Company profile for investors 

An overview of Valiant for investors and analysts.

Valiant is an independent Swiss financial services provider. Valiant operates exclusively in Switzerland and offers private clients and small and medium-sized businesses a comprehensive range of easy-to-understand products and services covering all financial needs. Valiant has a strong local presence, with almost 100 branch offices in the following 13 Swiss cantons: Aargau, Basel-Land, Basel-Stadt, Bern, Fribourg, Jura, Lucerne, Neuchâtel, Solothurn, St. Gallen, Vaud, Zug and Zürich. And through its innovative digital services, it is available to clients throughout Switzerland. Valiant has total assets of over CHF 30billion and more than 1,000 employees, including 80 trainees.

Find more information in our latest investor presentation:

Download Presentation for investors, May 2020 (pdf 2 MB)

Ambitious strategic and financial targets upto 2024

Under our current strategy, we have the ambition to achieve a return on equity of 6% by 2024. The targeted dividend payout ratio in this period is between 50 and 70 %. The dividend for the 2019 financial year is expected to be at least CHF 5.00 per share, subject to approval at the next AGM. We are also striving to keep the total capital ratio between 15 and 17 per cent, and as such well in excess of the regulatory minimum.

Geographic expansion and digitalisation

In order to meet these objectives, we are investing in three areas:

  • Firstly, we are expanding our geographical base. At present, Valiant operates predominantly in rural areas. To remain fit for the future, we are increasingly moving into cities and fast-growing centres – after all, that is where the clients are. We will be gradually building up our presence in the Zurich area, in northwestern and eastern Switzerland.
  • Secondly, we are investing in digitisation, in our brand and in our employees. By digitising our banking services, Valiant will be the bank that makes it easiest for private individuals and SMEs to manage their financial affairs.
  • Thirdly, we are ready to embark on non-organic growth and are open to acquisitions. Before studying any such options in-depth, we would ensure they are a good fit for our business model and corporate culture.

Increased efficiency

The additional growth will mainly be achieved using existing middle- and back-office resources.

Find more information about our strategy and targets in our latest investor presentation:

Download Presentation for investors, May 2020 (pdf 2 MB)

Stable and sustainable dividend policy

Valiant pursues a stable dividend policy. In 2019, Valiant increased the target payout ratio from 50% to 70% of net profit, with a dividend of at least CHF 5.00 per share.


Valiant has paid out stable or increased dividends ever since it was founded in 1997.

Payout ratio65%58%53%51%50%54%55%40%40%41%36%34%34%

1  of which CHF 1.85 as a dividend and CHF 1.35 as a distribution from capital contribution reserves​​​​​​​
2   distributions from capital contribution reserves

Very high asset quality (per 31/12/2019)

The quality of the Valiant loan portfolio is very high. 97% of our loans (CHF 24,8bn) are covered. 94% of the mortgages are first-tier. The loan-to-value of the mortgage portfolio amounts to 63.1%, and the average residual term stands at a low 3.9 years. Valiant is not exposed to regions subject to steep house price inflation. 74% of our mortgages were originated in the region of Bern, Lucerne and Aargau.

Non-performing loans amount to 0.09% of total loans. Value adjustments for credit risk are 0.21% of total loans.

Low risk profile

Valiant’s risk profile is low. We are solely active in the retail banking business, with long-term customer relationships in Switzerland. Our main income sources – mortgages and commissions - provide very transparent, stable earnings. There is no proprietary trading.

The low risk profile builds on a restrictive lending policy, a diversified client portfolio, and a successful asset & liability management. Despite a long history of takeovers, there is no goodwill on the balance sheet. The increased lending volumes no not compromise the very high quality of loans.

Find more information about our asset quality and risk profile in our latest investor presentation:

Download Presentation for investors, May 2020 (pdf 2 MB)

More stable and diversified funding

At Valiant, we are making the most of our various funding options. In the current low interest rate environment, we aim to further stabilise our funding and diversify the instruments we use. To achieve this, we will continue to increase the amount of stable client deposits and reduce our unsecured funding. In the medium term, we will also add to our secured funding through our Valiant covered bonds programme. 

Further reductions in financing costs

Refinancing is a key way of reducing interest costs despite the low interest rate environment and making interest margins more resilient. Since 2013, we have reduced interest expense by more than two thirds. Funding at very low rates will further reduce Valiant’s interest expense going forward.

Find more information about our funding in our latest investor presentation:

Download Presentation for investors, May 2020 (pdf 2 MB)

Sustainability is in our DNA

We know our clients, and our clients know us. Our clearly defined geographical area of activity, our positioning as a financial services provider, and the close relationships with our clients are the key features of our simple, responsible and sustainable business model.

Sustainability criteria are rooted in our lending policy

The client deposits and savings entrusted to us are funding home owners and SME. Our lending is broken down into many small and medium-sized amounts. Thanks to our regional roots and close client relationships we know the properties and businesses that we finance very well. In line with our careful lending policy, we take a cautious approach towards sectors that have questionable ecological, economic and social aspects.

Valiant operates exclusively in Switzerland

Given the very stringent regulatory environment in Switzerland, our approach to many ecological, economic and social aspects already meets relatively high standards. And given Valiant’s simple business model, we do not finance international projects, which would have to be critically examined in terms of fundamental human rights, large-scale environmental pollution, and forced or child labour. Exposure to sustainability risks is also low.

Learn more about Valiant’s corporate responsibility and sustainability in our ESG section here.

Improved earnings power despite low-interest environment

Balance sheet (CHF bn)20192018201720162015

Total assets



– of which mortgages











Client deposits

Client assets


Equity capital


Income statement (in CHF m)20192018201720162015
Operating income 1411404388379382

Operating expenses


Operating profit


Consolidated net profit

1 Before value adjustments for credit risk, and loan losses

Key ratios20192018201720162015
Net interest margin110bps112bps110bps113bps113bps

Cost/income ratio


Non-performing loans/Total loans

Return on equity5.3%5.4%5.5%5.6%5.6%

Equity capital20192018201720162015

Core capital ratio, Tier 1+2




Full-time equivalents918890873842821

Please find more key financials here: Results and reports


Questions on Valiant? 
Simply contact us.

Joachim Matha​​​​​​​
Head of Investor Relations

+41 31 310 77 44