In 2025 the Swiss National Bank (SNB) recorded a profit of 26.1 billion francs, compared to 80.7 billion francs profit in 2024.
LOSSES ON FOREIGN CURRENCIES
The loss on foreign currency positions was 8.8 billion francs in 2025, compared to a profit of 67.3 billion francs in 2024. Interest and dividend income amounted to 12.8 billion francs and 3.0 billion francs respectively, while interest expenses were 1.0 billion francs. Valuation gains of 1.3 billion francs were recorded on interest-bearing securities and instruments, and valuation gains of 28.3 billion francs on equity securities and instruments. Exchange losses amounted to 53.1 billion francs.
THE SURGE IN GOLD PRICES BOOSTS THE SWISS NATIONAL BANK
A valuation gain on gold reserves of 36.3 billion francs was recorded, compared to CHF 21.2 billion in 2024, thanks to the surge in gold prices. At the end of 2025, in fact, the gold price stood at CHF 110,919 per kilogram, up 45.9% compared to the end of 2024 (CHF 76,011), generating a valuation gain on unchanged reserves of 1,040 tonnes of gold.
The loss on Swiss franc positions was 0.9 billion francs, compared to a loss of 7.4 billion in 2024. This is largely due to remuneration of 0.6 billion on sight deposit balances. Additional interest expenses of CHF 0.2 billion arose from liquidity absorption operations. The SNB absorbs liquidity through repurchase agreements and SNB debt certificates.
Operating costs amounted to 0.4 billion francs.
RESERVES IN FRANCS
For the just-concluded financial year, the SNB set the allocation to provisions for monetary reserves at 12.7 billion francs. Taking into account the reserve for future distributions of 12.9 billion francs, net profit amounts to 26.3 billion francs. This will allow the payment of a dividend of 15 francs per share, which corresponds to the maximum amount provided by law, as well as a profit distribution to the Confederation and the Cantons totaling 4 billion francs. The profit distribution will be made on the basis of the agreement between the Federal Department of Finance and the SNB of January 29, 2021. Of the total amount to be distributed (4 billion francs), one third will be allocated to the Confederation and two thirds to the Cantons. After these payments, the reserve for future distributions will amount to 22.3 billion francs.
PROVISIONS
The National Bank – explains the institute in a note – aims for a solid balance sheet with sufficient equity capital to ensure the capacity to absorb potentially high losses. Therefore, annual allocations to provisions for monetary reserves are necessary. The allocation in a given year is determined based on twice the average nominal GDP growth rate of the previous five years. However, to ensure that sufficient allocations are made to provisions for monetary reserves even in periods of low nominal GDP growth, the minimum annual allocation is currently set at 10% of the provisions at the end of the previous year.
Since the average nominal GDP growth over the past five years was 2.9%, the minimum allocation of 10% will be applied for the 2025 financial year. This corresponds to 12.7 billion francs (2024: 11.6 billion francs). Consequently, provisions for monetary reserves will increase from 127.3 billion francs to 140.1 billion francs.
