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Swiss private bank Lombard Odier releases first results in over two-century-history

English.news.cn   2014-08-28 19:15:56

GENEVA, Aug. 28 (Xinhua) -- Swiss private bank Lombard Odier on Thursday published its first-half financial results of 2014 for the first time in its history, being the second Swiss private bank breaking its over 200 years of tradition this week.

Lombard Odier's latest unveiling of its figures came after a similar move of its cross-two rival Pictet group which released its first half-year report on Tuesday, also the first time in its 209-year history.

The disclosure of business information made by both the famously discrete Geneva banks resulted from the change of their legal structures from unlimited liability partnerships to corporate partnerships earlier this year.

Lombard Odier, founded in 1796, said that it posted a net profit of 62.5 million Swiss francs (about 68.4 million U. S. dollars) in the first six months this year, without providing comparison figures of the previous period.

Figures showed that the bank's total client assets as of the end of June this year amounted to 211 billion Swiss francs (about 231 billion dollars), among which the assets in the private clients business reached 114.7 billion Swiss francs (about 125.6 billion U. S. dollars).

Moreover, the bank said it has no external debt and was well capitalised with a fully-loaded Basel III common equity tier 1 (CET1) ratio--a key measure of a bank's capital adequacy or financial stability--standing at 23.8 percent, well above the requirements of Swiss financial authorities.

"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," said Patrick Odier, Senior Managing Partner of the bank, in a statement.

Odier added that his bank was increasingly diversified, more international and more balanced between private and asset management clients.

Lombard Odier is one of over 100 Swiss banks which signed up last year to a voluntary disclosure programme of the U.S. authorities as part of latter's efforts to clamp down on tax evasion by American citizens.

Editor: Shen Qing
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