BSI, the Swiss private bank and part of the Italian insurer Generali, has said that its gross profit for the year ending 31 December 2009 rose by 54 per cent year-on-year to SFr273.2 million (around $259 million). Net profit, after one-off costs were taken into account, was SFr103.2 million, up 1.8 per cent.

Operating income stood at SFr939.6 million, a 3.9 per cent increase, the bank said in a statement. Net interest income was SFr241.9 million.

Assets under management remained unchanged at SFr78.1 billion “despite the effects of the Italian tax amnesty”, BSI said, referring to the moves by the Italian government to crack down on alleged tax evasion by Italian individuals. The amnesty was due to have ended in December last year but has been extended to April.

BSI said its Tier 1 ratio stood at 13.5 per cent.

The bank reiterated that it was focusing on organic growth in Asia. Like a number of its European peers, BSI is expanding its operations in this fast-growing economic region.

This publication exclusively reported last year that BSI Bank Limited Singapore, part of the Lugano-based group, had appointed a former top executive at Coutts’ international business, Hanspeter Brunner, to head its operations in Asia.

During the 2009 financial year, BSI said there had been “significant costs” relating to the integration of Banca del Gottardo.