Valiant increased consolidated profit to CHF 33.2 million, a rise of 1.5% year on year. Operating income was also up by 0.9% to CHF 134.7 million. The bank is doing well even in an environment of zero interest rates, growing the operating result by 0.4% to CHF 53.9 million.

“Valiant has got off to a successful start in 2026. The environment may be challenging, but we are on track and will continue to implement our Valiant 2029 strategy rigorously. The encouraging result for the first quarter shows our customers trust us. We are maintaining the Valiant growth course,” says CEO Ewald Burgener. 

Growth in total loans and customer deposits 
Valiant increased loans to customers again in the first quarter. These were up 1.1% to CHF 30.7 billion. Customer deposits were up 0.5% to CHF 22.9 billion. 

Solid interest operations even in an environment of zero interest rates
Interest operations put in a solid performance despite the fact that rates remain at zero. The gross result from interest operations stood at CHF 100.6 million, up 1.6% on the previous year. The net result climbed 0.9% to CHF 97.2 million. 

Higher income in the commission business and services
The result from the commission business and services rose 4.6% to CHF 25.8 million. The biggest share came from income in the securities and investment business at CHF 17.0 million, an increase of 9.7% from the previous year. This change is largely attributable to higher customer assets. Commission income in the other services business declined 4.4%, primarily because of lower revenue due to the free Lilac Set, which customers have been enjoying since March 2025.

Result from trading activities and other result from ordinary activities
The result from trading activities was CHF 10.0 million (-10.7%) and remains at a high level. The other result from ordinary activities rose to CHF 1.7 million (+30.4%). This increase is primarily attributable to higher income from participations.

Trend in operating expenses 
Operating expenses came to CHF 75.7 million. The 1.4% rise largely resulted from measures to increase employer attractiveness. General and administrative expenses declined 2.7% in spite of investments in digitalisation and further developing the offering. 

Reserves for general banking risks reinforced
Given the positive performance in the first three months of the year, CHF 11.0 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 position is in the interests of both clients and investors. For the first time the total capital ratio is above the upper level of the 15–17% range the bank has set internally. Valiant provided details of the planned share buyback programme in February 2026. The bank is doing this with the aim of keeping the total capital ratio within the target range. The relevant media release can be found here.

Top savings account with attractive preferential interest rate
The new Top savings account is proving extremely popular. Any new deposits made with Valiant before 31 May 2026 will enjoy a preferential 1.01% interest rate up to the end of February 2027. Further information is available here.

Multiple awards for investment expertise
Investing money takes on particular importance when interest rates are zero. Valiant once again demonstrated its expertise in investing and accumulating wealth – in three different ratings. For the second time in a row the business magazine BILANZ named Valiant “best bank in the national category” in 2026 in its private banking rating. Two Valiant funds also won distinctions at the LSEG Lipper Fund Award Switzerland. In addition, the three Valiant strategy funds each received the highest Crown Fund Rating, with five crowns each. 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/downloads