Lombard Odier, the Geneva-based private bank, had a bumper year in 2017. Total client assets increased by almost a fifth and net income also surged.
Lombard Odier profit rose 17 percent to 146 million Swiss francs, according to a statement released on Thursday. Operating income rose 6 percent to 1.1 billion francs on a growth in assets and an increase in client activity across the business.
«Our improved results in 2017 reflect the positive impact of new client acquisitions as well as the strong markets we have seen during the year,» said Patrick Odier, senior managing partner.
Client Assets Surge
Lombard Odier’s total client assets reached 274 billion francs, up 17 percent from a year earlier. The banks said that net new money flows were «robust» and that the market performance had made a «strong impact».
The private bank’s balance sheet is «strong, highly liquid and conservatively invested», Lombard Odier said. It totals 16.9 billion francs. The CET1 ratio was 26.5 percent at the end of 2017. The bank employs some 2,400 people in 27 offices across the world.
