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04-11-2021-valiant-largely-exceeds-growth-targets

04/11/2021, 
Medienmitteilung, Ad hoc announcements pursuant to Art. 53 LR

Valiant largely exceeds growth targets

In Q3 2021, Valiant recorded a 4.2% increase in client loans, exceeding its annual target of 3%. Valiant’s strategy is paying off, particularly in the securities and investment business: fee and commission income from securities trading and investment activities increased by 12.6% on the year-earlier period. Consolidated net profit rose 1.1% year on year to CHF 88.6 million. In Q4 2021, Valiant will open new branches in Bülach, Wohlen and Frauenfeld.

Valiant is on track with the implementation of Strategy 2024: it is opening branches in new regions and strengthening its business in its core market. And that strategy is paying off. Consolidated net profit for the first nine months of the year came in at CHF 88.6 million, a 1.1% increase on the year-earlier figure. Operating income was up 4.3% to CHF 316.9 million, and operating profit rose 0.6% to CHF 108.7 million. "We work day in and day out to provide simple financial solutions to our clients. Thanks to our expansion strategy, we are increasing our presence in our market area. Our 9M results confirm that we are on the right track," says Valiant CEO Ewald Burgener.

Solid interest income
As in previous quarters, interest income remained strong. Interest expense was down thanks primarily to Valiant’s active asset and liability management and its covered bond programme. Net interest income before value adjustments rose by 3.9% to CHF 254.9 million. Valiant's loan portfolio remained robust throughout the COVID-19 pandemic, and in 9M 2021, value adjustments for credit risk and loan losses amounted to CHF 8.3 million. As a result, net interest income stood at CHF 246.6 million, up 4.6% on the 9M 2020 figure.

Growth in fee and commission income
Fee and commission income increased by 5.5% to CHF 48.4 million, far exceeding the 3% target. Commission income from securities trading and investment activities was particularly strong, rising 12.6% year on year.

Other income and operating expenses
Other operating income was down CHF 3.1 million (-24.1%) to CHF 9.9 million due to lower income from holdings. Net trading income climbed by CHF 2.8 million (30.0%) to CHF 12.0 million. Operating expenses increased in line with Valiant's plans, rising 6.2% to CHF 190.8 million. "We are investing in our digital services and in branches in new market areas. We are rigorously implementing our strategy so that we can generate economies of scale," explains Ewald Burgener.

Picking up the pace of expansion
Valiant is stepping up its expansion from Lake Geneva to Lake Constance. On 1 November 2021, it opened a new branch in Bülach. It will open a branch in Wohlen on 15 November and another in Frauenfeld on 29 November. Valiant has already found further locations in Wädenswil, Meilen, Winterthur, Pully and Uster. Between 2020 and 2024, Valiant will add 14 branches to its network, creating 170 full-time equivalent positions, including 140 client advisors.

Growth in loans and client deposits
Client loans rose by 4.2% to CHF 27.0 billion. As a result, Valiant has already exceeded its annual 3% growth target. Since 2017, 45% of the growth in client loans has come from Valiant’s new branches. Client deposits increased by 6.6% to CHF 22.4 billion.

Progress on sustainability
In Q3 2021, Valiant rolled out its new sustainably focused strategy funds. Clients can now invest their money in responsible companies that are committed to preserving the environment, enhancing people’s well-being and helping to reduce carbon emissions. Valiant's efforts in this area were recognized by MSCI, which raised the bank's sustainability rating from BBB to A.

Stable business trend
Valiant expects to see a stable business trend for 2021 as a whole, with full-year profit in line with the prior-year figure.

 

Key balance sheet figures

 30.09.2021
in CHF millions
31.12.2020
in CHF millions
Change
as %
Total assets35 92833 1848,3
Client loans
- of which mortgage loans
26 964
25 360
25 868
24 212
4,2
4,7
Client deposits22 41521 0286,6
Headcount (FTEs)985,4937,4+ 48 FTEs

 

Key income statement figures

 30.09.2021
in CHF thousands
30.09.2020
in CHF thousands
Change
as %
Net interest income before value adjustments for credit risk, and loan losses254 911245 3973,9
Fee and commission income48 38745 8675,5
Net trading income12 0189 24430,0
Other operating income9 91613 060-24,1
Operating income316 945303 9884,3
Operating expenses190 845179 7576,2
Operating profit108 677108 0510,6
Consolidated net profit88 56587 6381,1

 

Documents and information on the 9M results are available at: valiant.ch/results.

Images can be downloaded here: valiant.ch/downloads.

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