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.»