The Switzerland-headquartered bank, which has bolstered its international presence in regions such as Asia, reported first-half figures.

Union Bancaire Privée, the Geneva-headquartered private banking group, announced that net profit stood at SFr109.5 million (around $114 million) in the six months to 30 June, a surge of 21.6 per cent on a year earlier.

Assets under management remained stable at SFr118.9 billion (SFr118.3 billion at the end of 2016), the bank said. Rising market values bolstered the AuM figure, offsetting how foreign exchange markets hit values when translated into Swiss francs.

The asset management division took in inflows of SFr1.6 billion and these inflows offset money taken out as a result of latest tax regularisation programmes, which mainly affected European and Latin American private clients.

Operating revenues rose by 12.5 per cent year on year from SFr452.9 million at mid-year 2016 to SF509.5 million at the end of June 2017. The net interest margin increased by 18.5 per cent to SFr 139.3 million supported, among other factors, by higher US dollar interest rates.

Operating costs rose by 9.9 per cent between June 2016 and June 2017, rising from SFr294.5 million to SFr323.7 million, due to the integration of Coutts in Asia which was finalised in April 2016.