Era ends as Lombard Odier and Mirabaud open books
After Pictet’s turn on Tuesday, Swiss private banks Lombard Odier and Mirabaud have broken 200 years of tradition and published results for the first time.
Lombard Odier said net profit in the first six months of the year was CHF62.5 million ($68.5 million), while assets under management were CHF156 billion. The bank didn’t provide comparison figures for last year.
It held 23.8% in core capital, which is almost twice as much as what is required by the Swiss financial regulator. One of the group’s objectives is to remain one of the best-capitalised banks in the world.
Operating cost-income ratio for the group stood at 80%, reflecting long-term investments in three strategic areas: the private client businesses in Europe, Asia and Switzerland; asset management expertise for institutional clients; and further developments into the technology platform that Lombard Odier provides to third parties.
“These results are in line with our expectations and reflect both the investments we make towards our strategic objectives as well as the conservative use of our balance sheet,” Patrick Odier, senior managing partner at the bank, said in a statement.
Mirabaud also published its half-yearly results for the first time. Its assets under management amount to CHF 27 billion with an operating profit of CHF 25.8 million. Based on equity of CHF 180.8 million, the Group has a core tier 1 capital ratio of 19.70%.
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