Swiss National Bank Posts Sharp Turnaround in First-Half Profit

The Swiss National Bank (SNB) reported a significant turnaround in its financial results for the first half of 2026, posting a profit of CHF 25.2 billion.

This is a sharp contrast to last year's loss of CHF 15.3 billion, which was largely due to exchange rate losses and unfavourable market conditions.

The SNB's foreign currency investments were the largest contributor to its profit, generating CHF 31.7 billion in earnings, driven by capital gains on equity securities and positive exchange rate effects.

However, the bank recorded a valuation loss of CHF 6.4 billion on its unchanged gold holdings due to a lower gold price.