Swiss central bank earns 19.1 billion francs in a quarter — CNBC

The Swiss National Bank recorded an investment profit of 19.1 billion Swiss francs in the third quarter of 2026, or about $23.3 billion. Gold and foreign currency positions were the main sources of the result, CNBC reports.

For the first nine months of the year, the central bank's profit amounted to 44.2 billion francs, equivalent to approximately $53.8 billion. This could allow payments to the federal government and local authorities at the end of the year, although their amount will depend on the final annual result and fund distribution rules.

Gold and foreign currency assets

Net profit from gold amounted to 7.6 billion francs in July–September. At the same time, this figure stood at 14.3 billion francs in the third quarter of 2025. In 2025, the value of gold rose by approximately 66%, while since the beginning of 2026 the metal has fallen by more than 7%.

Profit from foreign currency positions, which also include investments in international equities, reached 11.6 billion francs — approximately 15% less than a year earlier. The Swiss National Bank's total quarterly profit was also nearly 32% lower than in the third quarter of 2025.

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In the bank's quarterly reporting, profits and losses include interest income, dividends, and asset revaluations resulting from fluctuations in exchange rates and market prices. In 2025, the Swiss franc strengthened by approximately 12% against the U.S. dollar, while since the beginning of 2026 it has lost about 3.6% against the U.S. currency.

Reserve structure

At the end of the third quarter, 61% of the Swiss National Bank's foreign currency reserves were held in government bonds, including deposits with central banks and the Bank for International Settlements. Another 28% of reserves were held in equities, while 11% were in other bonds.

Assets in euros accounted for the largest share of the foreign currency portfolio at 39%, while the U.S. dollar accounted for 37%. The Japanese yen made up 7%, and the British pound 6%. Unlike many major central banks, the Swiss National Bank has a substantial equity portfolio, but invests passively, tracking international stock market indices.

The bank notes that its main task is to ensure price stability, taking into account the economic situation, rather than to maximize investment profits. Its target inflation range is from 0% to 2%.