A profit of 25 billion francs in six months: The Swiss National Bank delivered a sharp turnaround thanks to its foreign currency investments. The result was partly offset by a decline in the value of its gold holdings, according to the interim report published on Friday.

The largest contribution came from the SNB's foreign currency positions, which generated a profit of 31,7 billion francs. This was driven primarily by capital gains on equity securities and instruments amounting to 22,9 billion francs, as well as positive exchange rate effects of 2,5 billion francs. Interest and dividend income totalled a further 8,4 billion francs.

Gold Weighs on Result

Due to the lower gold price, the SNB recorded a valuation loss of 6,4 billion francs on its unchanged gold holdings. The gold price fell from 110,919 francs to 104,812 francs per kilogram during the first half of the year.

On its Swiss franc positions, the central bank generated a profit of 81,8 million francs (CHF 0,1 billion). This mainly resulted from interest earned on sight deposits and liquidity-absorbing monetary policy operations.

Marked Improvement Compared with Last Year

Compared with the first half of 2025, the improvement was substantial. At that time, the SNB had reported a loss of 15,3 billion francs. The turnaround was primarily attributable to the significantly stronger performance of its foreign currency investments. While large exchange rate losses weighed on the result a year earlier, the central bank benefited in the first six months of 2026 from rising equity markets and more favourable currency movements.

The SNB's balance sheet total increased to 913,6 billion francs at the end of June, up from 893,9 billion francs at the end of 2025. Foreign currency investments rose to 786,1 billion francs.

No Forecast for the Full Year

The SNB emphasised that its financial result is heavily dependent on developments in the gold, foreign exchange and capital markets. As a result, significant fluctuations are the norm, meaning that conclusions regarding the full-year result can only be drawn to a limited extent.

Whether the federal government and the cantons will continue to benefit from high distributions therefore remains uncertain. As usual, the allocation to the provisions for currency reserves, which determines the amount available for distribution, will only be decided at the end of the year.