Swiss National Bank Posts $31.84 Billion Profit in Second Quarter

The Swiss National Bank (SNB) has reported a significant increase in profit for its second quarter, thanks to rising equity markets that offset losses on gold holdings.

The SNB made a profit of 25.7 billion Swiss francs ($31.84 billion), up from a loss of 500 million francs in the first three months of the year and reversing a 22 billion franc loss a year earlier.

This result beats UBS forecasts for a profit of 19-24 billion Swiss francs, according to Reuters.

The bank made a profit of 39.9 billion francs on its foreign currency positions between April and June, largely due to dividends, interest payments, and price gains on its stock holdings.