The Liechtenstein-based banking group reported robust performance in spite of challenging conditions during the first half of 2016.

LLB Group increased its first-half net profit by 5.5 per cent year-on-year to SFr43 million ($44 million) despite the stronger Swiss franc and volatile financial markets.

The group, which provides private banking, asset management and fund services, saw its operating income jump 5.6 per cent year-on-year to SFr155.1 million. Its operating expenses also rose 7.3 per cent to SFr108.5 million. This was attributed largely to the expansion of LLB’s workforce.

As business volume dipped 0.5 per cent year-on-year to SFr56.3 billion, client assets under management fell 0.6 per cent to SFr45.3 billion, driven by exchange-related factors.

"In an exceptionally low interest rate situation we increased profit in the first half of 2016 to SFr43.0 million," group chief executive Roland Matt said in the results statement.