Ad hoc announcement pursuant to Art. 53 LR Communications
P.O. Box, CH-8022 Zurich Telephone +41 58 631 00 00 communications@snb.ch
Zurich, 23 April 2026
The loss on foreign currency positions amounted to CHF 8.2 billion. A valuation gain of CHF 7.8 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 40.4 million.
The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result.
Loss on foreign currency positionsThe loss on foreign currency positions was CHF 8.2 billion. Interest and dividend income amounted to CHF 3.2 billion and CHF 0.6 billion respectively, while interest expenses stood at CHF 0.2 billion. Price losses of CHF 5.3 billion were recorded on interest-bearing paper and instruments, and CHF 6.3 billion in price losses were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 0.2 billion.
Valuation gain on gold holdingsA valuation gain of CHF 7.8 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 118,400 per kilogram at the end of March 2026
(end-2025: CHF 110,919).
Ad hoc announcement pursuant to Art. 53 LR Profit on Swiss franc positionsThe profit on Swiss franc positions totalled CHF 40.4 million. This largely resulted from the remuneration of sight deposit account balances and from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates.
Provisions for currency reservesAs at end-March 2026, the SNB recorded a loss of CHF 0.5 billion before the allocation to the provisions for currency reserves.
In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year is determined at the end of the year.
Ad hoc announcement pursuant to Art. 53 LR Income statement, 1 January - 31 March 20261In CHF millions | ||||
Item in Notes | Q1 2026 | Q1 2025 | Change | |
Net result from gold | 7 779.6 | 12 777.3 | - 4 997.7 | |
Net result from foreign currency positions | 1 | - 8 202.1 | - 5 257.6 | - 2 944.5 |
Net result from Swiss franc positions | 2 | 40.4 | - 695.4 | + 735.8 |
Net result, other | 5.4 | - 20.4 | + 25.8 | |
Gross income | - 376.6 | 6 803.9 | - 7 180.5 | |
Banknote expenses | - 7.5 | - 7.8 | + 0.3 | |
Personnel expenses | - 52.6 | - 53.8 | + 1.2 | |
General overheads | - 53.5 | - 54.8 | + 1.3 | |
Depreciation on tangible assets | - 7.7 | - 7.1 | - 0.6 | |
Interim result | - 497.9 | 6 680.3 | - 7 178.2 | |
1 Unaudited. The External Auditor only audits the annual financial statements.
Ad hoc announcement pursuant to Art. 53 LR | |||
Balance sheet as at 31 March 20261 | |||
Assets In CHF millions | |||
31.03.2026 | 31.12.2025 | Change | |
Gold holdings | 123 130.8 | 115 351.2 | + 7 779.6 |
Foreign currency investments2 | 747 798.3 | 759 210.1 | - 11 411.8 |
Reserve position in the IMF | 1 651.2 | 1 666.5 | - 15.3 |
International payment instruments | 10 253.9 | 10 219.5 | + 34.4 |
Monetary assistance loans | 1 436.7 | 1 448.0 | - 11.3 |
Claims from Swiss franc repo transactions | - | - | - |
Swiss franc securities3 | 4 006.3 | 3 942.9 | + 63.4 |
Secured loans | 686.4 | 794.5 | - 108.1 |
Tangible assets | 485.8 | 493.1 | - 7.3 |
Participations | 135.9 | 131.3 | + 4.6 |
Other assets | 622.5 | 600.3 | + 22.2 |
Total assets | 890 207.7 | 893 857.5 | - 3 649.8 |
1 Unaudited. The External Auditor only audits the annual financial statements.
2 Includes, as at end-March 2026, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 26.8 billion (end-2025: CHF 33.9 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in a balance sheet expansion.
3 The Swiss franc portfolio will be reduced with minimal market impact over the coming quarters. In the past, Swiss franc securities were primarily held as potential collateral for liquidity-absorbing repo transactions. In the meantime, this function is performed by the SNB's own holdings of SNB Bills. Purchases of Swiss franc bonds continue to be available as a monetary policy instrument, should the need arise (cf. 'Guidelines of the Swiss National Bank on monetary policy instruments').
Ad hoc announcement pursuant to Art. 53 LR | |||
Liabilities In CHF millions | |||
31.03.2026 | 31.12.2025 | Change | |
Banknotes in circulation | 71 261.7 | 73 078.1 | - 1 816.4 |
Sight deposits of domestic banks | 415 293.5 | 418 419.7 | - 3 126.2 |
Liabilities towards the Confederation | 15 832.3 | 15 377.5 | + 454.8 |
Sight deposits of foreign banks and institutions | 24 045.2 | 9 417.8 | + 14 627.4 |
Other sight liabilities | 11 409.1 | 7 376.0 | + 4 033.1 |
Liabilities from Swiss franc repo transactions | 74 496.7 | 61 244.6 | + 13 252.1 |
SNB debt certificates | 75 210.0 | 98 714.4 | - 23 504.4 |
Foreign currency liabilities | 26 827.8 | 33 893.7 | - 7 065.9 |
Counterpart of SDRs allocated by the IMF | 9 582.0 | 9 572.6 | + 9.4 |
Other liabilities | 290.0 | 305.9 | - 15.9 |
Equity | |||
Provisions for currency reserves1, 2 | 127 348.9 | 127 348.9 | - |
Share capital | 25.0 | 25.0 | - |
Distribution reserve1, 3 | 12 937.6 | 12 937.6 | - |
Annual result 2025 | 26 145.7 | 26 145.7 | - |
Interim result | - 497.9 | - 497.9 | |
Total equity | 165 959.3 | 166 457.2 | - 497.9 |
Total liabilities | 890 207.7 | 893 857.5 | - 3 649.8 |
1 Before appropriation of profit (cf. Annual Report 2025, p. 170).
2 The allocation to the provisions for currency reserves is made as part of the profit appropriation (i.e. after the General Meeting of Shareholders on 24 April 2026). After the allocation for 2025, which will amount to CHF 12.7 billion, the provisions for currency reserves will increase to CHF 140.1 billion.
3 The distribution reserve only changes once a year, as part of the profit appropriation. After the profit appropriation for 2025, it will
amount to CHF 22.3 billion.
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