The Swiss National Bank reported a profit of CHF 25.2 billion for the first half of 2026, before the year-end allocation to provisions for currency reserves. A CHF 31.7 billion profit on foreign currency positions more than offset a CHF 6.4 billion valuation loss on unchanged gold holdings, while Swiss franc positions generated CHF 0.1 billion. The foreign currency result included CHF 22.9 billion in price gains on equities, CHF 2.5 billion in exchange rate-related gains and CHF 8.4 billion in interest and dividend income. These were partly offset by CHF 1.7 billion in price losses on interest-bearing instruments and CHF 0.4 billion in interest expenses. The SNB cautioned that its financial result is highly sensitive to gold, foreign exchange and capital market developments, limiting conclusions about the full-year outcome.
Swiss National Bank2026-07-31
Swiss National Bank reports CHF 25.2 billion first-half profit driven by foreign currency positions
The Swiss National Bank reported a CHF 25.2 billion first-half profit, driven by CHF 31.7 billion from foreign currency positions. This outweighed a CHF 6.4 billion valuation loss on gold, while the SNB cautioned that market volatility limits conclusions about the annual result.