Summary
The Swiss National Bank (SNB) recorded a profit of 26.1 billion francs in 2025 – only one-third of the previous year's result of 80.7 billion francs. Massive losses on foreign currency positions (−53.1 billion francs) were partially compensated by a strong increase in gold prices. Despite the significant decline, the result enables maximum dividend payments and a distribution of 4 billion francs to the federal government and cantons.
People
- Benedikt Hollenstein (Author, 20 Minutes)
Topics
- National Bank finances 2025
- Currency losses
- Gold price gains
- Profit distributions
Clarus Lead
The SNB presents a mixed fiscal year 2025: Total profit shrinks to 26.1 billion francs, signaling a sharp decline compared to 2024. Critical for financial policymakers and the Federal Council is the stability of distributions to the federal government and cantons (4 billion francs), which can be maintained despite tense markets. Profit was primarily supported by gold gains of 36.3 billion francs, while currency position losses heavily burdened results.
Detailed Summary
The profit decline is primarily attributable to massive losses on foreign currency positions. The SNB recorded a deficit of 53.1 billion francs here, caused by high exchange rate fluctuations. While the bank achieved interest and dividend income as well as gains on securities, currency movements clearly overshadowed these positive effects. Additionally, a loss of 8.8 billion francs occurred on foreign currency positions themselves.
The gold reserves served as a stabilizing factor. The gold price rose by 45.9 percent, while physical holdings remained unchanged at 1,040 tonnes. This generated a gain of 36.3 billion francs – substantial buffering against currency losses. On franc positions, the SNB recorded a smaller loss of 0.9 billion francs, primarily through interest payments on sight deposits.
Provisions for currency reserves were increased to 12.7 billion francs, corresponding to the statutory minimum requirement (10% of previous year's holdings). This brings total provisions from 127.3 to 140.1 billion francs. The balance sheet profit of 26.3 billion francs enables the maximum dividend of 15 francs per share as well as the distribution of 4 billion francs to the public sector – one-third to the federal government, two-thirds to the cantons.
Key Findings
- Profit decline: 26.1 billion francs (2025) vs. 80.7 billion francs (2024) – a two-thirds decrease
- Primary burden: Currency losses of 53.1 billion francs due to unfavorable exchange rate movements
- Gold stabilizer: 36.3 billion francs gain from 45.9% gold price increase
- Distributions secured: 4 billion francs to federal government/cantons + maximum dividend possible
- Precautionary measure: Provisions increased to 140.1 billion francs
Critical Questions
Data Quality & Forecasts: To what extent are SNB profits based on current market valuations, and how sensitive are gold gains to price declines in coming quarters?
Currency Volatility & Incentives: What strategies does the SNB pursue to minimize foreign currency risks, and to what extent do political mandates play a role in positioning?
Causality & Alternatives: Were the massive currency losses primarily caused by external market factors or by SNB positioning decisions? Would a different investment allocation have yielded better results?
Sustainable Distributions: Can current distribution levels to the federal government and cantons be maintained long-term, or do tensions threaten in case of future market downturns?
Gold Dependence: How high is the SNB's operational dependence on gold price gains, and what risks arise from a gold price decline?
Source Index
Primary Source: National Bank: SNB Profit Shrinks Significantly – 20 Minutes, 02.03.2026
Verification Status: ✓ 02.03.2026
This text was created with the support of an AI model. Editorial responsibility: clarus.news | Fact-check: 02.03.2026