Valiant is continuing on its growth trajectory, achieving growth in both mortgage loans and customer deposits. This resulted in consolidated profit of CHF 108.3 million after the first three quarters, equivalent to a year-on-year increase of 3.1%. In view of the very strong figure reported in the previous year, the operating result fell by only 3.9% to CHF 170.9 million. Operating income dropped by 1.5% to CHF 411.1 million.

“We are still successfully on course after the end of the third quarter of 2025. Given the turbulent and challenging environment, we are very satisfied with our performance for the quarter. Despite the zero-interest setting, our customers can count on us: In addition to our “Sparkonto Extra” savings product on which we offer a preferential interest rate, we are continuing to pay interest on our range of savings products,” says Valiant CEO Ewald Burgener.

Interest operations stable 
The gross result from interest operations fell by 0.6% to CHF 305.7 million. The net result from interest operations came to CHF 296.6 million, equivalent to a decline of 0.7%. This solid performance in interest operations is due to the still high interest margin of 1.08% in tandem with active asset and liability management.

Commission business and services
The result from commission business and services grew by 5.9% over the previous year to CHF 72.0 million. Commission income from securities trading and investment activities climbed by 12.3%. This change is attributable to the “Valiant 2029” strategy, in which broader income diversification plays a key role, as well as the favourable performance of the financial markets. Although customers have been benefiting from the free new Lilac Set since March 2025, other services grew by a slight 0.2%.

Result from trading activities and other result from ordinary activities
The result from trading activities declined due to lower interest rates in the eurozone as well as smaller trading volumes, coming to CHF 31.0 million (-23.0%). The other result from ordinary activities rose by 8.2% to CHF 11.5 million, primarily due to higher income from participations.

Operating expenses
Operating expenses climbed slightly by 0.4% to CHF 224.8 million due to investments in digitalisation and employer branding. Personnel expenses increased slightly by 0.7% due to higher salaries. General and administrative expenses were virtually unchanged over the previous year (+0.1%).

Reserves for general banking risks reinforced
In view of its positive performance, Valiant increased the reserves for general banking risks by CHF 31.0 million in the first nine months. In accordance with the accounting rules for Swiss banks, reserves for general banking risks are classified in full as an element of equity capital. This strengthens Valiant’s equity capital, and the capital ratio of 16.9% is well above regulatory requirements. Valiant firmly believes that a strong capital base is in clients’ interests as well as that of investors.

Customer loans and deposits
The mortgage loans granted by Valiant climbed by 0.8% or CHF 218.0 million in the first nine months. Under its “Valiant 2029” strategy, Valiant is actively managing its loan portfolio to additionally enhance its profitability. As a result, loans to customers increased by a total of CHF 8.1 million to CHF 30.2 billion. Customer deposits rose by 0.9% to CHF 22.6 billion. The “Sparkonto Extra” savings product also contributed to that. Clients making new deposits with Valiant by 30 November 2025 can benefit from a preferential interest rate of 0.81%. Full information on “Sparkonto Extra” is available here.

Multibanking for private clients
Valiant became the first Swiss bank to introduce multibanking for private clients in early September 2025. As a result, they can now not only keep track of their accounts at Valiant but also view accounts they hold at other banks. With the early introduction of this new service, the lilac bank is highlighting its efforts to simplify its customers’ financial lives as far as possible. Further information is available here.

Investing digitally made simple
Valiant is also steadily enhancing its range of digital products and services. In addition to establishing fund savings plans themselves online, investors can now also open execution-only custodian accounts directly online and enter buy or sell orders for fund investments.

Sustainability at Valiant 
Valiant takes its responsibility for climate protection seriously and is actively committed to a sustainable future. Entitled “Our path to net zero by 2050”, the newly released publication summarises succinctly and clearly the steps that Valiant is taking to become climate-neutral by 2050. More information on sustainability at Valiant and the publication can be found on the website. Valiant is promoting finance for energy-efficient buildings and energy-based renovations by offering a reduced interest rate on mortgage loans. The “Lila Umwelthypothek” environmental mortgage loan is now even more attractive. The maximum amount has been removed, the maximum term extended and the product opened up for a wider target group. Information on “Lila Umwelthypothek” can be found here.

Outlook
Valiant expects consolidated profit to be slightly higher in the current year.
 

Key balance sheet figures

Key income statement figures

Additional key figures

Documents and information on the third quarter of 2025 are available at: valiant.ch/investor-relations/results-reports-key-figures 

Images can be downloaded here: valiant.ch/downloads