SNB Surpasses Expectations with CHF 25.2 Billion Six-Month Profit

The Swiss National Bank (SNB) has reported a solid six-month profit, exceeding expectations. The central bank earned CHF 25.2 billion from January through June, with its holdings in foreign currencies delivering a profit of CHF 31.7 billion.

This includes gains from the global stock-market rally and a weaker franc offsetting the drop in value of its gold holdings. The SNB's gold reserves decreased by CHF 6.4 billion due to falling bullion prices.

The central bank also made a profit of CHF 0.1 billion from positions in Swiss francs, which includes negative interest charged on oversized commercial-bank reserves held at the SNB.