Swiss National Bank expects profits of CHF80 billion in 2024
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Swiss National Bank expects profits of CHF80 billion in 2024
The Swiss National Bank (SNB) will close the 2024 financial year with a profit of around CHF80 billion ($87.7 billion). It will be able to resume distributions to the federal government and cantons, amounting to CHF 3 billion.
The SNB’s foreign currency holdings generated a gain of around CHF67 billion, according to provisional figures published by the bank on Thursday. Gold holdings generated a capital gain of CHF21.2 billion.
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On the other hand, franc positions recorded a loss of CHF7.4 billion. The provision for currency reserves will amount to CHF11.6 billion. After taking into account the negative reserve for future distributions of CHF53.2 billion, balance sheet profit will amount to some CHF16 billion.
“It is therefore possible to proceed with the payment of a dividend of CHF15 per share, which corresponds to the maximum provided for by law, as well as the distribution of a total amount of CHF3 billion francs to the federal government and the cantons,” added the SNB.
CHF1 billion will go to the federal government and CHF2 billion to the cantons. After these payments, the reserve for future distributions will be around CHF13 billion.
In 2023, the SNB recorded a loss of CHF 3.2 billion, depriving the federal government and cantons of any distributions. In 2022, the SNB had already refrained from making any payments, while in 2021, six billion francs had been redistributed.
The detailed earnings report for the 2024 financial year, including the final figures, will be published on March 3. The Annual Report will be published on March 18.
Adapted from French by DeepL/ac
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