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Key takeaways
- The Swiss National Bank generated a substantial profit of 26.1 billion Swiss francs (28.6 billion euros) in 2025.
- This profit was mainly driven by a rise in the gold price.
- Shareholders will receive the maximum permitted dividend of 15 francs per share and the Swiss government will benefit from a 4‑billion‑franc contribution.
The Swiss National Bank has reported an annual profit of 26.1 billion Swiss francs for 2025, in line with its preliminary forecasts. This substantial profit was largely driven by a rise in the gold price.
Investors sought refuge in safe‑haven assets such as gold amid uncertainty over global trade caused by the import tariffs imposed by US President Donald Trump. The SNB booked a valuation gain of 36.3 billion francs on its gold holdings, which totalled 1,030 tonnes, thanks to an almost 46 per cent increase in the value of the precious metal over the year.
Losses on foreign currencies
The bank did, however, incur a loss of 8.8 billion francs on its foreign‑exchange reserves. Interest and dividend income from equities and bonds was wiped out by unfavourable exchange rates when converted into Swiss francs. The Swiss franc appreciated by 14 per cent against the US dollar in 2025.
Profit distribution
As a result, the SNB’s total annual profit fell to 26.1 billion francs, compared with 80.7 billion francs in 2024. Despite this decline, the bank will pay a dividend of 15 francs per share – the maximum permitted amount – to its shareholders. In addition, the SNB will contribute 4 billion francs to Switzerland’s federal and regional governments.
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