SNB generates profit of CHF 62.5 billion in the first three quarters
Published: Thursday, Oct 31st 2024, 08:40
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The Swiss National Bank (SNB) posted a high profit in the period from January to September 2024. The third quarter alone was also clearly profitable.
According to a statement on Thursday, profit for the nine-month period amounted to CHF 62.5 billion. Following a profit of 56.8 billion in the first half of the year, this resulted in a plus of 5.7 billion francs in the third quarter.
While the SNB achieved a plus of 52.4 billion on its foreign currency positions in the first three quarters, there was a valuation gain of 16.6 billion on its gold holdings, which remained unchanged in terms of volume. In contrast, the Swiss franc positions recorded a loss of 6.2 billion.
Distributions not impossible
According to the latest profit figures, a distribution to the Confederation and cantons cannot be ruled out. According to UBS economists, the SNB would have to generate a profit of at least 65 billion for a minimum distribution in 2024 as a whole - i.e. slightly more than the current result after nine months.
However, a lot can still happen in the fourth quarter. As usual, the SNB emphasizes that its result is largely dependent on the performance of the gold, foreign exchange and capital markets. Strong fluctuations are therefore the rule and conclusions from the interim result to the annual result for 2024 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.
©Keystone/SDA
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