VP Bank Group, a Liechtenstein-based private bank, has reported net income of CHF31.5m for the first half of 2017, a surge of 29% compared to CHF24.4m in the year ago period.

For the period ended 30 June 2017, the private bank’s total operating income stood at CHF151.1m, an increase of 16% compared to CHF129.8m in the year ago period. Operating expenses rose 15.5% year-on-year to CHF117.2m.

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The private bank’s cost/income ratio in the first half of 2017 was 64.6% as against 68.9% a year ago. Tier-1 ratio increased to 25.9% from 25.7% a year ago.

The bank’s assets under management totalled CHF37.4bn at the end of June 2017, compared to CHF35.8bn at the end of 2016. Net inflow of new money was CHF1.1bn.

In addition, VP Bank Group announced plans to pursue its hiring spree during the second half of 2017.

The bank aims to appoint 75 client advisors in the intermediaries and private banking units by 2019 end, of which half will be appointed in Asia. The bank also unveiled plans to make acquisitions.

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VP Bank Group CEO Alfred Moeckli said: “The further development of digital services is another key item on our agenda.  Within the context of our digitalisation strategy, we combine the proven personal consultancy services provided by VP Bank with state-of-the-art technologies. By this means we are creating tangible added value for our clients and employees.”