Valiant reported a group profit of 105 million francs for the first nine months of 2024, an increase of 5,3 percent compared to the same period last year. Operating income grew by 2,6 percent to  417,4 million francs, while operating profit increased by 5 percent to 177,7 million francs.

Gross income from interest operations declined by 3,4 percent to 307,4 million francs. Interest expenses rose significantly, by 47,7 percent to 217,3 million francs. According to Thursday’s statement, this was due to the changing interest rate environment and the fact that Valiant «implemented interest rate cuts less fully than the Swiss National Bank for the benefit of its customers.»

Booming Commission and Service Business

Customer loans increased by 1,7 percent to 30,2 billion francs. Customer deposits grew by 0,9 percent to 22,4 billion francs.

The commission and service business performed better than the interest business, with income reaching 68 million francs, a 10,4 percent increase from the previous year. The positive development of custodial assets contributed to a 9,7 percent increase in revenue from securities and investment commissions.

More Jobs, but Lower Personnel Expenses

In trading operations, income from foreign exchange forward transactions boosted results. Income from trading reached 40,2 million francs (+32,1 percent).

Operating expenses rose by 1,4 percent to 223,8 million francs. Although the bank created a total of 20 new full-time positions in 2024 and the total salary bill increased, personnel expenses fell by 2,4 percent to 122,1 million francs. Valiant explained this decrease with a «one-time effect from the previous year related to a contribution to the employee pension fund.»

Further Reserve Increases

In the third quarter of 2024, Valiant increased its reserves for general banking risks by 16 million francs. These reserves now stand at nearly 150 million francs, 36,4 percent higher than at the beginning of the year. «Valiant is convinced that solid capitalization is in the best interests of both customers and investors,» the statement said.

Valiant remains confident of achieving higher group profit for the current year.