Valiant, a Bern-based regional bank, so far this year has earned 5.6 percent more than in the same period of last year. Interest income remained the main driver behind the profit growth.
Valiant had a «pleasing» result to report today: net income at the bank rose to 81.4 million francs in the first nine months, up from 77.1 million a year earlier, according to a statement released by the bank.
The main source of additional profit was interest income, up 1.2 percent to 215.7 million. The credit volume, including mortgages, added 0.7 percent to 22.2 billion francs.
Not All Is Well
Interest income remains under pressure, due to the negative interest rates imposed by the central bank. The interest margin was steady at 1.07 percent from the second quarter.
Commissions and services yielded 43.6 million francs in the first nine months, down 6.7 percent in the year – a clear sign of how reluctant investors have become. Trading income was also down, minus 2.4 percent to 8.5 million francs.
Higher Costs
The increase in profit at Valiant came even as costs went up 1.2 percent to 164.4 million. Valiant added 10 full-time-equivalents (FTEs) to its payroll and today has 843 FTEs.
Valiant maintained its forecast of a slightly higher full-year net.
