The bank also reported net inflows of fresh funds that totalled SFr6.5 billion. Assets under management stood at SFr92.7 billion at the end of 2010 versus SFr92.2 billion the year before. The slight rise in AuM was attributed to the adverse impact of dollar and euro weakness in relation to the Swiss franc.

The bank said the large inflow of new client funds helped to counterbalance the effects of exchange rates and the upheavals in the industry's operating conditions.

Consolidated gross profit was recorded as SFr223.7 million, up 5.6 per cent on the 2009 figure of SFr211.9 million.

In a statement the bank outlined its plans for 2011, which include opening a branch in Hong Kong from which to attract clients in Asia, opening a representative office in Dubai to expand its presence in the Persian Gulf region and expanding onshore clientele in Switzerland.