Geneva-based Banque Jacob Safra (Suisse) grew clients’ assets under management by nearly 35 per cent during the 2006 financial year to reach SFr18.2 billion ($15.35 billion) as at 31 December 2006. Consolidated income, before extraordinary items and taxes, increased by 40 per cent from SFr34 million in 2005 to SFr47.6 million. The consolidated profit figure for the year reached SFr46.8 million compared with SFr32.6 million in 2005, a 44 per cent increase. Consolidated profits from interest income stood at SFr44.9 million against SFr34.5 million in 2005. Commission income reached SFr71.2 million which represented a 94 per cent increase on 2005. Trading operations increased three fold to SFr35.9 million in 2006 from SFr10.5 million at year-end 2005. Overall, banking revenues increased by 86 per cent and costs by 108 per cent. The progression in costs, said the bank, was a result of increased commercial activity and strategic development. The cost income ratio stood at 59 per cent. Of particular significance in 2006, said the bank, was the acquisition and integration of the Banque du Gothard (Monaco) which is now managed under the Banque J.Safra (Monaco) name. This integration, which was concluded in March 2006, has given the bank a strong position in the Monaco market, it said, and added SFr3.5 billion of client assets under management. Banque Jacob Safra (Suisse), which is owned by Brazilian banker Joseph Safra and family, has banks in Geneva, Zurich, Lugano, Gibraltar and Monaco. The Safra family also owns banks with offices in Argentina, the Bahamas, Brazil, Cayman Islands, Chile, France, Gibraltar, Israel, Luxembourg, Mexico, Switzerland, the US and Uruguay.