Swiss private bank Lombard Odier results for H1 show a consolidated net profit of CHF205m, a surge of 197% compared to CHF69m a year ago.

The jump in profit was driven by the sale of its five Geneva real estate sites and Amsterdam-based wealth management business. Excluding these impacts, profit increased 16% year-on-year to CHF80m.

The group’s operating income for the half year ended 30 June 2018 was CHF592m, a 10% rise from the previous year.

The bank attributed the increase in operating income to growth in assets last year and increase in client activity.

Client assets totalled CHF274bn at the end of June 2018, almost unchanged from the end of 2017. The bank said that its net inflows were “robust” during the period.

As at 30 June 2017, the group’s CET1 ratio and liquidity coverage ratio were 26.5% and 182%, respectively.

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The bank also said that its balance sheet was “strong” at CHF18.4bn, and that it had no external debt.

Lombard Odier results comment

Lombard Odier senior managing partner Patrick Odier said: “Our improved results in the first half of 2018 continue to reflect the positive impact of new client acquisitions from both private and institutional clients despite the more difficult markets we have seen during the first half of the year.

“We remain relentlessly focused on delivering excellence and value for our clients, where sustainability continues to play a key role in our approach. We will also maintain the growth of our franchise in Switzerland and internationally, while maintaining at all times our strong balance sheet.”