At the end of the third quarter Valiant posted consolidated profit of CHF 114.2 million. This is equivalent to a year-on-year increase of 5.4%. The operating result rose 0.2% to CHF 171.2 million. Operating income was up 1.0% to CHF 415.2 million. 

“Valiant can maintain its growth course. Implementing our “Valiant 2029” strategy consistently matters especially in a challenging environment. We want to continue to make financial life simpler for our customers, diversify income further and keep a close eye on cost management. The result after nine months makes me optimistic that we will hit our year-end targets,” said Valiant CEO Ewald Burgener. 

Growth in total loans and customer deposits
Loans to customers granted by Valiant increased 2.5% or CHF 754.6 million in the first nine months, reaching a total of CHF 31.1 billion. Customer deposits at Valiant are also growing: these rose 2.4% or CHF 540.0 million to CHF 23.3 billion. 

Interest operations solid in the zero interest rate environment
The gross result from interest operations came to CHF 300.4 million, a decline of -1.7%. The net result from interest operations came to CHF 292.7 million, equivalent to a decline of -1.3%. Interest operations continue to perform well, with a healthy margin of 104 basis points. The slight decline is attributable to the zero interest rate environment and lower income from hedging transactions.

Strong commission business and services
The result from commission business and services grew by a pleasing 10.2% over the previous year to CHF 79.3 million. The greatest contribution to this came from commission income from securities trading and investment activities, which rose 16.3%. This change mainly reflects higher customer assets invested through inflows of new money as well as the favourable performance of the financial markets. 

Result from trading activities and other result from ordinary activities
The result from trading activities came to CHF 29.2 million, a decline of -5.6%. The other result from ordinary activities rose 20.6% to CHF 13.8 million, primarily due to higher income from participations.

Operating expenses
Operating expenses climbed 1.8% to CHF 228.7 million. This reflects investments in digitisation and employer attractiveness. Valiant continues to manage costs strictly under the programme to increase operating efficiency.

Reserves for general banking risks reinforced
Given the positive performance in the first nine months of the year, CHF 25.0 million was allocated to the reserves for general banking risks. Valiant is therefore strengthening its equity position. The total capital ratio stands at 17.0%, well above regulatory requirements and also at the upper end of the 15-17% range set internally. Valiant provided details of the share buyback programme in February 2026. By 30 September 2026, 57,080 shares had been bought back for CHF 9.0 million. Valiant has therefore taken steps to bring the total capital ratio back within the set target range in the future. 

Banking packages for companies
Valiant has been offering the new Business Sets since summer 2026. These are not only simpler and more attractive; they are also more closely tailored to the needs of SMEs and the self-employed. The Basic Business Set, for example is free of charge; more extensive services are included in the Plus or Premium Business Sets. Valiant supports entrepreneurs in their daily work with its comprehensive range of services for SMEs.

Offerings for teenagers and young adults
Valiant is making it easier for young people to start investing, particularly in periods of zero interest rates. Custodian account fees have been waived for all clients up to the age of 28 for both Fondsinvest and execution-only investment accounts. The Lilac Set Young - the free banking package - offers young people a free Debit Mastercard®, free ATM withdrawals worldwide and shopping abroad and in foreign online shops with no extra charges. On request, additional Young Plus accounts, retirement savings and Young Plus savings accounts can be added. A voucher for CHF 50 is awarded each time a Lilac Set Young is opened with the promotional code “LILA”. This campaign runs to 31 December 2026.

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 2026 are available at: valiant.ch/investor-relations/results-reports-key-figures 

Images can be downloaded here: valiant.ch/downloads