Valiant had a first-half profit of 60.1 million Swiss francs, down 2.2 percent from a year ago, according to a statement released on Thursday (in German). The decrease in net income was explicable in as much as the bank sold fewer properties in the reporting period.

Revenues however rose 2.7 percent to 210.9 million francs, while operating profit amounted to 73.9 million francs, up only slightly from last year. Valiant received less dividend payments from its stakes, which impacted on its income.

Interest Income Keeps Growing

The business with interest at the Bernese bank added 4.6 percent to 162.4 million francs. After value adjustments for loans risks of 7.8 million francs, the net was still up 1.7 percent at 154.5 million.

Valiant has continued on its strategy to grow the business step-by-step. It added twelve relationship managers in the first half, helping achieve profitable growth, the bank said. The volume of loans increased by 2.8 percent to 25.5 billion francs, while assets under management added 4.8 percent to 20.1 billion.

New Branches Due

The bank has made it a focus to open new branches to widen its reach beyond the traditional stronghold of Bern. The strategy was slightly held back by the pandemic. Now though, the bank will up the speed of expansion again, it said in the statement.

On November 16, 2020, Valiant will open a branch in Rapperswil on the shores of Lake Zurich. New branches will be added in Oerlikon and Liestal in the summer of 2021, it said. Valiant is determined to increase to the network step-by-step.