Swiss private bank Lombard Odier has posted a consolidated net profit of CHF70m for the first half of 2015, up 12% compared with CHF62.5m the year ago half.
Total client assets as of 30 June 2015 fell to CHF209bn compared with CHF215bn at the end of December 2014. Client assets under management decreased to CHF155bn from CHF161bn at the end of December 2014.
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The bank said that de-pegging of the Swiss franc in January 2015 and changes in the relative values of euro and US dollar led to a decrease in total client assets which was partially offset by the positive contributions of market performance and net inflows from three business lines.
The group’s consolidated income in the first six months of 2015 rose 6% from the year ago period to CHF558m, benefiting from robust client activity.
Lombard Odier added that client assets in private clients business amounted to CHF112bn, while asset management clients invested CHF47bn with Lombard Odier Investment Managers.
Technology and banking services clients entrusted an additional CHF50bn of assets to Lombard Odier, the bank said in a statement.
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By GlobalDataOperating cost-income ratio for the Group was stable at 80% reflecting ongoing strategic investments and a very prudent use of the balance sheet.
As of 30 June 2015, the group’s total assets stood at CHF17bn and its fully-loaded Basel III CET1 ratio was 22.7%.
Lombard Odier senior managing partner Patrick Odier said: "Our solid financial position allows us to maintain investments in our growth initiatives. We continue to focus on the expansion of our private clients business in Europe, Switzerland and the emerging economies, and continue to sharpen our asset management capabilities."
