SNB generates profit of CHF 56.8 billion in the first half of the year
Published: Wednesday, Jul 31st 2024, 07:50
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The Swiss National Bank (SNB) posted a high profit in the first half of 2024. In the second quarter alone, however, there was a small loss.
According to a statement on Wednesday, profit for the period from January to June of the current year amounted to CHF 56.8 billion. Following a profit of 58.8 billion in the first quarter, this resulted in a loss of 2.0 billion francs in the second quarter of the year.
While the SNB achieved a plus of CHF 49.3 billion on its foreign currency positions in the half-year, there was a valuation gain of CHF 12.2 billion on its gold holdings, which remained unchanged in terms of volume. The Swiss franc positions, on the other hand, recorded a loss of CHF 4.5 billion.
Dividends still unlikely
Despite the SNB's high profit in the first half of the year, a distribution to the Confederation and cantons is still very uncertain from today's perspective. According to UBS economists, the SNB would have to generate a profit of at least 65 billion in 2024 for a minimum distribution and more than 105 billion for a maximum distribution.
As usual, the SNB also emphasizes that its result is largely dependent on the development of the gold, foreign exchange and capital markets. Strong fluctuations are therefore the rule and conclusions from the interim result to the annual result are only possible to a limited extent.
Last year, for example, the SNB also posted a high profit in the first quarter (CHF 26.9 billion), but then had to report a loss of CHF 3.2 billion at the end of the year. However, the result can swing strongly in either direction due to the high dependency on the financial markets.
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