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About Valiant: Presentation for investors January 2019 Our key - - PowerPoint PPT Presentation

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About Valiant: Presentation for investors January 2019 Our key messages Simple business model with a clear focus on mortgages 100% focus on Very high loan quality, with 97% of loans covered retail banking 21 years with stable or

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About Valiant: Presentation for investors

January 2019

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Valiant investor presentation January 2019 2

Our key messages

  • Simple business model with a clear focus on mortgages
  • Very high loan quality, with 97% of loans covered
  • 21 years with stable or increasing dividends
  • Growth while keeping margins stable
  • Interest rate risk: already low exposure further reduced
  • Costs under control despite expansion
  • Market expansion: new innovative branches opened
  • Full integration of Triba Bank AG on track
  • Funding diversified through Triple-A covered bonds

100% focus on retail banking Sustainable and stable earnings Strategy implem- entation on track

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3

Overview

Part 1: About Valiant Part 2: Key financials Part 3: Strategy and targets Appendix

Valiant investor presentation January 2019

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4

Valiant: 100% focused on retail and SME banking

91 branches

For us, having close ties with our clients means being where our clients are.

  • Independent retail and SME bank operating

exclusively in Switzerland

  • Close to clients through 91 branches, with

strong local roots in 11 cantons (~50% of Swiss population). Digital presence across Switzerland

  • Acquisition of Triba Partnerbank AG in 2017
  • ~1,000 employees, thereof 58% client advisors
  • Total capital ratio: 16.0%
  • Moody’s A1/P-1, stable outlook
  • 100% free float. Market cap ~ CHF 1.7bn

Valiant investor presentation January 2019

“We’re simply a bank”

11 cantons

Proximity to about 50% of the population of Switzerland

As per 30.9.2018

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5

Simple business model. Clear focus on mortgages.

Valiant investor presentation January 2019

“Take in the money, look after the money, lend money.”

At 31/12/2017 * Private clients without financing or assets with Valiant

76% of revenues from interest income

Total operating income: CHF 388m Interest income 76% Other income 5% Trading income 3% Fee income 16% 47% 32% 19%

51% of revenues from SME and self-employed

Affluent private clients 47% Retail clients* 2% Medium-sized companies 19% Self-employed individuals and small companies 32% Total income: CHF 438m Payment Savings Pensions Funding Investment

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Easy-to-understand balance sheet

6 Valiant investor presentation January 2019

Equity capital

Other liabilities (0.2)

Covered Bonds and Swiss Pfandbriefe Client deposits

Total assets: CHF27.8bn as per 30/9/2018

1.3 23.8 2.7 Other assets Cash and due from banks Loans Assets

Due to banks

2.2 6.2 Liab.& Equity

  • ~85% of assets in loans
  • Valuation differences and provisions

account for <0.2% of total assets

  • No goodwill despite a long history of

take-overs

  • Asset encumbrance ratio: 23.6%
  • Leverage ratio: 7.2%

18.4 0.8

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7

Quality of loans remains very high

Valiant investor presentation January 2019

93% of total loans in mortgages

  • Average residual term of fixed mortgages: 3.8 years (from 3.9 years for H1-18)
  • 97% of loans are covered

(31/12/2017: 97%) 94 6 Due from clients 43 18 15 9 6 4 5 82 9 4 5 Residential Commercial/ industry Other Office/business

Client loans: CHF 23.8bn Mortgages: CHF 22.3bn

Mortgages: 82% residential, with 76% in Bern, Lucerne and Aargau Bern Lucerne Aargau Jura+Western Switzerland Other CH Basel Fribourg

9M 2018 results

Achieving growth while maintaining high quality

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8

Low risk profile

  • Long-term relationships and very

high customer loyalty

  • Very transparent, stable earnings
  • Easy to understand balance sheet
  • Asset quality very high
  • No goodwill despite a long history
  • f takeovers

Moody’s deposit ratings A1/P-1, outlook stable

  • Retail banking as main

income source

  • Restrictive lending policy
  • Diversified client portfolio
  • No exposure to potential

real estate hot spots

  • Prudent management
  • f interest rate risk
  • No proprietary trading

Low

  • perational

risk Low credit risk Low market risk

Valiant investor presentation January 2019

Low-risk retail banking business

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Valiant investor presentation January 2019 9

Credit risk stable on a very low level

Value adjustments and provisions on a low level Non-performing loans < 0.2% of loans NPL / total loans Value adjustments and provisions for credit risk / total loans Low loan-to-value Loan-to-value (net) High share of 1st tier mortgages Share of 1st tier mortgages

0.22% 0.22% 0.14% 0.16% 0.14% 2014 2015 2016 2017 9M 2018 0.34% 0.34% 0.24% 0.23% 0.24% 2014 2015 2016 2017 9M 2018 63% 63% 63% 63% 63% 2014 2015 2016 2017 9M 2018 94% 93% 94% 94% 94% 2014 2015 2016 2017 9M 2018

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21 years with stable or increasing dividends

* For the financial year 2006, an extraordinary jubilee dividend of CHF 1.40 was distributed

CHF, rebased Stable payout ratios since 2007, increasing since 2013 as %

1.7 1.7 1.8 1.9 1.9 1.9 2.0 2.2 2.5 2.8 4.2* 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Payout ratio target of 40-70%

  • f net profit

Stable, increasing distributions to shareholders since Valiant was founded in 1997

Valiant investor presentation January 2019 3.1 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.6 3.8 4.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 34 34 36 41 40 40 55 54 50 51 53 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 50 30 70 40 **

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11

Overview

Part 1: About Valiant Part 2: Key financials Part 3: Strategy and targets Appendix

Valiant investor presentation January 2019

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59.8 55.8 58.3 50 55 60 65 70 75 80

2013 2014 2015 2016 2017

65.0 Cost/Income-Ratio as % 72.6 69.8 64.4 64.1 58.4 58.3

  • incl. depreciation
  • excl. depreciation

12

Improved and sustainable earnings power

Profitability stable Stable margins despite declining interest rates Strengthened capital base, incl. acquisition of Triba in Q3 2017 Costs under control, including strategy implementation Total net interest margin, bps Net profit in CHF m, ROE as % Total capital ratio as % 101 104 113 113 110

2013 2014 2015 2016 2017

91.4 94.5 114.4 117.5 119.2 5.1 5.1 5.6 5.6 5.5

2013 2014 2015 2016 2017

15.0 15.8 16.8 17.3 17.2

2013 2014 2015 2016 2017

Valiant investor presentation January 2019

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Valiant investor presentation January 2019 13

Costs under control despite investments in strategy

59.8 55.8 58.3 50 55 60 65 70 75 80 2013 2014 2015 2016 2017 65.0 Cost/Income-Ratio as % 72.6 69.8 64.4 64.1 58.4 58.3

  • incl. depreciation
  • excl. depreciation
  • Strict cost control in the past.

Improving cost income ratios despite strategy implementation

  • Cost savings of CHF 10m p.a. from IT

service renewal (Basis FY 2016)

  • Cost savings of CHF 4m p.a. from

reductions of counters

  • Synergies CHF 1m p.a. from Triba

effective from H2 2018

Cost reductions to partly offset investments in expansion and digitalisation

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Highlights 9M 2018

Valiant investor presentation January 2019 * Excluding value adjustments in interest income and special dividend Aduno

+3.9% +8.5% +1.6% +1.3% +1.7% +3.1% +2.2% Consolidated results Operating performance improved again Increased interest margin vs H1-18 Prudent loan growth 110bp Net interest income* Operating profit (pre tax) Group profit Loans

  • of which mortgages

Operating expenses Fee and commission income Net interest margin +2.8% Operating profit* (pre tax)

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Increased 9M net interest margin vs 6M at 110bps

15 9M 2018 results

Repayment of Tier2 bond in April 2018 reduces interest cost by CHF 6 m p.a.

Average interest rate on assets Net interest margin Average interest cost in % of assets

  • 1.00
  • 0.75
  • 0.50
  • 0.25

0.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 2013 2014 2015 2016 2017 2018 10-year CHF swap 3-month CHF Libor 5-year CHF swap %

2017 2013 2014 2015 2016 1.74% 1.04% 0.70% 1.64% 1.13% 0.51% 1.52% 1.13% 0.39% 1.84% 0.83% 1.01% 1.42% 1.10% 0.32% 1.36% 1.10% 0.26%

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Interest costs lowered again

16

Funds for which Valiant charges negative interest rates account for about 10% of total liabilities

87 79 74 72 66 31 26 14 11 9 91 72 41 19 11 2013 2014 2015 2016 2017 102 129 177 210 83bp 70bp 51bp 39bp 32bp

2.01% 1.91% 1.77% 1.58%

86

1.29%

CHF m Client deposits

  • incl. funds with

negative interest rates Swiss Pfandbriefe and Valiant covered bonds Other bonds Interest expense in bp

  • Interest rate p.a.

9M 2018: 26bp

Valiant investor presentation January 2019

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17

Interest-rate risk remains on a low level

  • Slight reduction of the duration

gap from 31 (H1-18) to 28 bps

  • Slight reduction vs H1-18 (-3.52)
  • Swaps relatively stable on a low

level (<10% of total assets)

* Present value sensitivity of economic equity as % (+100bps)

Duration of assets Duration of liabilities

2.73 3.07 3.12 3.08 3.12 2.40 2.70 2.82 2.81 2.84

2014 2015 2016 2017 9M 2018

  • 4.73
  • 4.17
  • 3.48
  • 3.01
  • 3.41

2014 2015 2016 2017 9M 2018

1.34 1.68 1.94 2.40 2.34

2014 2015 2016 2017 9M 2018

Swap volume in CHF bn Present value sensitivity*

Valiant investor presentation January 2019

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Operating income +6.3%

* Before value adjustments for credit risk, and loan losses

30/9/2018 in CHF m 30/9/2017 in CHF m Change Net interest income* 228.1 219.6 3.9%

  • value adjustments
  • 2.3

0.7 Net interest income (after value adjustments) 225.8 220.3 2.5% Net fee and commission income 45.6 44.6 2.2% Net trading income 8.5 8.6

  • 1.3%

Other income 22.3 13.5 Operating income* 304.4 286.3 6.3%

  • Value adjustments YTD CHF 2.1m higher than in H1-18
  • positive development for net fee and commission income
  • Other income: one-off CHF 9m higher dividend from Aduno AG

Valiant investor presentation January 2019

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Loan growth of +1.3%

Valiant investor presentation January 2019 * Total funding (Client deposits and bonds) in % of client loans

30/9/2018 in Mio. CHF 31/12/2017 in Mio. CHF Change Total assets 27 828 27 564 1.0% Client loans* 23 834 23 521 1.3%

  • Mortgages

22 293 21 912 1.7%

  • Due from customers

1 541 1 609

  • 4.2%

Client deposits 18 376 18 723

  • 1.9%

Coverage ration on client deposits 77.1% 79.6% Total funding ratio* 103.0% 103.6%

  • Due to increasing risks in the real estate market, particularly for investment properties, Valiant will continue its

prudent lending policy. Valiant does not seek aggressive volume growth but prioritises margins and continued low risk levels. For 2018, we are targeting loan growth at the lower end of the 2–3% range.

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Valiant investor presentation January 2019 20

Total capital ratio on target level

Total capital ratio in %

Upper limit 17%* Lower limit 15%

* In August 2017 Valiant introduced an upper limit for the total capital ratio of 17% ** Without profit contribution for the current year

Eligible capital (CHF m) 2 074 2 126 2 203 2 273 2 131

  • thereof Tier2

150 150 150 150

  • Tier2 bond called in April 2018

8 9 10 11 12 13 14 15 16 17 18 2014 2015 2016 2017 9M 2018 15.8% 16.8% 17.3% 17.2% 16.0%** Tier2 capital CET1

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21

Overview

Part 1: About Valiant Part 2: Key financials Part 3: Strategy and targets Appendix

Valiant investor presentation January 2019

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Ambitious strategy and financial targets up to 2020

We will maintain our cautious risk profile

Valiant investor presentation January 2019 22

Profitable growth Increased efficiency Capital management

  • Strengthen

existing regions

  • Digital expansion

across Switzerland

  • 10 new branches

between Lake Geneva and Lake Constance Geographic expansion and digitisation (baseline 2016)

  • 80 additi-
  • nal client

advisors

  • Loan growth p.a.:

2–3% in existing markets 2–3% in new regions

  • Inorganic growth
  • Additional growth will

be achieved with existing middle- and back-office resources

  • Total capital ratio: 15–17%
  • ROE: 6–8%
  • Payout ratio: 40–70%
  • Dividend: at least CHF 4.00
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Market expansion progress

Expansion by 2020:

  • Openings in Vevey and

Nyon by January 2019

  • As of 2019, new branches

in eastern and northern Switzerland 91 existing branches

  • St. Gallen

Wil Rheinfelden Nyon Vevey Frauenfeld

Expansion in 2017:  2 new branches in Brugg AG and Morges VD  5 new branches

  • f Triba Bank

in Lucerne Canton

Valiant investor presentation January 2019

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SLIDE 24

Valiant investor presentation January 2019 24

Revamping client areas and streamlining services

Revamping client areas

  • Client advisory service still present and strengthened
  • Counters will be re-designed in 60 branches
  • 18 larger branches with traditional counters to remain after

2022

  • 65 FTEs impacted; no layoffs foreseen
  • Investment: approx. CHF 14m up to 2021
  • Cost savings: approx. CHF 4m p.a. as of 2022

Further streamlining thanks to digitisation:

  • Online scheduling of meetings
  • Co-operations for KMU
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Triple A-rated covered bonds diversify our funding

25 Valiant investor presentation January 2019

Key elements of Covered Bonds-Programme

  • Diversification of funding, in addition to

Swiss Pfandbriefe

  • Reducing interest-rate and funding risk
  • Moody’s Rating Aaa, listed in SIX Swiss

Bond Index

  • Long-term programme, with annual issues
  • f approx. CHF 500m planned
  • Two successful issues of total CHF 750m

in November 2017 and March 2018

Lowered spreads since initial issue

Spread in bps vs. mid swap, November 2017 – April 2018 Nov 2017 issue (CHF 250m, 10 years, YTM 0.33%) March 2018 issue (CHF 500m, 6 years, YTM 0.04%)

  • 10
  • 8
  • 6
  • 4
  • 2

2 4 6 8

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Outlook for 2018

  • Profitable growth of 2-3%, thereof 1% from expansion
  • Interest margin: fight for every basis point - as in 2017
  • Confirm turnaround in commission and fee business
  • Further increase in operating profit
  • 2018 profit expected to be in line with 2017

Valiant investor presentation January 2019

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27

Overview

Part 1: About Valiant Part 2: Key financials Part 3: Strategy and targets Appendix

Valiant investor presentation January 2019

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Valiant with strong local roots

Roots go back to 1824, when Ersparniskasse Murten was created Valiant Holding founded Merger of

  • Spar- und Leihkasse Bern
  • Gewerbekasse Bern
  • BB Bank Belp

Mergers with Obersimmentalische Volksbank

  • Bank Jura Laufen
  • Spar + Leihkasse

Steffisburg

  • Caisse d’épargne

de Siviriez Mergers with

  • Luzerner Regiobank
  • IRB Interregio Bank

Merger of all subsidiary banks under the Valiant Bank umbrella

Valiant investor presentation January 2019

1824 2012 2017 2009 2002 1997 Acquisition of Triba Partner Bank AG

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Client loans: CHF 23.5bn

29

Segment view

47% 32% 19% 49% 15% 28% 8%

At 31/12/2017

Clients: ~ 390,000 Client assets: CHF 27.7bn

Medium-sized companies Retail clients*

Total income: CHF 438m

Self-employed individuals and small companies Affluent private clients Retail clients* Retail clients* Medium-sized companies Self-employed individuals and small companies Medium-sized companies Medium-sized companies Affluent private clients Self-employed individuals and small companies Self-employed individuals and small companies Affluent private clients Affluent private clients Retail clients*

Valiant investor presentation January 2019 * Private clients without financing or assets with Valiant

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Valiant investor presentation January 2019 30

Maturity structure of assets and liabilities

21% 48% 17% 14% Maturity structure of assets <1 year 1-5 years > 5 years Maturity structure of liabilities CHF 27.2bn At sight/ callable CHF 25.1bn

As per 31/12/2017

<1 year 1-5 years > 5 years At sight/ callable 12% 8% 9% 71%

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Valiant investor presentation January 2019 31

Consolidated P&L 9M 2018

Consolidated profit and loss statement Valiant Holding AG

CHF thousands

9M 2018 9M 2017 Change Interest and discount income 264'463 265'858

  • 0.52%

Interest expense Interest and dividend income from financial investments

  • 53'864

17'467

  • 65'933

19‘652

  • 18.30%
  • 11.12%

Net interest income (before value adjustments) 228'066 219'577 3.87% Value adjustments for credit risk, and loan losses

  • 2'309

720

  • 420.69%

Net interest income (after value adjustments) 225'757 220'297 2.48% Net fee and commission income 45'550 44'576 2.19% Net trading income 8'505 8'616

  • 1.29%

Net other ordinary income 22'264 13'534 64.50% Total operating income (before value adjustments) 304'385 286'303 6.32% Personnel expenses

  • 94'116
  • 90'285

4.24% General and administrative expenses

  • 78'124
  • 76'841

1.67% Total operating expenses

  • 172'240
  • 167'126

3.06% Depreciation, and impairments of holdings

  • 16'542
  • 15'510

6.65% Other provisions and losses

  • 239
  • 152

57.24% Operating result 113'055 104'235 8.46% Extraordinary income 2'577 5'819

  • 55.71%

Extraordinary expenses Changes in reserves for general banking risks

  • 9'000
  • 3'500

157.14% Taxes

  • 21'443
  • 22'745
  • 5.72%

Consolidated net profit (incl. minority interests) 85'189 83'809 1.65% Minority interests 28 nm Net profit (excl. minority interests) 85'189 83'781 1.68%

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Valiant investor presentation January 2019 32

Consolidated balance sheet 9M 2018

  • Consolidated balance sheet Valiant Holding AG

CHF thousands

30/09/2018 31/12/2017 Change Assets Cash & due from banks

2‘737’140 2'682'861 2.02%

Due from customers

1'540'583 1'608'815

  • 4.24%

Mortgage loans

22'293'096 21'911'710 1.74%

Financial investments & non-consolidated holdings

1'065'345 1'144'576

  • 6.92%

Total other assets

191'645 215'625

  • 11.12%

Total assets

27'827'809 27'563'587 0.96%

Liabilities and equity Due to banks

786'993 755'443 4.18%

Customer deposits

18‘375‘889 18'722‘952

  • 1.85%

Bond issues and Swiss Pfandbriefe

6'182'072 5'641'162 9.59%

Other liabilities

220’863 205‘679 7.38%

Provisions

30'450 35'769

  • 14.87%

Equity (including minorities)

2'231'542 2'202'582 1.31%

Total liabilities and equity

27'827'809 27'563'587 0.96%

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Key figures 2013 – 9M 2018

Key figures Q3 2018 2017 2016 2015 2014 2013 Total assets in CHF bn 27.8 27.6 26.1 25.4 25.3 25.5 Client loans in CHF bn 23.8 23.5 22.3 22.1 21.8 21.8 Client deposits in CHF bn 18.4 18.7 18.2 18.1 17.9 17.4 Deposit/loan coverage ratio (%) 77.1 79.6 82.1 81.9 82.2 80.0 Shareholders’ equity in CHF bn 2.23 2.20 2.13 2.05 1.99 1.94 Net profit in CHF m 85.2 119.2 117.5 114.4 94.5 91.4 Risk-weighted assets in CHF bn 13.3 13.2 12.7 12.7 13.1 13.5 Total capital ratio as % 16.0 17.2 17.3 16.8 15.8 15.0 Cost/income ratio as % 56.6 58.3 58.4 55.8 59.8 58.3 FTEs 877 873 842 821 883 885

33 Valiant investor presentation January 2019

See www.valiant.ch/results

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The Valiant share

Valiant investor presentation January 2019

46% owned by small private shareholders

Private shareholders 46% Non-registered shares 19%

  • Inst. investors ex

Switzerland 11%

  • Inst. investors

Switzerland 24%

  • ISIN CH0014786500, Ticker: VATN.SW
  • Total 15’792’461 shares, par value à CHF 0.50
  • No treasury shares as per 31.12.2016 and

31.12.2017 Valiant share facts Dividend policy 100% free float

Largest shareholdings in August 2018: UBS (>5%), Highclere International Investors (>3%) 32’000 shareholders

  • Stable or rising dividends since foundation in 1997
  • Target payout ratio: 40-70% of net profit
  • Dividend for 2017: CHF 4.00
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Key per-share data since 2007

VATN share 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Book value/share in CHF 139.47 134.73 129.90 125.76 122.82 120.16 116.39 102.69 99.62 101.03 98.71 Earnings/share in CHF 7.55 7.44 7.24 5.98 5.79 8.04 8.08 7.76 8.87 9.02 8.97 P/E ratio 13.96 13.63 16.29 13.79 13.79 10.7 14.7 16.9 22.8 22.0 19.7 Dividend payout ratio % 53.0 51.1 49.7 53.5 55.3 39.6 39.6 41.2 36.1 34.4 34.0 Dividend yield as % 3.8 3.7 3.1 3.9 4.0 3.7 2.7 2.4 1.6 1.6 1.8 Dividend in CHF 4.00 3.80 3.60 3.20 3.20 3.20 3.20 3.20 3.20 3.10 3.10 Share price at 31 December in CHF 105.40 101.40 118.00 82.55 79.85 86.90 118.90 131.00 202.00 198.70 176.80 Market capitalisation at 31 December in CHF m 1,665 1,601 1,862 1,302 1,259 1,370 1,875 1,974 3,098 3,124 2,869

Valiant investor presentation January 2019

Figures as per 30/9/2018:

  • Book value/share:

CHF 141.30

  • Share price:

CHF 111.20

  • Market cap:

CHF 1,756m

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SLIDE 36

Contact

Joachim Matha, Head of Investor Relations joachim.matha@valiant.ch Phone +41 (31) 310 77 44

Information for investors

In German: www.valiant.ch/investoren In English: www.valiant.ch/investors

Financial calendar

13 February 2019 FY 2018 results 2 May 2019 Q1 2019 results 16 May 2019 AGM 2019 in Lucerne

Financial calendar and contact information

This document is provided solely for your information. It does not constitute an offer to sell or an invitation or recommendation to purchase or sell specific products, engage in financial transactions or conclude any legal

  • transactions. Before you make any decision based on this information, we urgently recommend that you consult your financial or client adviser. Prospective investors should not engage in transactions of this kind unless

they are fully aware of the associated risks and are in a position to assume any losses incurred. Please also consult the brochure entitled “Special Risks in Securities Trading”, which you can order from us. The past performance of an investment is not a guide to future performance, i.e. the value of an investment may fall as well as rise. The preservation of value (or increase in value) of invested capital cannot be guaranteed due to price fluctuations. Although all reasonable care is taken to ensure that the information provided is correct as based on reliable sources, no representation or warranty is made, express or implied, regarding the correctness, reliability, timeliness or completeness of the information provided. To the extent permitted by law, Valiant Bank AG assumes no liability whatsoever for any loss, whether based on this information or as the result of the risks inherent in financial markets. Neither this document nor any copy thereof may be sent to or taken into the United States or distributed in the United States or to any US persons.