Morgan Stanley's Swiss business reported a 14 per cent year-on-year rise to SFr25.5 million ($20.7 million) in operating profit for the first half of 2006, according to filed accounts. The bank, based in Zurich, said revenues were 13 per cent higher in the same time period at SFr67.2 million. No assets under management figure was given, but the bank is believed to manage close to SFr15 billion in assets.