Swiss National Bank books a 19.1 billion franc third-quarter profit on gold and foreign currency gains
The central bank’s profit for the first nine months of the year reached 44.2 billion francs, helped by a weaker franc that lifted the value of its foreign holdings.
The Swiss National Bank reported a third-quarter profit of 19.1 billion Swiss francs, or $23.13 billion, on Friday, driven by gains on its gold and foreign currency investments1,5.
That brought its profit for the first nine months of 2026 to 44.2 billion francs, according to the bank’s report4,7.
The result was supported by gains on its foreign currency positions as the franc weakened6.
The SNB attributed the nine-month result to its foreign-currency portfolio and its gold holdings2.
The value of the gold it holds increased by 1.2 billion francs, and positions in Swiss francs generated a gain of 0.1 billion francs, the bank said8.
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Why it matters to investors
The figures cover the period through the end of September7.
Because the gains reflect the value of the bank’s holdings of foreign currencies and gold, its results move with those markets2,8.
The figures show how strongly the SNB’s earnings depend on currency and gold markets2,3.
Gains on gold and foreign assets produced what was described as a bumper profit, an approach that the Federal Reserve and the Bank of England do not typically take with their own balance sheets1,3.
The weaker franc was cited as a support for the nine-month result, alongside gains from foreign currency positions6.
The third quarter alone was described as very positive, contributing a large share of the nine-month total1,4.
Taken together, the figures show the third quarter accounting for 19.1 billion francs of the 44.2 billion francs earned so far this year1,7.
What to watch
The full-year result will depend on where the franc and gold stand at the end of December, since the profit is driven by valuation gains on foreign holdings and gold2,8.
On policy, the SNB is expected to keep its rate at 0% with stable inflation, with potential rate hikes delayed until 20279.
The franc has remained firm against the dollar as easing demand for safe havens weighs on the US currency9.
Gold and foreign assets were the two drivers named for the bumper quarterly profit, so both will remain central to the bank’s results3,5.
Investors will also look for any change in the outlook for inflation that could alter the expected path of the 0% policy rate9.
Sources
- SNB posts 19.1 billion Swiss franc profit in third quarter | Reuters, reuters.com (2026-10-30)
- SNB Reports Nine-Month Profit on Foreign Currencies and Gold - Bloomberg.com, bloomberg.com (2026-10-30)
- Swiss central bank posts bumper $23bn profit thanks to gold , foreign assets - CNBC, cnbc.com (2026-10-30)
- Swiss central bank posts CHF44.2bn third quarter profit - SWI swissinfo.ch, swissinfo.ch (2026-10-30)
- SNB posts 19.1 billion Swiss franc profit in third quarter - Global Banking & Finance Review, globalbankingandfinance.com (2026-10-30)
- Swiss National Bank 9-month profit at at 44.2 bln francs as franc weakens - Yahoo Finance, finance.yahoo.com (2026-10-30)
- SNB reports strong billion-franc profit through the end of September - finews.com, finews.com (2026-10-30)
- SNB Reports Nine-Month Profit on Foreign Currencies and Gold - SWI swissinfo.ch, swissinfo.ch (2026-10-30)
- Swiss Franc remains stronger as easing safe-haven demand weighs on US Dollar | FXStreet, fxstreet.com (2026-10-30)
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