The lilac bank again increased customer deposits, customer assets invested and loans. In addition it pursued the overarching goal of profitability by launching a programme to improve operational efficiency. Furthermore, Valiant will buy back its own shares over three years as part of a share buyback programme. Moreover, shareholders benefit once more from a dividend increase, up CHF 0.20 to CHF 6.00 per share.
Markus Gygax intends to stand down as Chair of the Board of Directors at the 2028 Annual General Meeting. Current CEO Ewald Burgener will be proposed as a member in 2027 and Chair of the Board of Directors in 2028.
Valiant posted a 2.9% year-on-year increase in consolidated profit to CHF 154.7 million, the highest level in the bank's history. The operating result came to CHF 225.5 million (-3.4%). In view of the very strong figure reported in the previous year, operating income fell by only 0.4% to CHF 549.5 million. “We made a successful start to the new strategy period and further developed our offer in the first year of our “Valiant 2029” strategy. I am very happy with the 2025 full-year group profit. It shows that our customers continue to trust us, even when the environment is turbulent and challenging. We are staying true to our vision to make financial life simpler for our clients”, says Valiant CEO Ewald Burgener.
Customer loans and deposits
Mortgage loans increased by 1.6%. Valiant actively managed its loan portfolio to grow profitability further. As a result, loans to customers increased by 0.7% to CHF 30.4 billion. Customer deposits were up by 1.6% at CHF 22.8 billion. Customer assets invested rose by 13.0%.
Interest operations solid despite bumpy interest rate environment
Despite the zero interest rate environment the net result from interest operations grew by 0.1% to reach CHF 396.3 million. The high interest margin of 1.09% was instrumental in this, as was active management of the balance sheet structure.
Commission business and services
The result from commission business and services increased by 6.0% to CHF 98.6 million. Commission income from securities trading and investment business climbed by 12.2%. This change is attributable partly to the “Valiant 2029” strategy, in which income diversification plays a key role. The positive performance of the financial markets also contributed. There was a minor reduction of 0.5% in other service business, as customers have benefited from the free Lilac Set since March 2025.
Result from trading activities and other result from ordinary activities
Trading activities posted a result of CHF 41.0 million (-18.6%). This reduction is due to falling interest rates in the eurozone and lower trading volumes. The other result from ordinary activities rose by 10.1% to CHF 13.6 million, due in particular to higher income from participations.
Operating expenses
Operating expenses were steady year on year, with a slight rise of 0.4% to CHF 301.3 million. Personnel expenses were up due to the increased headcount and the 1.0% rise in salaries. General and administrative expenses, including costs for replacement of the core banking software, investments in digitalisation and the further development of the offering, were down 0.2%.
Reserves for general banking risks reinforced
In view of its positive performance, Valiant is increasing the reserves for general banking risks by a total of CHF 35 million. This strengthens Valiant’s equity capital, and the capital ratio of 17.2% is well above regulatory requirements. Valiant firmly believes that a strong capital base is in both clients’ and investors’ interests. For the first time the capital ratio is above the 15–17% range the bank has set internally.
Buy-back of Valiant shares
Valiant has exceeded the self-defined upper limit of the capital range at 17.2%. The Board of Directors has therefore decided to bring in a share buyback programme. Valiant shares worth up to CHF 75 million will be repurchased over three years. The programme will commence after the 2026 Annual General Meeting and last until 2029. The exact starting point and further details will be disclosed at a later date. Valiant wants to keep the capital ratio within the defined target range of 15–17% over the full term of the programme. Buybacks will therefore take place in line with the changes in the capital ratio and consolidated profit over the next few years.
Further increase in the dividend
The Board of Directors will ask the shareholders to approve a further increase in the dividend of CHF 0.20 to CHF 6.00 per share at the Annual General Meeting on 13 May 2026.
Increase in profitability
Valiant has made a successful start to the new “Valiant 2029” strategy. The focus is on the overarching goals of simplicity and profitability. The bank has initiated a programme to boost operational efficiency as part of the “Increase efficiency” strategic initiative. The aim is to strengthen the company’s long-term stability and competitiveness. Cost savings of at least CHF 15 million are planned from the programme, which covers personnel and general and administrative expenses. This will also entail the elimination of 80 full-time equivalent positions. Implementation will take place in stages over the next two years and incorporate natural fluctuation as far as possible. “We need to improve our efficiency to remain successful in future. We are acting from a position of strength today and creating the scope for future growth. By doing so, we are securing Valiant’s long-term future”, says Ewald Burgener.
Top savings account with attractive preferential interest rate
Savers benefit again from a preferential interest rate in 2026. New money deposited with Valiant before 31 May 2026 will enjoy 1.01% interest up to the end of February 2027. The Top savings account can be opened from 10 February 2026.
Ewald Burgener to succeed Markus Gygax in 2028
Markus Gygax, Chair of the Board of Directors, does not intend to stand again for re-election at the 2028 Annual General Meeting. Ewald Burgener, CEO of Valiant, is to succeed him at that time. Ewald Burgener will stand down from his role as CEO at the 2027 Annual General Meeting to avoid potential conflicts of interest between the positions of CEO and Chair, and will initially be proposed for election as an ordinary member of the Board of Directors for a cooling-off period of one year. This solution has been approved by the Swiss Financial Market Supervisory Authority FINMA and meets the requirements of good governance as well as being in the interests of the bank. Succession planning for the position of CEO from May 2027 will start immediately and a decision will be made by the Board of Directors during the course of 2026.
Outlook
Valiant expects consolidated profit to be slightly higher in the current year.
Key balance sheet figures
| 31/12/2025 in CHF millions | 31/12/2024 in CHF millions | Change as % |
|
|---|---|---|---|
| Total assets | 37,874 | 37,124 | 2.0 |
| Loans to customers - of which mortgage loans |
30,365 29,143 |
30,149 28,678 |
0.7 1.6 |
| Customer deposits | 22,768 | 22,402 | 1.6 |
Key income statement figures
| 31/12/2025 in CHF thousands | 31/12/2024 in CHF thousands | Change as % |
|
|---|---|---|---|
| Gross result from interest operations | 408,371 |
408,870 |
-0.1 |
| Result from commission business and services | 98,558 | 92,951 | 6.0 |
| Result from trading activities | 41,049 | 50,452 | -18.6 |
| Other result from ordinary activities | 13,582 | 12,333 | 10.1 |
| Operating income | 549,494 | 551,676 | -0.4 |
| Operating expenses | 301,344 | 300,003 | 0.4 |
| Operating result | 225,492 | 233,374 | -3.4 |
| Consolidated profit | 154,709 | 150,383 | 2.9 |
Additional key figures