Geneva (awp) – The Geneva private bank Lombard Odier recorded a fall of 48 billion Swiss francs or 13% in the first six months of the year, compared to the end of last December, in the total assets of its customers to 310 billion. Operationally, the institution weathered difficult market conditions relatively well.
In the first half, revenue fell 4% year on year to 689 million, when consolidated net profit slowed 5% to 136 million, the bank said in a statement on Thursday.
Strongly capitalized, the two-hundred-year-old bank has no foreign debt and claims a core capital ratio (CET1) of 29.5%, as well as a liquidity ratio of 217% at the end of the first half.
“This first part of the year has been very complex,” senior managing partner Patrick Odier told the AWP agency. “Focused on the prudent management of our assets, the solidity of our business model has been essential. In the first half, we launched several sustainable investment strategies and developed our expertise in private assets.”
Patrick Odier has a measured view for the year as a whole and a cautious portfolio positioning.
ib/al