SNB reports a CHF 44.2 billion profit for the first nine months of 2026

Serguey Asael Shinder02 November 2026, 08:571 min read

The Swiss National Bank reported a profit of CHF 44.2 billion for the first three quarters of 2026 in an ad hoc announcement on 30 October. Foreign currency positions contributed CHF 43.3 billion, a valuation gain on gold CHF 1.2 billion and Swiss franc positions CHF 0.1 billion.

Inside the foreign currency result, interest income was CHF 10.7 billion and dividends CHF 2.3 billion, against CHF 0.7 billion of interest expense. Price losses on interest-bearing paper of CHF 22.6 billion were almost exactly offset by price gains on equities of CHF 23.7 billion, and exchange-rate-related gains added CHF 29.8 billion. Gold holdings were unchanged in volume; the price stood at CHF 112,118 per kilogram at the end of September against CHF 110,919 at the end of 2025. The small franc result came mostly from the remuneration of sight deposits and liquidity-absorbing operations, repo transactions and SNB debt certificates.

The bank repeats its standard caution: its result depends largely on gold, currency and capital markets, strong fluctuations are to be expected, and only provisional conclusions are possible about the annual result. The allocation to provisions for currency reserves, required under article 30 of the National Bank Act, is set at year-end.

What it means

The headline is driven by currency moves rather than income: exchange-rate gains alone account for about two thirds of the foreign currency profit, and the bond and equity lines largely cancelled each other. That makes the number reversible within a quarter, which is why the SNB declines to project the full year.