Swiss private bank Lombard Odier has posted a consolidated net profit of CHF69m ($71.6m) for the first half of 2017, an increase of 13% compared to the year ago period.
For the period ended 30 June 2017, the group’s consolidated operating income increased 5% year-on-year to CHF536m. The bank attributed the rise in operating income to asset growth and increased client activity.
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Total client assets stood at CHF242bn at the end of June 2017, of which client assets in private clients business were CHF125bn.
The group managed CHF46bn for asset management clients and CHF71bn for technology and banking services clients.
As at 30 June 2017, the group’s operating cost-income ratio was 82%, while its fully-loaded Basel III CET1 ratio was 28.7%.
Lombard Odier senior managing partner Patrick Odier said: “This positive start to the year is the result of focussed effort across all three of our business lines.
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By GlobalData“The Group’s financial performance reflects the constant improvement in our offering and client servicing, our investments in technology and digital solutions, and our strategy to serve an international and demanding client base, across a diversified set of activities in private clients, asset management and technology for banking.”
