client services divisions. Total revenues rose 34% to $11.6bn in 2004 from $8.6bn last year.