The Swiss National Bank (SNB) reported a profit of 44.2 billion francs for the first three quarters of 2026 (through the end of September). At the end of June, the surplus had stood at 25.2 billion francs.

The lion's share of the nine-month profit came from foreign currency positions, amounting to 43.3 billion francs. Interest and dividend income totaled 10.7 billion francs and 2.3 billion francs, respectively. These were offset by interest expenses of 0.7 billion francs. While price losses of 22.6 billion francs were recorded on interest-bearing securities and instruments, price gains on equity securities and instruments amounted to 23.7 billion francs.

Currency-related gains totaled 29.8 billion francs. The weaker franc therefore made a substantial contribution to the result.

Gold with a slight price increase

Valuation gains of 1.2 billion francs were recorded on the gold holdings. Gold was traded at 112,118 francs per kilogram at the end of September 2026. At the end of 2025, the price was 110,919 francs per kilogram.

The profit on the franc positions amounted to 0.1 billion francs, it said. This was mainly due to interest on sight deposits in current accounts and to liquidity-absorbing operations.

As usual, the SNB points out that its result depends largely on developments in the gold, foreign exchange, and capital markets, and that strong fluctuations are therefore the rule. Conclusions about the full-year result can therefore only be drawn to a limited extent.