Geneva-based private bank Lombard Odier has registered a consolidated net profit of CHF 62.5 million ($68.5m) for the first half of 2014 as unveiled in its first ever financial results announcement.
Similarly to the Swiss neighbour Pictet, which revealed its results on Tuesday 26 August, the 218-year old bank had to switch away its legal structure from unlimited liability to corporate partnerships this year.
Lombard Odier reported total client assets of CHF 211.0 billion at the end of June 2014 of which assets under management were CHF156bn.
Technology and banking services clients entrusted an additional CHF 48.5 billion of assets to Lombard Odier, the bank said in a statement.
The wealth manager’s consolidated income in the first six months was CHF 527.1m and the operational cost base was CHF 429.7m.
Operating cost-income ratio stood at 80%, reflecting long-term investments in private client businesses in Europe, Asia and Switzerland, and asset management expertise for institutional clients.
"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.
As for the change in the legal structure, Lombard Odier didn’t provide comparable figures for previous periods.