SNB posts narrow profit for January to September
The Swiss National Bank (SNB) reported a narrow profit for the first nine months of 2023. However, there was a loss for the third quarter after the SNB had already reported a loss in the second quarter.
According to Tuesday’s communiqué, the profit for the period January to September 2023 is CHF1.7 billion. After a high increase of CHF26.9 billion in the first quarter, losses of CHF13.2 billion and CHF11.9 billion occurred in the second and third quarters, respectively.
This is not entirely surprising. The economists at UBS, for example, had expected a loss of between CHF5 and 10 billion for the third quarter.
While the SNB achieved a plus of CHF7.0 billion on its foreign currency positions in the first nine months and also reported a valuation gain of CHF1.1 billion on its gold holdings, which remained unchanged in terms of volume, there was a loss on its Swiss franc positions. It totaled CHF6.1 billion francs.
As usual, the SNB emphasised that its results depend largely on the development of the gold, foreign exchange and capital markets. Strong fluctuations are therefore the rule and conclusions from the interim result to the annual result are only possible to a limited extent.
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