Valiant Holding AG

euro adhoc: Valiant Holding
quarterly or semiannual financial statement / Valiant Holding continues on successful course

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Valiant Holding enjoyed a good first half of 2006, with gross operating income, gross profit and group profit all exceeding levels reached in the first half of 2005. This positive development in operating results was driven by income from interest, fee and commission business as well as by reduced write-downs and value adjustments. At CHF 66.5 million (up 11.11%), half-year group profit has set a new record.

Stable interest margin Exhaustive marketing is the secret behind the renewed increase in loans following a temporary setback last year. Thanks to the rise in volume as well as to its maintenance of a tried and true risk policy, Valiant Holding was able to grow net interest income by 1.3% year on year to CHF 147.7 million. Net fee and commission income was also up, exceeding last year's figure by 9.3% at CHF 36.3 million. Commission income from securities and investment business alone increased by a full 19.3%. Net income from trading operations, which had been deliberately kept at a modest level, was slightly down.

Costs under control At CHF 96.3 million, operating expenses were at the same level as during the comparable periods in 2005 and 2004 (down just 0.06%), while the cost/income ratio improved to 49.8% (versus a year-back figure of 50.7%). Depreciation and write-downs were down 9.7% at CHF 11.3 million, principally on account of last year's revaluations of bank property in the wake of branch closures, which in turn led to additional write-downs. Value adjustments required were down another 53.4% at CHF 3.6 million. The result before extraordinary items and taxes improved by 11.4% to CHF 81.9 million.

Record group profit After taxes of CHF 18.7 million (up 11.6%), the first half of 2006 saw an 11.11% rise in group profit to CHF 66.5 million.

Total assets up Total assets were up slightly over 31 December 2005 (up 0.3%) at CHF 17.2 billion. Loans increased by 1.3% overall to CHF 14.8 billion, with mortgages alone up 0.7% and loans to clients rising by an impressive 6.8%. Client assets declined slightly to CHF 12.2 billion (down 0.2%).

Valiant shares an attractive buy

Since Valiant Holding was founded in 1997 its shares have not shied from their upward trend. The share price grew from CHF 116 on 1 January 2006 to CHF 134.50 in early August (up 15.6%).

Over the past nine years, from early July 1997 until early August 2006, the price has increased by 245%. In other words, the bank's shares are now worth more than 3.4 times as much as they were nine years ago. The average total return per year, comprising capital gains, subscription rights, dividends and par value repayments, has been nearly 16%. By comparison, the market as a whole returned an average of 6% a year over the same period.


Valiant Holding expects the positive results to continue for the whole of financial year 2006 and is looking forward to beating last year's performance.


@@start.t2@@Results conference for media and analysts          Wednesday, 7 March 2007
Annual General Meeting                                         Thursday, 24 May 2007
Results conference for media and analysts          Wednesday, 15 August 2007
Facts & figures
Domiciled in Lucerne, VALIANT HOLDING has 960 employees, more than 80 branch
offices and total assets of CHF 17.2 billion and is thus among the top ten Swiss
retail banks. It does business in the cantons of Aargau, Berne, Fribourg and
Lucerne through Valiant Bank and Valiant Privatbank AG.@@end@@

@@start.t3@@end of announcement                                                 euro adhoc 16.08.2006 05:30:00

ots Originaltext: VALIANT Holding
Im Internet recherchierbar:

Further inquiry note:
Kurt Streit
Tel.: +41 (0)31 310 7211

Branche: Banking
ISIN:      CH0014786500
WKN:        157770
Index:    SPI
Börsen:  SWX Swiss Exchange / regulated dealing

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