The Swiss National Bank reports a profit of CHF 26.1 billion for 2025 (2024: profit of CHF 80.7 billion).

The loss on foreign currency positions amounted to CHF 8.8 billion. A valuation gain of CHF 36.3 billion was recorded on gold holdings. The loss on Swiss franc positions was CHF 0.9 billion. Operating expenses came to CHF 0.4 billion.

For the financial year just ended, the SNB has set the allocation to the provisions for currency reserves at CHF 12.7 billion. After taking into account the distribution reserve of CHF 12.9 billion, the net profit comes to CHF 26.3 billion. This will allow a dividend payment of CHF 15 per share, which corresponds to the legally stipulated maximum amount, as well as a profit distribution to the Confederation and the cantons totalling CHF 4 billion. The profit distribution will be made on the basis of the agreement between the Federal Department of Finance and the SNB of 29 January 2021. Of the total amount to be distributed (CHF 4 billion), one-third goes to the Confederation and two-thirds to the cantons. After these payments, the distribution reserve will stand at CHF 22.3 billion.

Loss on foreign currency positions

The loss on foreign currency positions totalled CHF 8.8 billion (2024: profit of CHF 67.3 billion). Interest and dividend income amounted to CHF 12.8 billion and CHF 3.0 billion respectively, while interest expenses stood at CHF 1.0 billion. Price gains of CHF 1.3 billion were recorded on interest-bearing paper and instruments, and CHF 28.3 billion in price gains were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 53.1 billion.

Valuation gain on gold holdings

At the end of 2025, the price of gold stood at CHF 110,919 per kilogram, 45.9% higher than at the end of 2024 (CHF 76,011). This gave rise to a valuation gain of CHF 36.3 billion on the unchanged holdings of 1,040 tonnes of gold (2024: valuation gain of CHF 21.2 billion).

Loss on Swiss franc positions

The loss on Swiss franc positions totalled CHF 0.9 billion (2024: loss of CHF 7.4 billion). This largely resulted from the CHF 0.6 billion in remuneration of sight deposit account balances. Additional interest expenses of CHF 0.2 billion arose from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates.

Provisions for currency reserves

The SNB aims for a robust balance sheet with sufficient equity capital, to ensure that it can also absorb potentially high losses. Annual allocations to the provisions for currency reserves are therefore necessary. The allocation in a given year is determined on the basis of double the average nominal GDP growth rate over the previous five years. However, to ensure that sufficient allocations are made to the provisions for currency reserves even in periods of low nominal GDP growth, the minimum annual allocation is currently set at 10% of the provisions at the end of the previous year.

Since nominal GDP growth over the last five years has averaged 2.9%, the minimum allocation of 10% will be applied for the 2025 financial year. This corresponds to CHF 12.7 billion (2024: CHF 11.6 billion). As a result, the provisions for currency reserves will grow from CHF 127.3 billion to CHF 140.1 billion.