Swiss National Bank posts $53.8B profit in January-September

By Bahattin Gonultas and Emir Yildirim

BERLIN / ISTANBUL (AA) - The Swiss National Bank (SNB) recorded a profit of 44.2 billion francs ($53.8 billion) in the first nine months of the year, as rising valuations of its foreign exchange positions and gold reserves drove its performance in January-September.

Foreign exchange positions alone contributed $52.7 billion to its total profit during the nine-month period, the bank reported.

The increase in the overall value of its gold reserves accounted for an additional $1.46 billion.

Combined increases in stock valuations and favorable exchange rates overshadowed the significant losses the bank incurred on its bond investments.

In the third quarter, the bank’s profit reached $23.3 billion, with $14.15 billion generated from foreign exchange positions and $9.27 billion from its gold holdings.

The performance fell short of the $34.04 billion profit recorded in the same period last year, when gold reserves yielded larger returns, the data showed.

Bahattin Gönültaş