Swiss National Bank announces profit

The Swiss National Bank (SNB) made a profit of SFr13.5 billion ($14.7 billion) in 2011, after a loss of SFr19.2 billion in 2010.

This content was published on March 8, 2012 - 09:08 and agencies

Releasing the figures on Thursday, the bank said profit on foreign currency positions was SFr7.7 billion. The result on gold holdings was SFr5.4 billion.

The bank is allocating SFr3.2 billion to the currency reserves. The Confederation and the cantons will receive SFr1 billion, and shareholders will get dividends of SFr1.5 million. Another SFr3.9 billion is being allocated to the distribution reserve.

The chairman of the SNB throughout the year in question, Philipp Hildebrand, was forced to step down in January after profitable currency dealings carried out by his wife in the summer of 2010 came to light.

The announcement of the bank’s profit comes a day after an independent audit found that no members of the bank’s governing board had breached regulations in their financial transactions.

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