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Swiss National Bank records record profit in the first quarter of 2024
The Swiss National Bank achieved record profits of 58.8 billion francs due to exchange rate effects and increases in the price of gold. Distribution to the federal government and cantons uncertain. UBS predicts possible appreciation of the franc.
Swiss National Bank records record profit in the first quarter of 2024
The Swiss National Bank (SNB) achieved a record profit of 58.8 billion francs in the first quarter of 2024. This increase was mainly due to exchange rate effects, influenced by the depreciation of the Swiss franc against other currencies, in particular the euro. The SNB recorded a profit of over 52 billion francs on its foreign currency positions, driven by its significant holdings of 741 billion francs in foreign currency assets. In addition, the increased gold price contributed to the value of the SNB's gold reserves increasing by 8.9 billion francs as of March 31.
Despite the impressive quarterly results, there is no guarantee that the federal government and cantons can expect another distribution at the end of the year. Due to losses in 2022 and 2023, the public sector was unable to receive a profit distribution in the last two years. UBS estimates that the SNB would have to make at least a profit of 65 billion francs for the year as a whole in order to be able to make a minimum distribution of 2 billion francs. UBS economists assume that the franc could appreciate again over the course of the year, which could influence the current earnings level.