Valiant increased consolidated profit to CHF 32.7 million, a rise of 3.2% year on year. Operating income was CHF 133.5 million, which equates to a slight decrease of 1.9%. Valiant remains on a good course in a volatile interest rate environment and achieved a solid operating result of CHF 53.7 million (-5.7%).

“We have started the new strategy period successfully. We can increase our consolidated profit, even in the challenging interest rate and market environment. There is also good news for savers with our new Extra savings account, which we are offering as of now with a preferential interest rate of 0.81%,” says Valiant CEO Ewald Burgener.

Solid interest operations even in a low interest environment
The gross result from interest operations came to CHF 99.1 million. The net result from interest operations was 4.5% lower year on year at CHF 96.3 million. The decline in the result from interest operations stems from the multiple policy rate cuts carried out by the Swiss National Bank within a year. The turnaround began in March 2024 with a series of cuts in the policy rate from 1.75% to the current level of 0.25%.

Higher income in the commission business and services
All earnings from the commission business and services were up year on year. This resulted in total income of CHF 24.6 million from commission business and services, an increase of 10.8%. Securities trading and investment activities increased by 15.7% to CHF 15.5 million. This change is mainly because of higher customer assets invested through an influx of new money and the positive financial market performance in the first quarter.

Result from trading activities and other result from ordinary activities
The result from trading activities remained stable at a high level of CHF 11.2 million. At CHF 1.3 million, the other result from ordinary activities was also unchanged.

Trend in operating expenses 
Operating expenses climbed slightly by 1.2% to CHF 74.6 million. This change is the result of digitalisation and investments in employer attractiveness, such as an increase in salaries in 2024. General and administrative expenses were stable relative to the previous year.

Reserves for general banking risks strengthened
Given the positive development in the first three months of the year, CHF 12.0 million were allocated 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 16.7% is well above regulatory requirements. Valiant is convinced that strong capitalisation is in the interests of both clients and investors.

Loans to customers and deposits 
Loans to customers stood at CHF 30.0 billion at the end of the first quarter (-0.3%). This slight reduction comes from the actively managed loan portfolio. It is in line with the “Valiant 2029” strategy, of which profitability is an important component. Valiant remains committed to stability and securing long-term funding. Customer deposits remain the core pillar for this purpose, supplemented by central mortgage institution loans and covered bonds. Customer deposits rose slightly in the first quarter by 0.4% to CHF 22.5 billion.

Successful start to the “Valiant 2029” strategy 
In line with its vision, Valiant wants to make financial life as simple as possible for its clients. With its strategy, the lilac bank is focusing on increasing profitability and aims to continue growing. Valiant is emphasising simplicity to inspire its clients. This includes an easily understood offering and transparent pricing. Initial innovations have already been announced and implemented: the new Lilac Set has been free since early March. Basic services – including account management and the Debit Mastercard® – are thus free of charge.

Extra savings account at a preferential interest rate
Valiant launched the Extra savings account on 6 May 2025. Savers benefit from a preferential interest rate of 0.81% on new money that they transfer to Valiant. You can find further information here.

More BILANZ rating success 
Anyone who prefers to invest their money can trust in the investment expertise of Valiant. In the ranking produced by business magazine BILANZ, Valiant collected further prizes in 2025, again winning three: as best bank in the “national bank” category for the first time, as long-standing quality leader and as one of the best banks in Switzerland, labelled “Excellent”. Click here for further information.

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 quarterly results are available here: valiant.ch/results

Images can be downloaded here: valiant.ch/download