(Reuters) -Lazard ( LAZ ) reported a profit for the second quarter on Thursday, driven by a recovery in its core investment banking business.

After a two-year downturn due to higher interest rates and heavy market volatility, investment banks across Wall Street are seeing a revival in activity as corporate clients reconsider deferred stock and debt offerings.

Dealmaking and private-equity led multi-billion buyout deals are also seeing a resurgence, albeit at a slightly slower pace than initially expected by dealmakers and analysts.

Lazard's ( LAZ ) financial advisory business saw revenues climb 17% to $411 million in the second quarter.

"Performance reflects an unwavering focus on delivering excellence in advisory and investment solutions for our clients, our renewed ambition for growth," CEO Peter Orszag said in a statement.

M&A revenue rose 8% in North America in the first half of the year, according to data from Dealogic. Lazard ( LAZ ), featured on the top advisory league tables and earned the tenth highest fees across banks globally over the same period.

During and since the second quarter, Lazard ( LAZ ) has advised on WestRock's $33.5 billion combination with Smurfit Kappa and Rivian's $5 billion strategic investment from Volkswagen Group, among others.

Meanwhile, its restructuring and liability management practice has been working with a number of high-profile clients including Rite Aid and SVB Financial Group.

Larger Wall Street rivals Goldman Sachs and Morgan Stanley reported quarterly investment banking revenues that climbed 21% and 51% respectively, earlier this month.

Lazard ( LAZ ) posted net income of $50 million, or 49 cents per share, in the three months ended June 30. That compares with a loss of $124 million, or $1.41 per share, in the year-ago period.

On an adjusted basis, the company's profit climbed to 52 cents per share, from 24 cents per share a year earlier.

Net revenue at the bank rose 7% to $685 million.