Swiss private bank Lombard Odier has posted a consolidated net profit of CHF61m for the first half of 2016, a fall of 13% compared to the year ago period.
The group's consolidated operating income stood at CHF509m, down 7% compared to first half of 2015.
Total client assets were CHF223bn at the end of June 2016, of which client assets in private clients business were CHF112bn. Asset management clients invested CHF48bn with Lombard Odier Investment Managers, while technology and banking services clients entrusted an additional CHF 63bn with the group.
The group’s operating cost-income ratio increased to 83% in the first half of 2016 from 80% a year ago.
The fully-loaded Basel III CET1 ratio was 27.8%, which is well above FINMA’s 12% target, Lombard Odier said.
Lombard Odier senior managing partner Patrick Odier said: “Lombard Odier continued to deliver solid performance throughout a volatile period. The financial performance of the Group is in line with our expectations. It reflects both subdued market conditions and continued investments to maintain a first class client experience.
“We remain focused on our strategy to build a Group which is increasingly international and diversified between private, asset management and infrastructure clients. The Group’s strong financial strength enables us to continue investing in all our three businesses.”