Gruppo Banca Leonardo, the investment bank launched by former Lazard dealmaker Gerardo Braggiotti in March last year, raked in profits of €30m ($39m) in its first year of operations, as it revealed it had opened a new office in Paris.

The bank made revenues of €114m and operating profits of €57m in 2006. More than 20% of its revenues were made outside Italy, where it is headquartered, according to preliminary results released yesterday.