Vontobel has generated a net profit of CHF76.1 million in the first half of 2013, an increase of 20% from CHF63.2 million in the corresponding period a year ago.

The Swiss bank said that net profit included one-off costs of CHF10.6 million related to changes in its cross-border wealth management business and a final provision of CHF 3.1 million related to the withholding tax agreement with the UK.

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Pre-tax profit at Vontobel’s private banking unit increased by an impressive 49% from CHF20.3 million to CHF30.2 million in the first half of 2012.

The net inflow of new money during the first half came to CHF8.2 billion, of which CHF7.4 billion was in its institutional asset management business.

The new money acquired across all business units resulted in annualised growth in assets under management of 17%.

The bank said that client assets under management climbed 9.9% to CHF108.1 billion during the first half of 2013.

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At the end of June 2013, total client assets were CHF160.2 billion.