The Swiss National Bank reported a profit of CHF 25.2 billion for the first half of 2026. This figure was recorded before the allocation to provisions for currency reserves.
The bank’s financial result depends largely on developments in the gold, foreign exchange and capital markets. In accordance with art. 30 para. 1 of the National Bank Act, the Swiss National Bank is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year for the Swiss National Bank's currency reserve provisions is determined at the end of the year.
Drivers of the result
The profit on foreign currency positions amounted to CHF 31.7 billion in the first half of 2026. Exchange rate-related gains totalled CHF 2.5 billion during the same period. The profit on Swiss franc positions was CHF 0.1 billion.
Price gains on equity securities and instruments amounted to CHF 22.9 billion. However, price losses of CHF 1.7 billion were recorded on interest-bearing paper and instruments. Interest income amounted to CHF 6.7 billion, while dividend income reached CHF 1.7 billion. Interest expenses stood at CHF 0.4 billion.
Gold holdings
A valuation loss of CHF 6.4 billion was recorded on the Swiss National Bank's gold holdings in the first half of 2026. The bank’s gold holdings remained unchanged in volume terms during this period.
Gold was trading at CHF 104,812 per kilogram at the end of June 2026. At the end of 2025, the price was CHF 110,919 per kilogram.
Liquidity management
The Swiss National Bank absorbs liquidity with repo transactions and SNB debt certificates.
While the Swiss National Bank reports a profit of CHF 25.2 billion for the first half (H1) of 2026, other reporting sources have indicated a figure of CHF 25.7 billion for the second quarter (Q2) of the same year. These figures may not be directly comparable as they cover different reporting periods and have not been reconciled.