01.02.2023 - Valiant once again records solid full-year results

Ad hoc announcement pursuant to Art. 53 LR

Valiant once again records solid full-year results

Valiant continued on its growth trajectory in 2022, with consolidated net profit up 5.2% year on year. The Bank's regional expansion and its programme to increase profitability also remained on track.

Full-year 2022 consolidated net profit came in at CHF 129.5 million, up 5.2% year on year, driven by strong net interest income and net trading income. Operating income was up 4.1% to CHF 448.4 million, and operating profit rose 10.7% to CHF 159.4 million. Already in June 2022, Valiant became one of the first Swiss retail banks to stop charging clients negative interest, and the bank responded swiftly to each of the Swiss National Bank's rate hikes. "We held up well in this turbulent market environment", says Valiant CEO Ewald Burgener. "It’s important that our clients get to benefit from rising interest rates. This strengthens their trust in us and also shows that we can be agile, even in a demanding environment."

Solid interest income
Net interest income before value adjustments for credit risk once again remained solid, rising 2.8% to CHF 351.1 million year on year. Net interest income was up 2.5% to CHF 335.5 million. In the turbulent interest rate environment, Valiant remained focused on ensuring stability and securing long-term funding. Funds due to clients are the bedrock of this approach, with Valiant also obtaining funding through covered bonds and mortgage-backed bonds.

Net fee and commission income
Net fee and commission income increased by 10.9% to CHF 76.2 million. CHF 7.5 million of the rise in both net fee and commission income and other operating expenses can be attributed to an accounting change relating to payment card income. Excluding this change, net fee and commission income remained stable. Commission income from securities trading and investment activities fell 2.8% as a result of the market trend. However, Valiant was able to attract new client assets amounting to CHF 783 million.

Other income and operating expenses
Other operating income was down CHF 4.2 million (–23.1%) to CHF 14.1 million due to lower income from holdings. Net trading income increased CHF 6.5 million (+40.4%) to CHF 22.6 million, driven mainly by higher income from forex swaps. Operating expenses were up 5.2% to CHF 267.6 million. Excluding the accounting change for payment card income, operating expenses rose 2.3% as a result of investments in digitalisation and the expansion. Property sales pushed extraordinary income up to CHF 25 million, all of which will be allocated to the reserves for general banking risks in order to bolster the bank’s capital.

Growth in loans and funds due to clients
Client loans rose 5.3% to CHF 28.7 billion. As a result, Valiant far exceeded its annual 3% growth target. Since 2017, 50% of the growth in client loans has come from the branches that Valiant opened as part of its expansion strategy. Funds due to clients increased by 1.9% to CHF 22.6 billion. Both private and business clients contributed to this rise.

Strategy 2020–2024 and regional expansion on track
Implementation of Strategy 2020–2024 is pressing ahead as planned, and Valiant's expansion from Lake Geneva to Lake Constance is well under way. Between 2020 and 2024, Valiant aims to add 14 branches to its network, creating 170 full-time equivalent positions, including 140 in client advisory services. In 2022, the bank opened five new branches and is now on the home stretch in the expansion of its branch network. In 2023, the last new branches for the current strategic period will open their doors, in Schaffhausen, Altstetten and Muttenz. The regional expansion will thus be completed earlier than initially planned.

Programme to increase profitability paying off
To achieve the targeted annual savings of CHF 12–15 million from 2024, a series of cost savings and optimisation measures are being introduced across the company. While the major effects of the programme will not be visible until 2023, several milestones were achieved last year: by the end of 2022, Valiant had, as planned, closed 23 branches in its market area, upgraded three out of seven client areas, and cut 20 out of 50 FTE positions. In total, cost savings in 2022 amounted to CHF 4.5 million. Valiant now has 84 branches.

New Savings Plus account offering 1.5% interest
Valiant now offers an even greater incentive to save. With the new Savings Plus account, clients will enjoy a preferential interest rate of 1.5% on any new funds transferred to Valiant. This account will be available from 13 February 2023 and the preferential interest rate will apply for one year. Since interest rates began rising, Valiant has immediately passed on the higher rates to its clients. The third round of rate rises will be applied to the bank's range of savings products as of 1 February 2023, with savers enjoying an interest rate of 0.4%.

Responsible employee and satisfied employees
Having satisfied employees is a key success factor for Valiant. That is why the bank amended its employment terms and conditions as of 1 January 2023. Employees now enjoy two extra days of annual leave and two additional weeks of maternity leave. Valiant also increased payroll spending by 2.6% for 2023. These measures are a way of thanking employees for their tireless commitment and fostering the bank's unique corporate culture.

Valiant expects to record a rise in consolidated net profit in 2023. At the Annual General Meeting on 17 May 2023, the Board of Directors will recommend an unchanged dividend of CHF 5.00 per share.


Key balance sheet figures

 31/12/2022 in CHF millions31/12/2021 in CHF millionsChange as %
Total assets35 73035 5600,5
Client loans
- of which mortgage loans
28 680
27 137
27 244
25 708
Funds due to clients22 55222 1391,9
Headcount (FTEs)981,5994,7-13,2 FTE


Key income statement figures

 31/12/2022 in CHF thousands31/12/2021 in CHF thousandsChange as %
Net interest income before value adjustments for credit risk, and loan losses351 099341 6442,8
Net fee and commission income76 22568 74310,9
Net trading income22 60216 10340,4
Other operating income14 08918 326-23,1
Operating income448 409430 6094,1
Operating expenses267 572254 3535,2
Operating profit159 354143 95910,7
Consolidated net profit129 514123 1255,2


Documents and information on the full-year results are available at: valiant.ch/results

Images can be downloaded here: valiant.ch/downloads

Contact for the media
031 320 96 18