VP Bank Group, a Liechtenstein-based private bank, has posted a net income of CHF35.3m for the first half of 2019.

This is a 21% jump from the last year figure of CHF29.3m.

The bank’s total operating income of CHF162.7m for the three-month period ended 30 June 2019 was 10% higher than a year ago.

Operating expenses rose 6% year-on-year to CHF122.7m, mainly said to be due to a relationship manager hiring programme.

The cost/income ratio at the end of June 2019 was 68.6%, while the tier-1 ratio was 19.7%.

The private bank’s assets under management totalled CHF45.6bn at the end of June 2019, up 10% from CHF41.5bn as of 31 December 2018. The growth was said to have been driven by international locations.

Net new money inflows were CHF1.2bn. The bank also gained CHF1bn through the purchase of Catella Bank’s private banking operations.

VP Bank Group interim CEO Urs Monstein said: “The half-year results in 2019 confirm our long-term strategy of organic growth through acquisition of customer-service units.

“The result gives us confidence that even with the backdrop of a potentially more demanding market environment, we are optimally equipped to sustain our pace of growth.”

Monstein replaced Alfred Moeckli, who was at the helm for nearly six years.

The bank is currently on the lookout for a permanent replacement.