The Swiss National Bank (SNB) has announced a profit of CHF 12.6 billion for the first three quarters of 2025. The financial outcome was influenced by several factors, including a loss of CHF 9.0 billion on foreign currency positions and a valuation gain of CHF 22.9 billion on gold holdings.
The SNB reported that its financial results are heavily impacted by fluctuations in the gold, foreign exchange, and capital markets, which can lead to significant variations in outcomes. “Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result,” said the SNB.
The loss on foreign currency positions was attributed to exchange rate-related losses totaling CHF 46.3 billion. Despite this, interest and dividend income amounted to CHF 9.4 billion and CHF 2.3 billion respectively, with price gains recorded at CHF 3.2 billion on interest-bearing paper and instruments, and CHF 23.1 billion on equity securities and instruments.
Gold holdings saw a valuation gain of CHF 22.9 billion as prices rose from CHF 76,011 per kilogram at the end of 2024 to CHF 98,024 per kilogram by September’s end in 2025.
Additionally, the SNB experienced a loss of CHF 0.9 billion on Swiss franc positions due mainly to remuneration expenses related to sight deposit account balances amounting to CHF 0.7 billion and further interest expenses from liquidity-absorbing operations.
Before allocating provisions for currency reserves as required by art. 30 para. 1 of the National Bank Act (NBA), the SNB’s profit stood at CHF 12.6 billion by the end of September.
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