Valiant increased consolidated profit by 3.4% to CHF 75.9 million. The operating result rose 0.4% year on year to CHF 113.9 million. Operating income was also up 1.2% to CHF 277.3 million.

“The growth figures show our customers trust us. We are also making good progress in implementing our strategy. In particular, the 13.2% improvement in commission income from securities trading and investment activities marks an important step towards a more broadly diversified earnings base,” said Valiant CEO Ewald Burgener. 

Growth in loans and customer deposits
Loans to customers were up 1.9% to CHF 30.9 billion in the first half-year. Customer deposits amounted to CHF 23.2 billion, a rise of 2.1%. The Top savings account offering a preferential interest rate of 1.01% was particularly popular, contributing to this growth. 

Interest operations solid despite the zero interest rate environment
Interest operations saw a slight decline as the zero interest rate environment persisted, but continue to perform well. There was a year-on-year decline in both the gross result from interest operations (-1.3%) to CHF 200.3 million and net result from interest operations (-1.2%) to CHF 192.9 million. 

Higher income in the commission business and services
Diversifying earnings is a key part of the “Valiant 2029” strategy. This is helped by the growth in the commission business and services, which reported a very encouraging performance, up 7.7% over the corresponding period in the previous year to CHF 51.5 million. Commission income from securities trading and investment activities was up 13.2%. 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 declined slightly (-2.9%), but was still a substantial CHF 20.2 million. The other result from ordinary activities rose 23.9% to CHF 12.7 million, primarily due to higher income from participations. 

Operating expenses
Operating expenses rose a modest 1.4% to CHF 152.5 million. This reflects investments in digitisation and employer attractiveness. Valiant continues to manage costs strictly under the programme to increase operating efficiency. 

Share buyback programme launched
Given the positive performance in the first half-year, CHF 17.5 million was allocated to the reserves for general banking risks. This strengthens Valiant’s equity capital, and the total capital ratio of 17.0% is well above regulatory requirements. Valiant firmly believes that a strong capital base is in both clients’ and investors’ interests. The share buyback programme previously announced was launched on 1 June 2026. 

Strategy on track
Valiant has been implementing it’s “Valiant 2029” strategy rigorously since the start of 2025. The focus is on simplicity and profitability. Along with the refinement of the offering and the measures to diversify earnings, the programme to increase efficiency is also on track. This aims to cut costs and reduce headcount by 2028 through natural fluctuation. 

New banking packages for companies – from free to unlimited
Valiant wants to make financial life simpler for its customers. The new Business Sets are not only simpler and more attractive; they are also more closely tailored to the needs of SMEs and the self-employed. Valiant now offers the Basic Set free of charge. Amongst other things, this includes an account and a Debit Mastercard®. More extensive services are available in the Plus or Premium Sets – for example an unlimited number of accounts and postings. More information is available on the Valiant website.

Valiant a responsible training institution
Valiant is committed to employee training and further education. All 22 trainees successfully passed their final examinations once again this year. As in previous years, Valiant is offering those who have successfully completed their training the opportunity to continue to contribute their expertise to the bank.

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