Valiant, a Swiss regional bank based in Bern, has had a good to the year, increasing is profit even as costs rose.
Valiant net income rose 9.3 percent to 26 million Swiss francs in the first three months of the year, the company said in a statement on Thursday (in German).
Net interest income, the most important pillar of the bank’s business, added 4.8 percent to about 75 million francs. The net interest margin was almost flat at 1.09 percent.
Successful Integration of Triba
More than half of the money Valiant earned with the interest-carrying business came on behalf of Triba Partner Bank, a company it bought in the summer of 2017.
The acquisition also led to higher investments. Valiant reported an increase in costs of 4.3 percent, reaching a total of 57 million francs (without Triba, the increase was 1.4 percent). Valiant expects new markets to contribute to higher earnings this year already, despite the rise in costs.
Cautious Outlook
Valiant has slated the integration of Triba for the public holiday weekend of May 19 through 21. The five Triba high-street branches will carry the Valiant logo thereafter. The bank retained all 30 members of staff of Triba.
The regional bank had a 5 percent increase in services and commissions income, reaching 15.1 million francs. Trading income rose 12 percent to 2.8 million.
The bank expects full-year earnings in line with last year’s. Valiant had net of 119.2 million francs in 2017.
