The Swiss National Bank reported a profit of CHF 44.2 billion for the first three quarters of 2026 before the allocation to the provisions for currency reserves. The profit on foreign currency positions amounted to CHF 43.3 billion, while a valuation gain of CHF 1.2 billion was recorded on gold holdings. The profit on Swiss franc positions stood at CHF 0.1 billion.
The financial result of the Swiss National Bank depends largely on developments in the gold, foreign exchange, and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible regarding the annual result.
The profit on foreign currency positions totalled CHF 43.3 billion. Interest and dividend income amounted to CHF 10.7 billion and CHF 2.3 billion respectively, while interest expenses stood at CHF 0.7 billion. Price losses of CHF 22.6 billion were recorded on interest-bearing paper and instruments, whereas price gains on equity securities and instruments amounted to CHF 23.7 billion. Exchange rate-related gains totalled CHF 29.8 billion.
A valuation gain of CHF 1.2 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 112,118 per kilogram at the end of September 2026, compared to CHF 110,919 at the end of 2025.
The profit on Swiss franc positions totalled CHF 0.1 billion. This largely resulted from the remuneration of sight deposit account balances and from liquidity-absorbing operations, with the bank absorbing liquidity using repo transactions and SNB debt certificates.
As at end-September 2026, the Swiss National Bank recorded a profit of CHF 44.2 billion before the allocation to the provisions for currency reserves. In accordance with art. 30 para. 1 of the National Bank Act, the bank is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year is determined at the end of the year.
