The Liechtenstein-based bank, which operates in regions including Asia, logged the highest net income figure for a decade.

VP Bank, which as reported yesterday has made a senior hire in Singapore, has also logged a net new money inflow of SFr3.2 billion ($3.22 billion) in the past financial year, an increase from the SFr1.9 billion chalked up during 2017.

During the same period, consolidated net income fell by 17 per cent year-on-year to approximately SFr55 million. Operating costs were SFr232 million for 2018, up from SFr229.8 million.

The inflow of net new money was the highest in more than ten years, putting VP Bank on course to achieve its growth goals, it said in a release of preliminary figures. Full data is due to be given on 5 March, it said.

Operating income fell in 2018, coming in at SFr291 million, down from SFr300.1 million, as negative Swiss official interest rates hit margins. Weaker equities also affected the income result.