Valiant generated group profit of 114.2 million Swiss francs in the first nine months of 2026. That represents an increase of 5.4 percent compared with the same period last year, the bank said on Thursday. For the full year, Valiant expects a slightly higher profit.

Operating income developed positively, rising by 1.0 percent to 415.2 million Swiss francs. Operating profit increased slightly by 0.2 percent to 171.2 million Swiss francs.

"Valiant can continue on its growth path," said CEO Ewald Burgener. Especially in a challenging environment, the consistent implementation of the "Valiant 2029" strategy was central, he said. The goal is to simplify customers' financial lives, expand earnings diversification, and consistently continue cost management.

Growth in lending and deposit business

In the first nine months, Valiant increased customer lending by 2.5 percent, or 754.6 million Swiss francs, to a total of 31.1 billion Swiss francs. Customer deposits rose by 2.4 percent to 23.3 billion Swiss francs.

Despite the zero-interest-rate environment, the interest business remained at a high level. Gross profit fell by 1.7 percent year on year to 300.4 million Swiss francs, while net interest income declined by 1.3 percent to 292.7 million Swiss francs. The interest margin stood at 104 basis points. Valiant cites the zero-interest-rate environment and the loss of income from hedging transactions as reasons for the slight decline.

The commission and services business developed much more strongly. Related profit rose by just over 10 percent to 79.3 million Swiss francs. Securities and investment business was particularly dynamic, with commission income increasing by 16 percent. Higher custody assets due to new money inflows and the positive development in financial markets contributed to this.

By contrast, trading income fell by 5.6 percent to 29.2 million Swiss francs. Other ordinary income increased by around 21 percent to 13.8 million Swiss francs, mainly due to higher income from participations.

Investments increase operating expenses

Operating expenses rose by 1.8 percent to 228.7 million Swiss francs. This was due in particular to investments in digitalization and in "attractiveness as an employer." At the same time, Valiant remains committed to strict cost management as part of its efficiency program.
25 million Swiss francs were allocated to reserves for general banking risks. As of the end of September, the total capital ratio stood at 17.0 percent. This puts it at the upper end of the internally defined target range of 15 to 17 percent and well above regulatory requirements.

In order to bring the capital ratio back into the defined range in the future, Valiant is among other things relying on the share buyback program announced in February. By September 30, the bank had bought back 57,080 of its own shares for a total value of nine million Swiss francs, according to the report.

New offerings for SMEs and young people

The bank wants to expand its offering. Since summer 2026, the bank has been offering new business account packages for SMEs and self-employed people. Valiant is also introducing new incentives for young customers. Special custody account offerings have been created for customers up to the age of 28. In addition, fees for banking and card services are waived for certain products.

Slightly higher full-year profit expected

Management is confident for the full year 2026. Valiant expects group profit to be slightly higher than in the previous year. The result after the first nine months leaves CEO Ewald Burgener confident, he said, that the company will meet its annual targets.