Swiss private bank Lombard Odier cautiously optimistic as H1 assets rise

[August 26, 2021]   ZURICH (Reuters) - Swiss private bank Lombard Odier said it was cautiously optimistic for the remainder of 2021, after hiking net profit by 20% year-on-year in the first six months through June.

The logo of private bank Lombard Odier (LODH) is seen at a branch office in Zurich, Switzerland August 12, 2019. REUTERS/Arnd Wiegmann

"These strong results reflect the strengths of our business model and our commitment to excellent client service," Senior Managing Partner Patrick Odier said in a statement.

"We have prudently managed our client portfolios, generating strong investment performance while attracting significant net new money."

Total client assets rose 11% from end-2020 to 352 billion Swiss francs ($384.15 billion), an increase the unlisted lender said was supported by "strong" client inflows without providing figures, as well as the boons that wealth and asset managers have seen from rising markets that have helped them generate more fees off the investments they manage.

Consolidated net profit was up at 143 million francs, while operating profit rose 6% year-on-year to 717 million francs.

($1 = 0.9163 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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