The Swiss National Bank expects another double-digit billion profit for 2020. The distribution reserves are approaching triple digits. And yet there was a massive drop in profits.

The Swiss National Bank (SNB) expects an annual profit of around 21 billion francs ($23.7 billion) for 2020, according to provisional calculations presented on Friday. This is significantly less than the forecast made earlier this week by UBS economists, who had expected about 25 billion francs.

The profit for 2020 is significantly lower than in 2019, when the SNB had reported a net profit of just under 49 billion francs. As always, these figures are book profits on the SNB's investments, including foreign currencies, shares and gold.

As finews.com has already reported, the SNB's reserves are full to the brim. The so-called distribution reserves are approaching the 100 billion mark. The SNB plans to distribute 4 billion francs to the government and cantons this year, the same amount as in 2020. After the payouts, the distribution reserve will amount to around 94 billion francs.