The private bank said despite difficult markets late last year, it logged net inflows and was able to report a profit for 2018.

Lombard Odier yesterday reported a 6 per cent year-on-year rise in operating income for SFr1.2 billion in 2018, driven by higher client and net new money.

Consolidated net profit, excluding one-off items, stood at SFr165 million, rising 13 per cent from SFr146 million in 2017. The positive net impact of one-off items amounted to SFr107 million, giving total consolidated net profit of SFr272 million, the Geneva-headquartered bank said.

Total client assets at end-December, 2018 were at SFr259 billion.

The group said it has no external debt and is “well capitalised”, with a CET1 ratio of 29.9 per cent – a typical measure of a bank’s capital buffer - and a liquidity coverage ratio of 196 per cent at end-December 2018. 

“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,” Patrick Odier, senior managing partner. “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,” he said. 

As reported in early February, the bank said it was opening an Abu Dhabi branch, saying it was the first Swiss private bank to have set up shop in the Abu Dhabi Global Market jurisdiction.