The Swiss private banking group was unable to shrug off the impact of falling stock and bond markets during 2022. Operating income and consolidated net profit fell in the first half of 2022 from a year before.

Geneva-based Lombard Odier, which operates in a number of countries, yesterday reported that it had made operating income for the first half of 2022 of SFr689 million ($713.9 million), a dip of 4 per cent from a year ago.

Consolidated net profit was SFr136 million, a fall of 5 per cent from a strong first half of 2021, the bank said in a statement.

“During these turbulent markets, the solidity of our business model and our focus on prudently managing our clients’ assets were key, allowing us to attract net new money,” Patrick Odier, senior managing partner, said. 

Total client assets – SFr310 billion – fell 13 per cent from the end of last December as global financial markets tumbled in the first half of this year. 

At end-June, Lombard Odier said it had a Common Equity Tier 1 ratio of 29.5 per cent and its liquidity coverage ratio was 217 per cent. In August 2022, Fitch reaffirmed the group’s credit rating at AA- with a stable outlook. 

“The first half of 2022 was very challenging for investors. As monetary tightening continues and growth slows in the second half, we anticipate more market volatility. We retain a cautious outlook and a prudent portfolio positioning,” the bank said.

Lombard Odier has 25 offices in 20 jurisdictions and employs 2,675 people.