The Swiss National Bank (SNB) published its interim results as at 30 June 2026 on 31 July 2026. For the first half of 2026, i.e. the period from 1 January to 30 June 2026, it reports a profit of CHF 25.2 billion. This figure comes from a press release published under the ad hoc publicity rules (Art. 53 of the Listing Rules). Here is what it contains, what it does not say, and why one should be wary of drawing conclusions about the full year.
Three components, with opposite signs
According to the SNB, the result for the first half of 2026 breaks down into three main blocks:
- a profit of CHF 31.7 billion on foreign currency positions;
- a valuation loss of CHF 6.4 billion on gold holdings;
- a profit of CHF 0.1 billion on Swiss franc positions.
One clarification is needed: added up as they stand, these three rounded components come to CHF 25.4 billion, not CHF 25.2 billion. The text of the press release does not explain this discrepancy; the details are probably in the tables appended to the SNB's full document, which this article does not reproduce. The reference figure remains the one published by the central bank: CHF 25.2 billion.
Foreign currency positions, the driver of the half-year
Most of the profit comes from foreign currency investments, which generated CHF 31.7 billion in the first half of 2026. The SNB details the sources:
- interest income: CHF 6.7 billion;
- dividend income: CHF 1.7 billion;
- interest expenses: CHF 0.4 billion;
- price losses on interest-bearing paper and instruments: CHF 1.7 billion;
- price gains on equity securities and instruments: CHF 22.9 billion;
- exchange rate-related gains: CHF 2.5 billion.
These figures, all published by the SNB for the period from 1 January to 30 June 2026, show that gains on equities (CHF 22.9 billion) alone weigh far more than current interest and dividend income combined. The half-year result therefore rests above all on movements in stock market prices, that is, on valuation gains recorded at a given date, 30 June 2026. The press release does not specify in which markets or currencies these gains were made.
Gold, down
Conversely, gold holdings weighed on the result, with a valuation loss of CHF 6.4 billion. The SNB states that the quantity of gold held remained unchanged: the loss is due solely to the fall in price. According to the press release, a kilogram of gold was worth CHF 104,812 at the end of June 2026, compared with CHF 110,919 at the end of 2025. Based on our calculation from these two figures, this represents a decline of around 5.5% over the half-year, expressed in francs.
Franc positions, marginal
The profit of CHF 0.1 billion on Swiss franc positions resulted, according to the SNB, mainly from the remuneration of sight deposit account balances and from liquidity-absorbing operations. The central bank points out that it absorbs liquidity by means of repo transactions and SNB Bills.
One half-year does not make a year
The SNB itself stresses this point: its financial result depends largely on developments in the gold, foreign exchange and capital markets. It warns that strong fluctuations are therefore to be expected and that only provisional conclusions can be drawn as to the annual result.
In concrete terms, a profit as at 30 June can be wiped out, maintained or amplified in the second half depending on developments in stock markets, exchange rates and the gold price. Since a large part of the half-year profit consists of valuation gains, a market movement in the opposite direction is enough to reduce it. It is therefore not possible, on the basis of these figures alone, to estimate the result for the 2026 financial year, and this article does not attempt to do so.
Before the allocation to provisions
Another point to bear in mind: the CHF 25.2 billion is before the allocation to the provisions for currency reserves. Under Art. 30 para. 1 of the National Bank Act (NBA), the SNB must set aside provisions to maintain currency reserves at the level required by monetary policy. The amount of this allocation for the current financial year is only determined at the end of the year.
The press release of 31 July 2026 says nothing about any distributions to the Confederation and the cantons. It contains no information on this point.
Key takeaways
- Published figure: profit of CHF 25.2 billion for the period from 1 January to 30 June 2026 (SNB press release of 31 July 2026).
- Main source: price gains on equities held in foreign currencies (CHF 22.9 billion).
- Main drag: the fall in the gold price (valuation loss of CHF 6.4 billion).
- Uncertainty: according to the SNB, only provisional conclusions can be drawn about the annual result; the allocation to provisions will be determined at the end of the year.
