The Swiss National Bank booked a third-quarter profit driven by its gold and foreign currency holdings. The gain lifted its year-to-date profit, but the quarterly figure fell almost 32% from a year earlier.
The Swiss National Bank said Friday it made a profit of 19.1 billion Swiss francs ($23.3 billion) on its investments in the third quarter. Gold and foreign currency holdings drove the result.
The year-to-date profit now stands at 44.2 billion francs, which raises the prospect of a payout to Swiss federal and local governments at the end of the year. However, the third-quarter profit was a year-on-year decline of almost 32%.
Gold gains shrink from last year
Gold produced a net gain of 7.6 billion francs in the three months to September. In the third quarter of 2025, the net gain on the metal was 14.3 billion francs.
Gold's value surged by around 66% over the course of 2025, but its trajectory has been far more volatile in 2026, and it has fallen more than 7% since the start of the year.
Foreign currency positions add 11.6 billion francs
Profit on the foreign currency positions, which include investments in international equities, reached 11.6 billion francs. That marked a year-on-year decline of around 15%.
At the end of the quarter, 61% of foreign currency reserves sat in government bonds, 28% in equities and 11% in other bonds. The portfolio was 39% euro-denominated and 37% dollar-denominated.
The central bank says its goal is not to generate profit. According to the SNB: "It must ensure price stability in Switzerland, while taking due account of economic developments."
Source: CNBC
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