SNB posts narrow profit for January to September
Published: Tuesday, Oct 31st 2023, 08:01
Updated At: Wednesday, Nov 1st 2023, 00:55
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The Swiss National Bank (SNB) reported a narrow profit for the first nine months of 2023. However, a loss was posted for the third quarter after the SNB had already reported a loss in the second quarter.
For the period January to September 2023, the profit amounts to 1.7 billion francs, according to Tuesday's communiqué. After a high plus of 26.9 billion in the first quarter of the year, losses of 13.2 billion and 11.9 billion were incurred in the second and third quarters, respectively.
This is not entirely surprising. UBS economists, for example, had expected a loss of between CHF 5 billion and CHF 10 billion for the third quarter.
While the SNB recorded a gain of CHF 7.0 billion on its foreign currency positions in the first nine months of the year and also reported a valuation gain of CHF 1.1 billion on its gold holdings, which remained unchanged in terms of volume, it posted a loss on its Swiss franc positions. This amounted to a total of 6.1 billion Swiss francs.
As usual, the SNB emphasized that its results were largely dependent on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore the rule and conclusions can only be drawn from the interim result to the annual result to a limited extent.
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