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

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Disclosure announcement transmitted by euro adhoc.
The issuer is responsible for the content of this announcement.
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15.08.2006

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.

Outlook

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.

Agenda

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 of announcement euro adhoc 16.08.2006 05:30:00
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ots Originaltext: Valiant Holding
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Kurt Streit
Tel.: +41 (0)31 310 7211
E-Mail: brigitte.genoux@valiant.ch

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