August 30, 2017 / 8:01 AM / 2 years ago

Geneva banks Lombard Odier, Mirabaud see H1 net profits rise

ZURICH, Aug 30 (Reuters) - Lombard Odier and Mirabaud, two of Geneva’s oldest private banks, both reported healthy increases in first-half net profit on Wednesday, boosted by rising revenues from client trading.

Lombard Odier said consolidated net profit for the six months to the end of June amounted to 69 million Swiss francs ($72.2 million), up 13 percent compared to a year earlier. Assets under management totalled 164 billion francs.

“This positive start to the year is the result of focussed effort across all three of our business lines,” Senior Managing Partner Patrick Odier said in a statement, referring to private banking, asset management, and technology and banking services.

The figures were a turnaround from the 13 percent fall in net profit the bank posted for the full year 2016.

Mirabaud posted consolidated net income of 22.3 million francs up 29 percent from 17.3 million in the same period in 2016.

Net assets under management rose 4.5 percent in the first six months of the year to 31.2 billion francs.

“These results show good returns on our investments and reflect the relevance of our strategy of controlled international development,” Senior Managing Partner Yves Mirabaud said in a statement. ($1 = 0.9560 Swiss francs)

Reporting by Joshua Franklin; Editing by Keith Weir

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