Privately owned Habib Bank AG Zurich reported profits for 1994 of SFr 5.2 million ($4 million), up by 8 per cent on 1993. The increased earnings were mainly due to a 22 per cent rise in income from bills and money market papers to SFr 15.8 million ($12 million).

The bank concentrates on retail banking for expatriates, and also offers private banking services. Some 30 per cent of the bank’s business comes from its operations in the UAE. The bank says the Dubai business reported a particularly strong performance in 1994.

Assets rose by 9 per cent to SFr 1,713 million ($1,306 million). The sharpest increase in assets came from bills and money market papers, which rose by SFr 43 million ($33 million) to SFr 203 million ($155 million).