Robust performance in securities trading and investment activities keeps the bank on track to meet 2024 goals.
Valiant booked a net profit of 27.5 million Swiss francs ($28.1 million) for the first quarter, up 3.8 percent from the same quarter a year ago. Operating income climbed 6 percent to 107.7 million francs, and operating profit increased 6.3 percent to 34.3 million, the bank said in its quarterly earnings release Thursday.
Performance was driven by what Valiant said was a «robust investment business,» which saw income from securities trading and investment activities up 8.5 percent to 12.9 million francs. Net fee and commission income rose 16.2 percent to 18.6 million francs and other operating income was up 60.7 percent to 2.9 million francs resulting from higher one-off income from holdings.
«I'm particularly pleased with the strong trend in this business. It is thanks to the remarkable work and commitment of our employees. Personal pension products are particularly important for our clients, and we will continue to strengthen and expand this business,» CEO Ewald Burgener said in the statement.
Stable Business Trend
Valiant expects to see a stable business trend in 2022 and forecasts a full-year profit slightly above last year's. Increasing profitability was an additional goal undertaken by the bank and should be completed by the end of 2023. Initial cost savings should be seen as early as this year, with annual savings of 12 to 15 million francs annually starting in 2024, the statement said.
Valiant is also focussing on digitization, having launched a personal space called myValiant on the company's website, enabling customers to carry out a range of tasks quickly and easily. An updated mobile app is planned this year.
