The Swiss private banking group, operating in a number of jurisdictions, said assets and income grew in the first half of 2021.

Lombard Odier yesterday reported total client assets of SFr352 billion ($383.6 billion) at the end of June, rising 11 per cent from the end of 2020. 

The Geneva-based private bank said that client assets’ growth was supported by “strong net new money flows over the six-month period, positive investment performance and market impacts.”

Operating income for the first half of 2021 was SFr717 million, rising 6 per cent from the first six months of 2020. Consolidated net profit was SFr143 million, rising 20 per cent from the first half of 2020, it said in a statement. 

Lombard Odier said that its balance sheet “remains strong, liquid and conservatively invested”, standing at SFr20.8 billion at end-June 2021. The group has a significant equity base with no external debt.

At end-June 2021, the Common Equity Tier 1 ratio – a standard international measure of capital strength in banks - was 29.1 per cent. Ratings agency Fitch reaffirmed Lombard Odier’s credit rating at AA- with a stable outlook in July 2020.

“The first half of 2021 saw markets gain ground as the world’s economies started to emerge from the difficulties of the pandemic. As we move forward in 2021, Lombard Odier remains cautiously optimistic on the market outlook, with a portfolio positioning that reflects this constructive stance,” the bank added.