Lombard Odier Group reports results for first six months of 2019

media releases

Lombard Odier Group reports results for first six months of 2019

Growth in client assets and robust net new money

Total client assets at end-June 2019 stood at CHF 287 billion, up 11% from end-December 2018. Net new money flows were robust and the market impact on client assets was positive in the first six months of the year.

Subdued client activity affects operating income and earnings

Operating income for the first half of 2019 was CHF 581 million, down 2% from a year earlier. The result was affected by lower client activity compared with the first half of 2018, which counteracted the positive impact of the growth in client assets.

Consolidated net profit was at CHF 72 million, down 10% from CHF 80 million in the first half of 2018.

Solid balance sheet and capitalisation

The Group’s balance sheet remains strong, highly liquid and conservatively invested, totalling CHF 18.8 billion. The Group has no external debt and is well capitalised, with a CET1 ratio of 28.2% and a liquidity coverage ratio of 203% at end-June 2019. Fitch reaffirmed the Group’s credit rating at AA- in July 2019.

“Our client assets grew in the first six months of 2019, reflecting, in part, the positive impact of new client relationships. Our focus remains on delivering exceptional wealth & asset management services and long-term value for our clients,” said Patrick Odier, Senior Managing Partner.

“We continue to embed sustainability into our investment processes across the Group, given our conviction that it will be one of the main drivers of future returns. We are also pleased that our commitment to corporate sustainability gained us B Corp certification in March.”

“Amid uncertain markets and a global economic slowdown, we stay committed to conservatively managing our strong balance sheet and growing our client franchise in Switzerland and internationally” Patrick Odier stated.

Important information

This media release has been prepared by Bank Lombard Odier & Co Ltd, a bank and securities dealer authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA) (hereinafter "Lombard Odier"). It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a document. This media release is provided for information purposes only. It does not constitute an offer or a recommendation to enter into a relationship with Lombard Odier, nor to subscribe to, purchase, sell or hold any security or financial instrument.
This document may not be reproduced (in whole or in part), transmitted, modified, or used for any public or commercial purpose without the prior written permission of Lombard Odier.
© Bank Lombard Odier & Co Ltd – All rights reserved