Swiss central bank posts bumper $23bn profit thanks to gold, foreign assets

The Swiss National Bank (SNB) headquarters in Bern, Switzerland, on Thursday, Sept. 24, 2026. Pascal Mora | Bloomberg | Getty ImagesThe Swiss National Bank said Friday that it made a profit of 19.1 billion Swiss francs ($23.3 billion) on its investments in the third quarter, driven by its gold and foreign currency holdings. It brought the central bank's year-to-date profit up to 44.2 billion francs, the equivalent of around $53.8 billion, raising the prospect of a payout to Swiss federal and local governments at the end of the year. But the overall profit in the third quarter of 2026 marked a year-on-year decline of almost 32%. Profit and loss recorded in the SNB's quarterly accounting updates consists of interest income, dividends, and valuation adjustments resulting from exchange rate movements and market price changes.The Swiss franc rose around 12% against the U.S. dollar in 2025, having been lifted by investors flocking to the safe-haven currency in the wake of U.S. President Donald Trump's tariff announcements. So far this year, it has lost around 3.6% versus the greenback. Profit driversIn the third quarter of 2025, the SNB saw a 14.3-billion-franc net gain on gold, compared...