as at 31 march 2026.
financial statements
interim
Assets | 31/03/2026 in CHF thousands | 31/12/2025 in CHF thousands | Change in CHF thousands | Change as % |
Liquid assets | 3,794,115 | 4,198,451 | - 404,336 | -9.6 |
Amounts due from banks | 80,754 | 72,934 | 7,820 | 10.7 |
Amounts due from customers | 1,220,096 | 1,222,004 | - 1,908 | -0.2 |
Mortgage loans | 29,488,196 | 29,142,682 | 345,514 | 1.2 |
Trading portfolio assets | 985 | 1,027 | - 42 | -4.1 |
Positive replacement values of derivate financial instruments | 58,086 | 48,526 | 9,560 | 19.7 |
Financial investments | 3,136,635 | 2,788,197 | 348,438 | 12.5 |
Accrued income and prepaid expenses | 40,802 | 38,185 | 2,617 | 6.9 |
Non-consolidated participations | 263,787 | 262,548 | 1,239 | 0.5 |
Tangible fixed assets | 72,018 | 73,718 | - 1,700 | -2.3 |
Intangible assets | 0 | 0 | 0 | n/a |
Other assets | 23,768 | 25,871 | - 2,103 | -8.1 |
Total assets | 38,179,242 | 37,874,143 | 305,099 | 0.8 |
Total subordinated claims | 0 | 0 | 0 | n/a |
of which subject to mandatory conversion and/or debt waiver | 0 | 0 | 0 | n/a |
Liabilities | ||||
Amounts due to banks | 1,663,159 | 1,485,766 | 177,393 | 11.9 |
Amounts due in respect of customer deposits | 22,738,560 | 22,593,700 | 144,860 | 0.6 |
Negative replacement values of derivative financial instruments | 12,590 | 5,362 | 7,228 | 134.8 |
Cash bonds | 143,933 | 174,105 | - 30,172 | -17.3 |
Bond issues and central mortgage institution loans | 10,386,046 | 10,450,900 | - 64,854 | -0.6 |
Accrued expenses and deferred income | 209,046 | 209,001 | 45 | 0.0 |
Other liabilities | 195,998 | 168,601 | 27,397 | 16.2 |
Provisions | 21,739 | 22,778 | - 1,039 | -4.6 |
Reserves for general banking risks | 201,786 | 190,786 | 11,000 | 5.8 |
Bank's capital | 7,896 | 7,896 | 0 | 0.0 |
Capital reserve | 592,563 | 592,563 | 0 | 0.0 |
Retained earnings reserve | 1,976,744 | 1,822,035 | 154,709 | 8.5 |
Own shares | - 4,059 | - 4,059 | 0 | 0.0 |
Consolidated profit | 33,241 | 154,709 | - 121,468 | n/a |
Total equity capital | 2,808,171 | 2,763,930 | 44,241 | 1.6 |
Total liabilities | 38,179,242 | 37,874,143 | 305,099 | 0.8 |
Total subordinated liabilities | 0 | 0 | 0 | n/a |
of which subject to mandatory conversion and/or debt waiver | 0 | 0 | 0 | n/a |
1 Before distribution of balance sheet profit
Off-balance-sheet transactions | 31/03/2026 in CHF thousands | 31/12/2025 in CHF thousands | Change in CHF thousands | Change as % |
Contingent liabilities | 140,122 | 139,643 | 479 | 0.3 |
Irrevocable commitments | 1,171,101 | 1,100,196 | 70,905 | 6.4 |
Commitments relating to calls on shares and other equities | 66,697 | 66,697 | 0 | 0.0 |
Credit commitments | 0 | 0 | 0 | n/a |
Interest income | 31/03/2026 in CHF thousands | 31/03/2025 in CHF thousands | Change in CHF thousands | Change as % |
Interest and discount income | 126,415 | 143,293 | - 16,878 | -11.8 |
Interest and dividend income from trading portfolios | 0 | 0 | 0 | n/a |
Interest and dividend income from financial investments | 7,482 | 7,199 | 283 | 3.9 |
Interest expense | - 33,261 | - 51,423 | 18,162 | -35.3 |
Gross result from interest operations | 100,636 | 99,069 | 1,567 | 1.6 |
Changes in value adjustments for default risks and losses from interest operations | - 3,399 | - 2,721 | - 678 | 24.9 |
Net result from interest operations | 97,237 | 96,348 | 889 | 0.9 |
Result from commission business and services | ||||
Commission income from securities trading and investment activities | 17,004 | 15,501 | 1,503 | 9.7 |
Commission income from lending activities | 1,157 | 901 | 256 | 28.4 |
Commission income from other services | 11,967 | 12,521 | - 554 | -4.4 |
Commission expense | - 4,371 | - 4,304 | - 67 | 1.6 |
Result from commission business and services | 25,757 | 24,619 | 1,138 | 4.6 |
Result from trading activities and the fair value option | 9,971 | 11,161 | - 1,190 | -10.7 |
Other result from ordinary activities | ||||
Result from the disposal of financial investments | 0 | - 84 | 84 | -100.0 |
Income from participations | 1,239 | 957 | 282 | 29.5 |
of which, participations recognised using the equity method | 1,239 | 957 | 282 | 29.5 |
of which, from other non-consolidated participations | 0 | 0 | 0 | n/a |
Result from real estate | 363 | 382 | - 19 | -5.0 |
Other ordinary income | 128 | 80 | 48 | 60.0 |
Other ordinary expenses | - 3 | - 11 | 8 | -72.7 |
Other result from ordinary activities | 1,727 | 1,324 | 403 | 30.4 |
Operating income | 134,692 | 133,452 | 1,240 | 0.9 |
Operating expenses | ||||
Personnel expenses | - 42,702 | - 40,768 | - 1,934 | 4.7 |
General and administrative expenses | - 32,971 | - 33,877 | 906 | -2.7 |
Operating expenses | - 75,673 | - 74,645 | - 1,028 | 1.4 |
Value adjustements on participations and depreciation and amortisation of tangible fixed assets and intangible assets | - 5,000 | - 5,031 | 31 | -0.6 |
Changes to provisions and other value adjustments, and losses | - 86 | - 70 | - 16 | 22.9 |
Operating result | 53,933 | 53,706 | 227 | 0.4 |
Consolidated profit | ||||
Extraordinary income | 0 | 967 | - 967 | -100.0 |
Extraordinary expenses | 0 | 0 | 0 | n/a |
Changes in reserves for general banking risks | - 11,000 | - 12,000 | 1,000 | -8.3 |
Taxes | - 9,692 | - 9,928 | 236 | -2.4 |
Consolidated profit | 33,241 | 32,745 | 496 | 1.5 |
Bank's capital | Capital reserve | Retained earnings reserve1 | Reserves for general banking risks | Own shares | Consolidated profit | Total | |
in CHF | in CHF | in CHF | in CHF | in CHF | in CHF | in CHF | |
thousands | thousands | thousands | thousands | thousands | thousands | thousands | |
Equity at start of current period | 7,896 | 592,563 | 1,822,035 | 190,786 | - 4,059 | 154,709 | 2,763,930 |
Appropriation of previous year's profit | 154,709 | - 154,709 | 0 | ||||
Acquisition of own shares | 0 | 0 | |||||
Other allocations to (transfers from) the reserves for general banking risks | 11,000 | 11,000 | |||||
Consolidated profit | 33,241 | 33,241 | |||||
Equity at end of current period | 7,896 | 592,563 | 1,976,744 | 201,786 | - 4,059 | 33,241 | 2,808,171 |
1 Before distribution of balance sheet profit. |
Changes to the Group accounting principles as well as any error corrections and their
impact on the interim financial statements
There were no changes to the principles of consolidation or corrections of errors. The five-year transitional arrangement under the FINMA Accounting Ordinance (RelV-FINMA) referred to in the group accounting policies, which allowed value adjustments for inherent default risks calculated on the basis of loss rates to be accumulated in equity and against the retained earnings reserves, expired at the end of 2025. Since 1 January 2026, no such entries have been made.
Information on factors that influenced the economic position of the group during the
current period or compared with the previous period
There were no material factors that influenced the group's financial situation during the
reporting period or compared with the previous period.
Significant events after the reporting date of the interim financial statements
No extraordinary events have occurred since the balance-sheet date that might have a material influence on the assets, financial position or income situation of Valiant during the reporting period.
Extraordinary income and expenses
Extraordinary income | 31/03/2026 in CHF thousands | 31/03/2025 in CHF thousands |
Gains from the sale of properties | 0 | 967 |
Other items | 0 | 0 |
Total extraordinary income | 0 | 967 |
Extraordinary expenses | ||
Other items | 0 | 0 |
Total extraordinary expenses | 0 | 0 |