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Swiss Bank Valiant Reports Strong Growth in Q1 2024

Swiss Bank Valiant Reports Strong Growth in Q1 2024

Fri, May 3rd 2024

Swiss Bank Valiant starts 2024 with robust growth, boasting a 28% rise in operating profit.

KEYSTONE/Peter Klaunzer

Swiss Bank Valiant has reported a substantial growth in its financial performance for the first quarter of 2024, underpinned by robust interest business across Switzerland. The bank announced a 28% increase in operating profit, reaching CHF 57.0 million, compared to the same period last year.

The bank’s net profit also saw a rise, increasing by 6.9% to CHF 31.7 million after bolstering reserves for general banking risks. This financial uplift was part of Valiant’s continued trajectory towards growth, with total operating income climbing by 11.8% to CHF 136.0 million.

A significant factor in this financial success was the improved interest margin in its key interest business, which rose by 9.5% to CHF 105.4 million.

The bank experienced a 17.6% increase in income from commission and service business, reaching CHF 22.2 million. This was aided by one-off booking effects and adjustments in various commissions. The securities and investment sector of the bank also performed well, supported by positive market trends and an increase in custody account volumes.

While operating expenses rose by 2.7% to CHF 73.7 million, this was a slower rate than income growth, reflecting effective cost control measures. On the lending side, customer loans increased by 0.8% to CHF 29.9 billion, with mortgage loans growing by 0.7%. Customer deposits also saw a modest increase of 0.2%, totaling CHF 22.3 billion.

©Keystone/SDA

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