Switzerland’s Banque Cantonale Vaudoise reported a 2 per cent year-on-year rise in net profit to SFr157 million ($160.4 billion) in the first six months of 2012, while total revenues rose 1 per cent to SFr508 million over the period.

Trading income increased by 8 per cent to SFr56 million, reflecting strong customer-driven forex and structured product activities, the bank said in a statement today.

The bank’s cost/income ratio fell to 61 per cent from 62 per cent.

Group assets under management rose 4 per cent (SFr2.9 billion) to SFr80.0 billion. Net new money amounted to SFr372 million for the period. This figure is the result of two contrasting factors. On one hand, the private-client, SME and pension-fund segments continued to bring in net new money (SFr1.0 billion). On the other, short-term deposits by large corporates contracted (–SFr600 billion) following the bank’s decision to keep deposit interest rates low.