Swiss National Bank posts CHF 44.2 billion nine-month profit on currency and stock gains

Nine-month profit

The Swiss National Bank (SNB) reported a profit of CHF 44.2 billion for January to September 2026 in a statement issued on Friday, 30 October. The third quarter alone contributed about CHF 19 billion, following a first-half profit of CHF 25.2 billion. Bloomberg put the nine-month figure at $5.4 billion. The bank also cautioned against reading the interim figure as a forecast for the full year, and it framed its warning in these words:

“The National Bank's result depends predominantly on developments in the gold, foreign exchange and capital markets.”

First half 202625.2

Third quarter 202619.07

First half 2026

25.2 CHF bn

Third quarter 2026

19.07 CHF bn

Data from the article text

Currency and bond swings

Foreign-currency positions were the largest contributor, producing a gain of CHF 43.3 billion over the nine months. Exchange-rate effects alone added CHF 29.8 billion, and the share holdings gained CHF 23.7 billion. Bonds and other interest-bearing investments posted valuation losses of CHF 22.6 billion, which SRF links to interest rates rising across the world. Interest and dividend income, net of interest expenses, brought in CHF 12.3 billion according to SRF. The weaker franc against other currencies also helped the foreign-currency book, which is why the bank's largest single gain came from that segment.

Exchange-rate effects29.8

Equities23.7

Bonds-22.6

Net interest and dividends12.3

Gold valuation1.2

Exchange-rate effects

29.8 CHF bn

Equities

23.7 CHF bn

Bonds

-22.6 CHF bn

Net interest and dividends

12.3 CHF bn

Gold valuation

1.2 CHF bn

Data from the article text

Gold and franc positions

The gold stock, unchanged in volume, produced a valuation gain of CHF 1.2 billion because the gold price has risen again. One kilo of gold was valued at CHF 112,118 at the end of September, up from CHF 110,919 at the end of 2025. SRF reported a valuation loss of more than CHF 6 billion on gold at mid-year, so the third quarter marked a clear recovery. The franc positions contributed little, but the reports differ on the amount: SRF gives CHF 58 million for the nine months, while 20 Minuten gives CHF 100 million. According to the bank, the franc result came mainly from interest paid on sight deposits held by banks and from operations that drain liquidity from the market.

Payout still open

The allocation to currency reserve provisions is set only at year-end, so the nine-month figure is stated before that allocation. Whether the federal government and the cantons receive a distribution therefore remains open. SRF reports that a renewed agreement between the Federal Finance Department and the SNB would allow distributions of up to CHF 6 billion. Bloomberg wrote that the result raised the likelihood of a payout at year-end. Market observers cited by SRF expect October to have been considerably harder than the preceding months, with the franc regaining its safe-haven appeal and technology shares losing momentum.