Lombard Odier, the Geneva-based private bank, had a higher profit in the first half of 2017 and an increase in net new money. The asset management unit isn’t making much progress though.
Operating profit at Lombard Odier rose 5 percent to 536 million Swiss francs in the first six months of 2017, the company said in a statement. The reasons for this increase were a rise in managed assets and brisker client activity. Net income rose 13 percent to 69 million francs.
Client assets in private banking, asset management and banking technology increased 9 billion francs, or 4 percent, to 242 billion francs, Lombard Odier said. Net new money was 2 billion francs.
Increase in Assets Under Management
Lombard Odier managed assets worth 125 billion francs in private banking and 46 billion francs in the asset management divisions. In the banking technology unit, the bank managed 71 billion francs.
In the asset management division, the company was 2 billion francs down from a year earlier. Compared with the end of 2016, assets were up by 1 billion.
The cost-income-ratio of the bank was 82 percent, slightly below last year’s figure. Compared with other private banks, Lombard Odier has a healthy CIR.
