The Swiss National Bank reports a profit of CHF 25.2 billion for the first half of 2026.

The profit on foreign currency positions amounted to CHF 31.7 billion. A valuation loss of CHF 6.4 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 0.1 billion.

The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result.

Profit on foreign currency positions

The profit on foreign currency positions totalled CHF 31.7 billion. Interest and dividend income amounted to CHF 6.7 billion and CHF 1.7 billion respectively, while interest expenses stood at CHF 0.4 billion. Price losses of CHF 1.7 billion were recorded on interest-bearing paper and instruments, whereas price gains on equity securities and instruments amounted to CHF 22.9 billion. Exchange rate-related gains totalled CHF 2.5 billion.

Valuation loss on gold holdings

A valuation loss of CHF 6.4 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 104,812 per kilogram at the end of June 2026 (end-2025: CHF 110,919).

Profit on Swiss franc positions

The profit on Swiss franc positions totalled CHF 0.1 billion. This largely resulted from the remuneration of sight deposit account balances and from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates.

Provisions for currency reserves

As at end-June 2026, the SNB recorded a profit of CHF 25.2 billion before the allocation to the provisions for currency reserves.

In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year is determined at the end of the year.