Swiss National Bank records half-year profit of CHF 25 billion
Az SNB mintegy 25 milliárd frankos 2026. első félévi eredményét elsősorban a devizapozíciókon elért 31,7 milliárd frankos nyereség okozta. Ezen belül a részvények és egyéb tőkepiaci eszközök 22,9 milliárd frankos árfolyamnyereséget termeltek, miközben az aranytartalék értéke 6,4 milliárd frankkal csökkent. A féléves eredmény erősen függ a piaci árfolyamoktól, ezért nem tekinthető éves előrejelzésnek vagy automatikusan kiosztható összegnek.
What is behind the SNB’s record half-year profit in 2026?
The half-year profit of CHF 25.2 billion (more precisely, CHF 25.17 billion) was not generated evenly over the first six months. The results for the two quarters moved in opposite directions.
In the first quarter (January–March), the SNB still reported a loss of CHF 0.5 billion. In the second quarter (April–June), this was more than offset by the exceptional profit of CHF 25.7 billion.
This quarterly fluctuation clearly illustrates how sensitive the central bank’s results are to market movements:
Q1 2026: –CHF 0.5 billion (loss)
Q2 2026: +CHF 25.7 billion (profit)
H1 2026 total: +CHF 25.2 billion
Compared with the half-year loss of CHF 15.3 billion in 2025, this year’s result represents an improvement of approximately CHF 40 billion over one year.
How did the foreign currency positions and equity markets perform?
The main driver of the profit was a gain of CHF 31.7 billion on foreign currency investments. This was by far the single largest factor in the half-year result.
Within the foreign currency positions, price gains on equities and other capital-market investments amounted to CHF 22.9 billion. This was supplemented by the franc’s depreciation against the US dollar, which generated a further CHF 2.5 billion in exchange-rate gains.
Foreign currency investments also generated interest and dividend income:
Item | Amount |
|---|---|
Price gains on equities and capital-market investments | CHF 22.9 billion |
Foreign exchange effect (franc depreciation) | CHF 2.5 billion |
Net interest income | CHF 6.7 billion |
Dividend income | CHF 1.7 billion |
Interest expenses (deducting item) | –CHF 0.4 billion |
The counterpart to the positions held in Swiss francs (foreign-currency positions), namely domestic franc assets, generated only a moderate profit of CHF 0.1 billion. This was primarily attributable to interest earned on sight deposits and liquidity-absorbing operations — repo transactions and SNB debt certificates.
Why did the central bank record a loss on its gold holdings?
The SNB recorded a book loss of CHF 6.4 billion on its gold holdings (gold holdings) in the first half of the year. This was due to a decline in the global market price of gold.
This loss significantly reduced the otherwise near-record foreign-currency gain. It is important to emphasise that this was a book, unrealised loss — the SNB did not sell the gold; only its market valuation changed.
Gold traditionally plays a stabilising role on the SNB's balance sheet, but in the short term it can also cause significant volatility in the annual result.
Do the cantons and the Confederation receive money from the profit?
The half-year result alone does not automatically mean that payments will be made to the cantons and the Confederation. The actual distribution of profits is governed by a multi-year agreement with the Federal Department of Finance (EFD, Eidgenössisches Finanzdepartement).
This agreement stipulates that payments to the federal government and the cantons are made, subject to specified conditions, on the basis of the SNB's annual — not half-year — result. The half-year figure therefore shows only an interim position, not a final basis for distribution.
The National Bank Act (Nationalbankgesetz, NBG) provides the framework for the SNB's operations and the treatment of its result, but the specific distribution mechanism is set out in the agreement with the EFD.
Why is the SNB cautious when assessing its half-year results?
The SNB regularly emphasizes that half-year figures should not be regarded as a reliable indication of the year-end result. The opposing trends in the first two quarters of 2026 — a loss followed by an exceptional profit — illustrate this precisely.
The SNB’s result depends largely on movements in the foreign exchange markets, equity prices and gold prices, all of which can change dramatically even within a short period. A stronger franc, a correction in the capital markets or further movements in the price of gold can turn a half-year profit into a loss within a few months.
This uncertainty is one reason why the central bank communicates cautiously and does not regard the first-half result as a guarantee of a positive year-end result.
What does this mean for Hungarians living in Switzerland?
The SNB’s profit affects Hungarians living in Switzerland indirectly, not directly. There is no automatic tax reduction or direct payment to the population.
What is genuinely relevant:
Hungarians who earn or save in francs benefit from the central bank’s stable financial position, which in the longer term contributes to exchange-rate stability for the franc. This makes it easier to plan remittances and savings set aside for property in Hungary or retirement.
Movements in the franc–dollar exchange rate — which explain part of the gains on foreign currency positions — indirectly affect those with expenses or income denominated in US dollars.
The distribution of profits between the cantons and the Confederation can affect cantonal budgets in the longer term, which may indirectly influence tax policy and public services — but this is decided on an annual, not half-yearly, basis.
For Hungarians planning to return to Hungary the stability of the franc is a relevant factor when timing the payment of the second pillar (occupational pension provision, BVG) or converting savings.
It is important to note that the SNB’s half-year result is no reason for anyone to base an individual financial plan on a stable franc exchange rate or a central-bank payment over the course of a full year. The central bank itself urges caution.
Sources
swissinfo.ch
finews.com
watson.ch
Swiss National Bank (SNB) — Annual Result and Profit Distribution
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In Brief
The Swiss National Bank (SNB) ended the first half of 2026 with a profit of CHF 25.2 billion, a significant improvement compared with the CHF 15.3 billion half-year loss in 2025. The record result was driven by a CHF 31.7 billion gain on foreign currency investments, while the gold reserves recorded an accounting loss of CHF 6.4 billion.
Key Takeaways
- Bear in mind that the half-year result does not automatically mean a distribution to the cantons or the Confederation, as the actual distribution is decided after the annual closing.
- Expect high volatility in the gold and foreign exchange markets, which could turn the half-year profit into a loss by the end of the year.
- Monitor movements in the franc’s exchange rate against the US dollar if you have dollar-denominated expenses or income.
- Plan remittances and the conversion of savings based on the franc’s long-term stability, but do not rely on interim half-year results from the central bank.
Frequently Asked Questions
Will the cantons receive money from the SNB’s CHF 25 billion half-year profit?
No. No distribution is made on the basis of the half-year result. The actual distribution of profits to the cantons and the Confederation is governed by a multi-year agreement with the Federal Department of Finance, which is based exclusively on annual—not half-year—results.
Why did the SNB’s gold reserves record a loss?
The gold reserves recorded an accounting loss of CHF 6.4 billion in the first half of the year because the global market price of gold fell. This is an unrealized loss, as the central bank did not sell any gold; it merely recognized a change in market valuation.
How was the profit distributed across the quarters in 2026?
The first-half result was highly uneven. In the first quarter (January–March), the central bank still reported a loss of CHF 0.5 billion, while the second quarter (April–June) produced an exceptional profit of CHF 25.7 billion, offsetting the earlier shortfall.
What factors drove the profit from foreign currency investments?
The main source of the CHF 31.7 billion gain on foreign currency investments was a CHF 22.9 billion price gain on equities and capital market instruments. This was complemented by a CHF 2.5 billion foreign exchange gain resulting from the franc’s weakening against the US dollar, as well as CHF 6.7 billion in net interest income and CHF 1.7 billion in dividend income.
Does this result affect the daily lives of Hungarians living in Switzerland?
Not directly, as it does not involve direct payments to households or an immediate tax reduction. Indirectly, however, a stable central-bank backdrop supports exchange-rate stability for the franc, making remittances to Hungary and savings planning more predictable.
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