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August 26, 2022

Lombard Odier records 4% dip in H1 operating income

Swiss private banking group Lombard Odier has reported operating income of CHF689m ($713.9m) for the first half of 2022, a decline of 4% compared with the year ago period.

Consolidated net profit also dropped 5% to CHF136m during the period.

At the end of June this year, Lombard Odier’s total client assets were CHF310bn, a decline of 13% from end of December 2021, due to slump in global financial markets in the first half of 2022.

However, the bank saw a robust performance in its asset management business, Lombard Odier Investment Managers (LOIM), and Private Client division in H1 2022.

In the first half of this year, total balance sheet, including liquid and conservatively invested, stood at CHF24.7bn. The bank noted that it witnessed a significant equity base and had no external debt.

During the same period, the bank had 29.5% Common Equity Tier 1 (CET1) ratio and 217% liquidity coverage ratio.

Lombard Odier senior managing partner Patrick Odier said: “During these turbulent markets, the solidity of our business model and our focus on prudently managing our clients’ assets were key, allowing us to attract net new money.

“As an independent, long-term oriented private bank, we continued to invest in our people, technology and investment expertise, while maintaining close proximity with our clients at all times.”

Lombard Odier senior managing partner Hubert Keller stated that the group introduced several high-conviction sustainable investment strategies in the first half of this year.

The group has also built its expertise in private assets, enabling investors to generate long-term value.

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