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Media release / Ad hoc announcement pursuant to Art . 53 LR Bern , 4 November 2021 valiant Valiant largely exceeds growth targets In Q3 2021 , Valiant recorded a 4.2 % increase in client loans , exceeding its annual target of 3 % . Valiant's strategy is paying off , particularly in the securities and investment business : fee and commission income from securities trading and investment activities increased by 12.6 % on the year - earlier period . Consolidated net profit rose 1.1 % year on year to CHF 88.6 million . In Q4 2021 , Valiant will open new branches in Bülach , Wohlen and Frauenfeld . Valiant is on track with the implementation of Strategy 2024 : it is opening branches in new regions and strengthening its business in its core market . And that strategy is paying off . Consolidated net profit for the first nine months of the year came in at CHF 88.6 million , a 1.1 % increase on the year - earlier figure . Operating income was up 4.3 % to CHF 316.9 million , and operating profit rose 0.6 % to CHF 108.7 million . " We work day in and day out to provide simple financial solutions to our clients . Thanks to our expansion strategy , we are increasing our presence in our market area . Our 9M results confirm that we are on the right track , " says Valiant CEO Ewald Burgener . Solid interest income As in previous quarters , interest income remained strong . Interest expense was down thanks primarily to Valiant's active asset and liability management and its covered bond programme . Net interest income before value adjustments rose by 3.9 % to CHF 254.9 million . Valiant's loan portfolio remained robust throughout the COVID - 19 pandemic , and in 9M 2021 , value adjustments for credit risk and loan losses amounted to CHF 8.3 million . As a result , net interest income stood at CHF 246.6 million , up 4.6 % on the 9M 2020 figure . Growth in fee and commission income Fee and commission income increased by 5.5 % to CHF 48.4 million , far exceeding the 3 % target . Commission income from securities trading and investment activities was particularly strong , rising 12.6 % year on year . Other income and operating expenses Other operating income was down CHF 3.1 million ( -24.1 % ) to CHF 9.9 million due to lower income from holdings . Net trading income climbed by CHF 2.8 million ( 30.0 % ) to CHF 12.0 million . Operating expenses increased in line with Valiant's plans , rising 6.2 % to CHF 190.8 million . " We are investing in our digital services and in branches in new market Valiant Bank AG , Corporate Communications , Bundesplatz 4 , P.O. Box , CH - 3001 Bern , +41 31 320 9191 , valiant.ch