The Swiss National Bank recorded a profit of 28.7 billion Swiss francs in the first nine months of the year, boosted by a valuation gain on its gold reserves and foreign currencies.
The Swiss National Bank (SNB), the country’s central bank, had a profit of 28.7 billion francs in the nine months through September, it said in a statement today. The profit compares with a loss of 33.9 billion a year ago.
The value of the bank’s gold holdings appreciated 7.5 billion francs in the reporting period. The SNB also gained 20.3 billion on its foreign currency positions. The volume of the bank’s gold reserves remained unchanged in the period.
Last year, the bank had a whopping loss on its foreign currency reserves, amounting to 31.3 billion francs in the first three quarters following the lifting of the peg to the euro in January 2015.
The SNB has remained vocal about defending the franc against what it sees as unwarranted strength by intervening in foreign exchange markets – buying euros – in an attempt to weaken the Swiss currency.
The SNB had interest income of 6.2 billion francs, dividend payments of 2.4 billion francs and price gains amounting to 10 billion francs on interest-bearing papers and instruments in the first nine months of 2016.
The bank also gained 5.1 billion francs on equities, which in the first nine months of last year had lost 4.4 billion francs in value.
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