GENEVA BANKS PROFIT JUMP

Lombard Odier, the Geneva-based private bank, had a higher profit in the first half of 2017 and an increase in net new money. The asset management unit isn’t making much progress though.

Operating profit at Lombard Odier rose 5 percent to 536 million Swiss francs in the first six months of 2017, the company said in a statement. The reasons for this increase were a rise in managed assets and brisker client activity. Net income rose 13 percent to 69 million francs.

Client assets in private banking, asset management and banking technology increased 9 billion francs, or 4 percent, to 242 billion francs, Lombard Odier said. Net new money was 2 billion francs.

The Geneva private bank hiked its profit discouraging setbacks last year. What was behind the private bank's improvement?

Swiss bank Pictet reported 1.18 billion Swiss francs in first-half revenue, feeding an gross profit of 319 million francs and 247 million francs after taxes.

This represents an improvement of 14 percent, 31 percent and 29 percent respectively – a considerable improvement after setbacks reported earlier this year.

«Our improved results reflect new client acquisitions as well as strong markets,» senior partner Nicolas Pictet said.

Geneva private bank Mirabaud was favored by market conditions in the first half. Profits rose and net new money flowed in.

The Swiss private bank's profit for the first six months rose 29 percent to 22.3 million Swiss francs, Mirabaud said on Wednesday.

«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.

The private bank attributed the rise to favorable market performance as well as cost-cutting efforts. Mirabaud took in considerably more revenue in transaction fees and commissions on the year.