Annual profit of Swiss National Bank at CHF 26.1 billion for 2025
The Swiss National Bank reports a profit of CHF 26.1 billion for 2025, down from CHF 80.7 billion in the previous year. This result enables a dividend payment and a CHF 4 billion distribution to the Confederation and cantons.
Gold gains offset currency losses
The Swiss National Bank recorded a profit of CHF 26.1 billion for 2025.
This figure was shaped by a substantial CHF 36.3 billion valuation gain on gold holdings, which increased in value by 45.9 percent.
Conversely, foreign currency positions incurred a loss of CHF 8.8 billion, largely due to exchange rate movements.
Swiss franc positions also saw a loss of CHF 0.9 billion, mainly from sight deposit remuneration.
Operating expenses totaled CHF 0.4 billion.
After allocating CHF 12.7 billion to provisions for currency reserves, the net profit of CHF 26.3 billion enables a CHF 15 per share dividend and a CHF 4 billion distribution to the Confederation and cantons, adhering to a 2021 agreement.
Safeguarding the balance sheet
The CHF 8.8 billion loss on foreign currency positions was largely driven by CHF 53.1 billion in exchange rate-related losses, despite positive contributions from interest, dividends, and price gains on securities.
The CHF 0.9 billion loss on Swiss franc positions mainly stemmed from remunerating sight deposit account balances and liquidity-absorbing operations.
To ensure a robust balance sheet capable of absorbing potentially high losses, the SNB makes annual allocations to its provisions for currency reserves.
For the 2025 financial year, a minimum allocation of 10 percent of the previous year's provisions was applied.
This amounted to CHF 12.7 billion, consequently increasing the total provisions for currency reserves from CHF 127.3 billion to CHF 140.1 billion.