Investment bank Lazard Ltd. reported a 13% jump in quarterly profit that beat Wall Street estimates on Thursday, helped by high advisory fees as a flurry of mergers and acquisitions closed out a record year for dealmaking.

Global mergers and acquisitions, one of Lazard's main revenue drivers, smashed all-time records in 2021 by topping $5 trillion for the first time, buoyed by an abundance in capital and sky-high valuations.

Technology and healthcare companies, in particular, raised capital and forged deals at a frenetic pace, taking advantage of booming equity markets and helping investment banks draw a windfall in advisory fees.

The U.S. bank's adjusted net income rose to $217 million, or $1.92 per share, in the quarter ended Dec. 31, from $192 million, or $1.66 per share, a year earlier.

Analysts on average had expected earnings of $1.44 per share, according to Refinitiv-IBES.

Lazard, whose business is split between asset management and financial advisory, reported a 14% surge in operating revenue to $968 million.

Operating revenue from the financial advisory business grew 20% to $608 million, while revenue from the asset management arm rose 3% to $347 million in the quarter.