Swiss National Bank Posts Big Second Quarter Profit
Rising equity markets and foreign-currency gains lifted the result, while a 14.1 billion franc gold loss offset some of the increase, the bank said.
- On Friday, July 31, 2026, The Swiss National Bank reported a 25.7 billion Swiss francs second-quarter profit, reversing a 22 billion franc loss recorded during the same period last year.
- The MSCI World Index gained 13% during the quarter as accelerating AI investment and reduced Iran war concerns drove markets higher, offsetting a 14% drop in Gold holdings amid higher US interest rates.
- Foreign currency positions delivered a 39.9 billion franc profit. "The bank has profited in recent quarters from the gold price rally," UBS economist Florian Germanier said. "That has cooled now, but rising stock prices have more than made up for it."
- While quarterly results do not influence monetary policy, they remain fiscally significant for the federal government and Switzerland's cantons. A potential year-end payout is now back in focus after the first-quarter loss.
- The result surpassed UBS forecasts of 19 billion to 24 billion francs, marking a dramatic swing from the 500 million franc loss recorded during the first three months of the year.
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The SNB generated a profit of 25.17 billion francs in the first half of the current year. The central bank was able to rely on a good management of foreign currencies, while the gold stock drew the total balance sheet downThe Swiss National Bank (SNB) earned in the first half of the year a profit of 25.17 billion francs, mainly thanks to its positions in foreign currencies.The gold stock drew the result down.The foreign currency positions genera…
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