Swiss National Bank reports CHF 26.1 billion profit for 2025 enabling CHF 15 dividend and CHF 4 billion distribution to Confederation and cantons

The Swiss National Bank has published its annual result for 2025, reporting a profit of CHF 26.1 billion (2024: CHF 80.7 billion). After allocating CHF 12.7 billion to provisions for currency reserves and taking account of a distribution reserve of CHF 12.9 billion, net profit amounted to CHF 26.3 billion, supporting a dividend of CHF 15 per share and a profit distribution of CHF 4 billion to the Confederation and the cantons. Results were driven by a valuation gain of CHF 36.3 billion on unchanged gold holdings of 1,040 tonnes as the gold price rose to CHF 110,919 per kilogram, while foreign currency positions recorded a loss of CHF 8.8 billion, reflecting exchange rate-related losses of CHF 53.1 billion partly offset by interest income of CHF 12.8 billion, dividend income of CHF 3.0 billion, and price gains on equity securities of CHF 28.3 billion. Swiss franc positions showed a loss of CHF 0.9 billion, largely from CHF 0.6 billion remuneration of sight deposits and CHF 0.2 billion interest expenses from liquidity-absorbing operations; operating expenses were CHF 0.4 billion. The provisions allocation applied the minimum 10% rule (given average nominal GDP growth of 2.9% over the prior five years), increasing provisions for currency reserves to CHF 140.1 billion from CHF 127.3 billion; after the dividend and CHF 4 billion distribution (one-third to the Confederation and two-thirds to the cantons under the 2021 agreement), the distribution reserve is expected to stand at CHF 22.3 billion.