Lombard Odier private bank last year made the best out of a difficult situation and maintained the level of profitability achieved in the year-earlier period. The private bank also received new money in all its business segments.
While profit excluding non-recurring items was little changed from 2014, Lombard Odier achieved a consolidated profit of 144 million francs, up 20 percent from a year earlier, the Geneva-based private bank said in a statement today. Operating income increased 4 percent to 1.075 billion francs.
Total client assets rose to 224 billion francs from 215 billion a year earlier, despite a «turbulent and volatile 2015,» the bank said. But the initial negative currency impact on client assets by the lifting of the franc's peg to the euro in January 2015 was offset by net new money inflows and the market performance.
Technology Service Success
The increase of assets at the technology and banking services unit, rising to 59 billion from 50 billion, makes for particularly interesting reading. Lombard Odier today works with about a dozen partner firms, to which the bank provides technology and IT services. One of them is KBL, a Luxembourg-based private-banking company, another the Geneva-based Bordier bank.
Assets of private clients and of asset management clients at Lombard Odier were essentially unchanged, at 116 billion francs and 49 billion francs respectively.
Investments to Be Maintained
Assets effectively managed by the bank amounted to 160 billion at the end of the year. The bank recorded net new money inflows in all three business units as the company's managing partner Patrick Odier told finews.ch in an interview.
«Our solid financial position allows us to maintain long-term investments,» Odier said in the bank's statement.
