2011 AnnuAl RepoRt - Valiant Bank

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4 RepoRt by the ChAiRmAn Report by the Chairman Dear Shareholders, 2011 was marked by the debt issues in the euro zone and the uS. proceeding from Greece, the crisis has since spread, enveloping other, much more significant eu economies. being a strictly Swiss bank we maintain hardly any foreign currency positions in these countries, meaning the risk posed to us in this area is small. yet we feel the fallout of the debt crisis nonetheless. All over the world central banks have rallied in favor of an unprecedented low-interest policy. purposely keeping interest rates low is designed to mitigate the negative impact of the international debt economy. but this also has consequences for Switzerland and therefore also for Valiant: for example, by the end of 2011 our interest margin had dropped further to 1.14 %, as compared to 1.18 % at the end of 2010, this being reflected by interest income. We
eacted to this sea change in the market early on by streamlining our group structure accordingly, i.e. by merging our four subsidiary banks. With the steps taken so far we are able to realize recurring cost savings of ChF 5 million – 8 million a year. Solid showing for the year last year we abided by our long-standing, conservative risk management policy and deliberately curbed growth. Client loans grew by ChF 284.5 million, or 1.4 %, to ChF 21.4 billion. Client funds showed an increase of ChF 629.2 million to ChF 17.5 billion, translating into a plus of 3.7 % as compared to the previous year. total assets rose by 3.4 % to ChF 25.2 billion. the bottom-line result shows a solid group profit of ChF 127.6 million, corresponding to an increase of ChF 5.1 million, or 4.2 %, as compared to the previous year. Strategic advances our central strategic milestone last year was the merger of our four subsidiary banks under the umbrella of Valiant bank, which saw implementation at the operational level in early 2012. this has enabled us to unify our market identity and thus fortify the Valiant brand. Streamlining group structures also enables management to be simplified and costs to be cut as well. At the end of June 2011 we were pleased to announce our marketing and sales alliance with Zürcher Kantonalbank (ZKb) in the areas of investment instruments, foreign exchange trading and equity research. this partnership venture enables us to further expand our range of offerings to our clients. RepoRt by the ChAiRmAn 5
Page 1: 2011 AnnuAl RepoRt Short version
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Page 10 and 11: 10 inteRVieW With the Ceo Valiant
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Page 14 and 15: 14 ConSoliDAteD bAlAnCe Sheet Asset
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Page 18 and 19: 18 GRoup StRuCtuRe 2011 Valiant Ban
Page 20: Valiant holding AG 6003 lucerne Val

2011 AnnuAl RepoRt - Valiant Bank

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