Valiant increases profit in the first half-year
Published: Thursday, Jul 25th 2024, 07:10
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Bank Valiant felt the effects of the changed interest rate environment in the first half of 2024. Although the bank continued to increase its operating income and profit, this was not quite as strong as analysts had expected in advance.
The bank's operating result rose by 11.4 percent to 116.8 million francs in the first six months compared to the same period last year, as Valiant announced on Thursday. However, analysts had expected an average of 119.5 million.
Due to the increased business success, Valiant strengthened the reserves for general banking risks by 24.0 million francs, it added. The bottom line was a 6.0 percent higher net profit of CHF 71.3 million.
Interest rates lowered as of July
The operating income of the bank, which operates throughout Switzerland, increased by 3.9% to CHF 276.5 million. In the important interest business, net income was flat at 196.0 million (+0.3%). The bank attributes this to the changed interest rate environment and the retention of deposit interest rates until the end of June 2024.
After the first interest rate cut by the Swiss National Bank (SNB), Valiant initially left its interest rates on payment, savings and pension accounts untouched. However, after the second interest rate cut in June, the bank followed suit and lowered interest rates as of July 1.
The bank remains confident for 2024 as a whole and continues to expect a higher consolidated profit.
The current year also marks the end of the 2020 to 2024 strategy period. Valiant set itself new targets for 2029 back in June. It wants to increase profitability and continue to grow.
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