This content was published on
July 31, 2026 - 07:20
2 minutes
(Bloomberg) — The Swiss National Bank reported a solid six-month profit, as gains from the global stock-market rally and a weaker franc offset the drop in value of its gold holdings.The SNB earned 25.2 billion francs ($31.2 billion) from January through June, it said in a statement on Friday. That brings a year-end payout to the Swiss government back into focus after the first quarter resulted in a small loss.The central bank’s hoard of assets in foreign currencies — including its large equities portfolio — delivered a profit of 31.7 billion francs. The value of the gold held by the central bank decreased by 6.4 billion francs as bullion prices slumped.Positions in Swiss francs generated a gain of 0.1 billion francs. Those earnings include negative interest charged on oversized commercial-bank reserves held at the SNB. Sight deposits exceeding a certain threshold are subject to this since the central bank cut its benchmark rate to zero last year.The result exceeds expectations, with economists at UBS having predicted a profit between 18 and 23 billion francs.The SNB’s results don’t influence monetary policy and are heavily influenced by asset price changes, with quarterly numbers often having little bearing on final result for the year.They are however fiscally important for the federal government and Switzerland’s cantons, or states. In cases of annual losses, the central bank at times can’t make a payout, which is particularly painful for smaller Swiss regions.©2026 Bloomberg L.P.
