Lombard Odier shows $69 mln profit in first published results
ZURICH Aug 28 (Reuters) - Lombard Odier on Thursday became the second Swiss private bank this week to break with over 200 years of tradition and publish results for the first time, with figures showing it to be better capitalised than its cross-town rival but less than half as big.
The moves follow a change in structure last year at both famously discrete Geneva firms, which are partially controlled by descendents of their founding families.
Lombard Odier said net profit in the first six months of the year was 62.5 million Swiss francs ($68.5 million), while assets under management were 156 billion francs. The bank didn't provide year-ago comparison figures.
It held 23.8 percent in core capital, which is almost twice as much as what is required by the Swiss financial regulator.
"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," Patrick Odier, senior managing partner at the bank, said in a statement.
In its half-year results on Tuesday, Pictet posted net profit of 202.9 million francs. The bank held 319 billion francs in net assets under management, while it had 21.7 percent in core capital.