Valiant started well into 2020 and created more jobs. While the coronacrisis will have an impact on its business, the bank is still confident that it will be able to withstand the storm.
Bern-based Valiant increased operating income by 4.9 percent to 100.5 million Swiss francs ($103 million) in the first three months of 2020, it said in a statement on Thursday (in German). Operating profit was flat at 31.5 million, while net income dropped 7.4 percent to 26.2 million due a non-recurring profit posted a year earlier.
The bank’s business with interest added 4.5 percent, while commissions increased 9.8 percent compared with last year.
28 New Full-Time Jobs
Valiant reported an increase in costs of 3.8 percent and 28 new full-time-equivalent positions, all in line with its growth strategy 2024. The bank now employs 1,049 people in 926 full-time-equivalent positions.
The company is well aware of the fact that the crisis will have an impact on its business this year. With what it deems a high-quality lending portfolio and a solid equity position, the bank expects to be well prepared for what may come.
«We still expect a stable development of business,» said CEO Ewald Burgener. «But we can’t currently make a conclusive assessment of the risks of credit defaults.»
