Swiss National Bank Q3 profit $23.3bn on gold, forex gains
The SNB reported a 19.1 billion Swiss franc profit in Q3 2026, driven by gold and foreign asset gains, though down nearly 32% year-on-year.
At a glance
- The SNB made a 19.1 billion Swiss franc ($23.3 billion) profit in Q3 2026, driven by gold and foreign currency holdings.
- Year-to-date profit reached 44.2 billion francs, but Q3 profit declined nearly 32% compared to the same period last year.
- Gold gains fell to 7.6 billion francs in Q3 2026 from 14.3 billion in Q3 2025, while foreign currency profits dropped 15% year-on-year.
The Swiss National Bank (SNB) said on Friday that it made a profit of 19.1 billion Swiss francs ($23.3 billion) in the third quarter of 2026, driven by gains on its gold and foreign currency holdings.
The profit brought the central bank's year-to-date earnings to 44.2 billion francs, equivalent to around $53.8 billion, raising the prospect of a payout to Swiss federal and local governments at the end of the year.
However, the overall third-quarter profit marked a year-on-year decline of almost 32%, the SNB said in its quarterly report.
Profit and loss recorded in the SNB's quarterly accounting updates consists of interest income, dividends, and valuation adjustments resulting from exchange rate movements and market price changes.
In the third quarter of 2025, the SNB saw a 14.3-billion-franc net gain on gold, compared to a net gain on gold of 7.6 billion francs in the three months to September 2026.
Gold saw a record-smashing rally in 2025, with its value surging by around 66% over the course of the year, but has fallen in value by more than 7% since the start of 2026.
Profit on the SNB's foreign currency positions, which include investments in international equities, reached 11.6 billion francs, marking a year-on-year decline of around 15%.
At the end of the third quarter, 61% of the SNB's foreign currency reserves were allocated to government bonds, 28% to equities and 11% to other bonds.
In terms of currency exposure, 39% of the portfolio was denominated in euros and 37% in U.S. dollars.
The SNB's large equity portfolio makes it unusual among major central banks, though it is a passive investor and does not engage in equity selection.
Its profits are mostly distributed to Switzerland's federal and local governments, with shareholders receiving a dividend if its equity capital is large enough.
The SNB emphasized that its primary mandate is ensuring price stability in Switzerland, not maximizing returns.
"For a conventional company, profits are an important prerequisite for long-term success. The SNB's goal, by contrast, is not to generate profit," it said on its website.
Source: CNBC Top News
Questions and answers
- What profit did the Swiss National Bank make in Q3 2026?
- The SNB reported a profit of 19.1 billion Swiss francs ($23.3 billion) in the third quarter of 2026, driven by gold and foreign currency holdings.
- How did the SNB's Q3 2026 profit compare to the previous year?
- The Q3 2026 profit marked a year-on-year decline of almost 32%, with gold gains falling to 7.6 billion francs from 14.3 billion in Q3 2025.
- What is the SNB's primary mandate?
- The SNB's primary mandate is ensuring price stability in Switzerland, not maximizing investment returns, as stated on its website.
