Private banking income at UK-listed Arbuthnot Group was £9.3 million in the first six months, up from £6.2 million in the previous period. Profit before tax was £1.4 million at Arbuthnot Latham, the group's private banking arm, up from £113,000 in the first half of 2006. John Reed, chief executive told WealthBriefing that the profits rise was due to the investment in 10 new sales staff made during last year and because the bank's property business had a particularly profitable first half. "Our performance in client portfolios continues to be above the benchmarks," he said. According to the bank, progress has been made in establishing the Swiss operation continued and it is anticipated that the regulatory submission will be made in the second half of 2007 and subject to regulatory approval, the Swiss bank should commence operation in early 2008. One or two more new hires in the Swiss business are expected to be announced shortly, said Mr Reed.