Gold Holdings Ensure SNB Profit in the First Nine Months

The Swiss National Bank reported a profit for the first three quarters of 2025. In particular, the higher valuation of the gold holdings ensured that the loss at mid-year could be more than offset.

The profit of the Swiss National Bank (SNB) for the first nine months of 2025 amounts to 12.6 billion francs. At mid-year, there was still a deficit of 15.3 billion francs on the books.

In the three reporting quarters, the loss on foreign currency positions amounted to 9.0 billion francs and on franc positions to 0.9 billion francs. A valuation gain of 22.9 billion francs resulted from the gold holdings.

For the foreign currency positions, exchange rate-related losses of a total of 46.3 billion francs had an impact on the result. Opposed to this were interest and dividend income of 9.4 billion and 2.3 billion francs, respectively. The interest expenses amounted to 0.7 billion francs. There were price gains of 3.2 billion francs on interest-bearing securities and instruments, and 23.1 billion francs on equity securities and instruments.

Almost 23 billion increase in value of gold holdings

The gold holdings remained unchanged in quantity, the SNB writes further. The valuation gain here amounted to 22.9 billion francs. The gold was traded at 98,024 francs per kilo at the end of September 2025, compared with 76,011 francs at the end of 2024.

The loss on the franc positions totaled 0.9 billion francs. This resulted mainly from interest on sight deposits of 0.7 billion francs. Additional interest expenses of 0.2 billion francs arose from liquidity-absorbing operations. The SNB absorbs liquidity through repo transactions and its own debt securities.

How much money the SNB will allocate to provisions for the year 2025 will be determined at the end of the year. The central bank is obliged to keep foreign currency reserves at the level required for monetary and currency policy purposes.