The private bank announced a strong set of results, despite difficult market conditions, a few days after Standard & Poor’s, the rating agency, upwardly revised its outlook on the firm from “negative” to “stable”, noting that LGT and Liechtenstein have adapted faster than other jurisdictions to greater demands for tax transparency.

The figures appear to show that while some private banks have faced headwinds from an increasingly fierce international campaign against offshore financial centres, Liechtenstein’s firms are benefiting from recent moves by the tiny state to become more open. The tiny state, for example, has in force a disclosure agreement with the UK that has been hailed as encouraging foreign account holders to clean up their affairs.

Among other details, LGT said assets under management increased by 9.0 per cent to SFr94.7 billion since the end of 2011.

Total operating income rose by 14 per cent to SFr466 million. All income components were contributing factors, with interest income up by 26 per cent and income from services by 5 per cent. Due to gains on securities, income from trading activities and other operating income grew by 30 per cent. Total operating expenses increased by 4 per cent to SFr302 million compared to the same period of the previous year.

Business and office expenses fell by 10 per cent, LGT said in a statement today.

The cost-income ratio narrowed substantially to 65 per cent from 75 per cent over the reporting period.

LGT had a Tier 1 capital ratio increase of 20.2 per cent at the end of June, up from 17.5 per cent at 31 December.

The bank said it has no outstanding debts from the “PIIGS” countries (Portugal, Italy, Ireland, Greece and Spain) on its balance sheet.