SNB reports 0.5 billion franc loss in Q1 2026
The Swiss National Bank reported a loss of 0.5 billion francs for the first quarter of 2026. This result was driven by an 8.2 billion franc loss on foreign currency positions, partially offset by a 7.8 billion franc valuation gain on gold holdings.
Foreign currency losses weigh on results
The SNB's foreign currency positions incurred an 8.2 billion franc loss.
This primarily stemmed from price losses of 5.3 billion francs on interest-bearing securities and 6.3 billion francs on equity instruments.
Exchange rate effects added 0.2 billion francs in losses, partly offset by 3.2 billion francs in interest and 0.6 billion francs in dividend income, net of 0.2 billion francs in interest expenses.
Gold gains and franc positions
The SNB's unchanged gold holdings generated a 7.8 billion franc valuation gain, with gold priced at 118,400 francs per kilo at quarter-end.
Franc positions contributed 40.4 million francs, primarily from interest on sight deposits and liquidity-absorbing operations.