First half net profits rise at Lombard Odier

Geneva-based private bank Lombard Odier has reversed a fall in profits last year to post a 13% year-on-year rise for the first half of 2017.

Figures published today show consolidated net profits for the six months to the end of June were 69 million Swiss francs (€60.4 million).

In a statement, the bank, one of Switzerland’s oldest, said that market performance had lifted assets as global protectionist threats and European political risks diminished.

Total client assets stood at 242 billion Swiss francs at the end of June, up from 233 billion francs at the end of 2016.

The rise in profits so far this year compares with a 13% fall in net profits for the whole of 2016.

“This positive start to the year is the result of focused efforts across all three of our business lines,” said Patrick Odier, senior managing partner, referencing the firm’s private banking, asset management and technology for banking activities.

©2017 funds europe

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