Valiant increased its consolidated profit by 3.0% versus the previous year to CHF 73.4 million. At CHF 113.4 million, the operating result declined by only 2.9% over last year’s very strong figure. Operating income came to CHF 274.1 million (-0.9%).

“Given the extremely turbulent market environment, we are very satisfied with our results for the first half of 2025. The substantial 7.7% increase in the result from commission business and services vindicates the implementation of our “Valiant 2029” strategy, in which broader income diversification plays an important role,” says Valiant CEO Ewald Burgener.

Stable interest operations despite turbulent interest environment
The gross result from interest operations fell by a slight 0.6% over the previous year to CHF 202.9 million. The net result from interest operations was down marginally, dropping to CHF 195.2 million (-0.4%). Interest expense fell by 39.3% to CHF 90.5 million.

Despite the zero-interest-rate environment, savers will continue to benefit until the end of May 2026 from a preferential interest rate of 0.81% on new money that they deposit with Valiant. More information on “Sparkonto Extra” is available here.

Commission business and services
Commission business and services continued to perform very gratifyingly, growing by 7.7% over the previous year to CHF 47.8 million. Commission income from securities trading and investment activities was up 13.6%. This change mainly reflects higher client assets invested through inflows of new money as well as the favourable performance of the financial markets in the first half of the year. Other service business climbed by 2.0%.

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 20.8 million (-21.5%). The other result from ordinary activities climbed by 7.2% to CHF 10.3 million, primarily due to higher income from participations.

Operating expenses
Operating expenses rose marginally by 0.8% to CHF 150.4 million. This reflects investments in digitisation as well as in employer attractiveness. Personnel expenses increased by a slight 0.6% due to higher salaries. General and administrative expenses were up 1.1% over the previous year.

Reserves for general banking risks reinforced
On the strength of its favourable performance in the first half of the year, Valiant allocated CHF 20.0 million to the reserves for general banking risks. 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 16.8% 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
At the end of the first half of the year, loans to customers stood at CHF 30.1 billion (-0.3%), although mortgage loans were up slightly (+CHF 36.6 million). The development of loans reflects the active management of the loan portfolio in line with the “Valiant 2029” strategy, in which profitability is an important component. Customer deposits increased by 0.4% or CHF 86.7 million to CHF 22.5 billion. Valiant remains committed to stability and to securing long-term funding. Customer deposits remain the core pillar for this purpose, supplemented by central mortgage institution loans and covered bonds.

Attractive investment product for young people 
With the launch of its free “Lilac Set” in the spring, Valiant paved the way for straightforward bank solutions. Now, young investors are also able to benefit from favourable terms. Starting on 1 July 2025, custodian account fees have been waived for all clients up to the age of 28 years for both the “Fondsinvest Sparplan” product and execution-only investment accounts. In this way, Valiant is making it easier for young people to start investing precisely in periods of low interest rates.

Valiant a responsible training institution
Valiant is committed to employee training and further education. All 23 trainees successfully passed their final examinations. Valiant also offers middle-school leavers an opportunity to do an internship. In addition, one young trainee will be commencing his training as a digital business developer.

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 half-year results are available at: valiant.ch/results 
Images can be downloaded here: valiant.ch/downloads