The institution recorded a third-quarter profit of 19.1 billion francs, though this figure represents an approximate 32% decline compared to the previous year. Returns were anchored by foreign exchange gains and an additional 7.6 billion francs generated from gold holdings. The bank's foreign reserves are predominantly parked in government debt, while international equities comprise 28% of the allocation.
Key points
Cumulative earnings reaching 44.2 billion francs increase the likelihood of financial pay…: Cumulative earnings reaching 44.2 billion francs increase the likelihood of financial payouts to Swiss federal and local governments.
The Swiss National Bank maintains price stability within an inflation range of 0% to 2% a…: The Swiss National Bank maintains price stability within an inflation range of 0% to 2% as its primary objective rather than profit generation.
Policy requirements take strict priority even if foreign exchange and equity intervention…: Policy requirements take strict priority even if foreign exchange and equity interventions ultimately harm the institution's overall balance sheet.
Sources checked by our analysis pipeline: 1
The Swiss National Bank said Friday that it made a profit of 19.1 billion Swiss francs ($23.3 billion) on its investments in the third quarter, driven by its gold and foreign currency holdings.
It brought the central bank's year-to-date profit up to 44.2 billion francs, the equivalent of around $53.8 billion, raising the prospect of a payout to Swiss federal and local governments at the end of the year.
But the overall profit in the third quarter of 2026 marked a year-on-year decline of almost 32%.
Profit and loss recorded in the SNB's quarterly accounting updates consists of interest income, dividends, and valuation adjustments resulting from exchange rate movements and market price changes.
The Swiss franc rose around 12% against the U.S. dollar in 2025, having been lifted by investors flocking to the safe-haven currency in the wake of U.S. President Donald Trump's tariff announcements.
So far this year, it has lost around 3.6% versus the greenback.
Profit drivers
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