Swiss bank Vontobel earned a net profit of SFr76.1 million
($81.8 million) in the first half of 2013, a rise of 20 per cent from the same
period a year ago.

Vontobel's asset management business attracted SFr7.4
billion of Vontobel's total net inflow of new money of SFr8.2 billion, the firm
said in a statement today. The new money acquired across all business units
resulted in annualised growth in assets under management of 17 per cent.

"The profit contribution from private banking and asset
management has almost doubled from 33 per cent to 65 per cent within a period
of 24 months. Vontobel has thus confirmed its position as a credible and reliable force
in the wealth and asset management sector,” the firm's chief executive, Zeno Staub, said.

One-off costs of SFr10.6 millon related to changes in the
cross-border wealth management business, as well as a final provision of SFr3.1
million related to the withholding tax agreement with the UK, are fully included in the net
profit.

In February, the bank announced it was shutting onshore
private banking and wealth management operations in Dubai
and transferring them to Geneva, while
investment banking and related services will continue to operate from the Middle Eastern jurisdiction.