Valiant (VATN) Q2 2026 earnings summary

Executive summary

• Consolidated profit rose 3.4% year-over-year to CHF 75.9 million in H1 2026, with operating income up 1.2% to CHF 277.3 million and operating result up 0.4% to CHF 113.9 million, reflecting continued growth and successful strategy execution.

• The "Valiant 2029" strategy advanced, including new free banking packages for companies, enhanced digital offerings, and a focus on diversifying earnings.

Financial highlights

• Loans to customers increased 1.9% to CHF 30.9 billion; customer deposits grew 2.1% to CHF 23.2 billion.

• Gross result from interest operations declined 1.3% to CHF 200.3 million; net result from interest operations fell 1.2% to CHF 192.9 million due to the low/zero interest rate environment.

• Commission business and services income rose 7.7% to CHF 51.5 million, with commission income from securities trading and investment activities up 13.2%.

• Operating expenses rose 1.4% to CHF 152.5 million, reflecting investments in digitisation and employer attractiveness.

• Total assets reached CHF 39.0 billion, up 3.0% from December 2025.

Outlook and guidance

• Consolidated profit is expected to be slightly higher for the full year 2026.

• Ongoing focus on digitalization, sustainability, and efficiency improvements.

• Continued implementation of the "Valiant 2029" strategy, emphasizing simplicity, customer trust, and sustainability.