Swiss private bank Lombard Odier has reported a consolidated net profit of CHF272m for the year ended 31 December 2018.
This is a jump of 86% from last year’s figure of CHF146m. The increase in profit was said to be driven by one-time items.
Excluding one-time items, consolidated net profit increased 13% to CHF165m on a year-on-year basis.
The bank’s client assets totalled CHF259bn at the end of December 2018.
Net new money flows during the year were said to be “robust”. According to the bank, the inflows partially offset a negative market impact.
Operating income stood at CHF1.2bn, a 6% rise from the previous year.
The bank attributed the rise to increase in client activity and net new money growth.
The group’s CET1 ratio and liquidity coverage ratio were 29.9% and 196%, respectively, at the end of December 2018.
Lombard Odier senior managing partner Patrick Odier said: “Market volatility increased in 2018, with a particularly negative impact in December.
“Against this background our results improved in 2018, reflecting, in part, the positive impact of new clients making Lombard Odier their bank of choice.
“Our focus remains on delivering excellence and value for our clients. Although we begin 2019 with ongoing market uncertainty, we stay committed to growing our franchise in Switzerland and internationally, while conservatively managing our strong balance sheet.”
Source : verdict.co.uk