Swiss bank Lombard Odier reveals results for first time

The private bank Lombard Odier unveiled its financial results publicly for the first time in its 218-year history on Thursday, reporting a profit and becoming the latest Swiss financial institution to pull back the curtain on what has been a traditionally secretive banking culture. Lombard Odier’s report on Thursday came just two days after its Geneva-based rival Pictet Group gave the public a glimpse of its results for the first time more than 200 years. Pictet was founded in 1805. Both wealth managers restructured this year to become more traditional corporate partnerships. The changes required them to make disclosures about their finances. Lombard Odier posted a profit of 62.5 million Swiss francs, or about $68.2 million, in the first six months of 2014. The company did not provide comparisons with prior periods. ‘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, Lombard Odier’s senior managing partner, said in a news release, according to New York Times.