The Swiss National Bank made a profit of SFr5.2billion ($4.85 billion) in the first half of 2009, compared with a loss of SFr3.4 billion in the same period last year.

The bank said in a statement that the result was in particular affected by valuation changes on gold holdings. Valuation gains totalled SFr3 billion for the first half.

It reported that nearly all types of investment contributed to the positive half-yearly results.

Interest income on foreign currency positions had a "significant impact", and equity securities benefited from rebounding markets.

Owing to the low interest level, Swiss franc investments generated only "modest" income.

The statement said that the stabilisation fund set up to help the ailing position of UBS did not affect the central bank's results.

swissinfo.ch and agencies

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