Citibank (Switzerland) reported a pre-tax profit of SFr7.7 million in the first half, compared with a loss of SFr21.8 million in the same pe...

Citibank (Switzerland) reported a pre-tax profit of SFr7.7 million in the first half, compared with a loss of SFr21.8 million in the same period last year. Revenues at the Zurich-based bank rose 18 per cent to SFr119.5 million, while operating costs fell 5 per cent to SFr102.6 million. After extraordinary items and taxes, the net profit increased to SFr6.2 million, up from SFr1.3 million in the corresponding period. Last year's result included extraordinary income of SFr24 million. Client assets under management were SFr27.4 billion in December 2005 when the bank had 517 employees.