The Swiss National Bank (SNB), the country's central bank, has reported a profit of CHF 44.2 billion for the first three quarters of 2026, that is, from January 1 to September 30, 2026. According to its press release of October 30, 2026, this result stems mainly from its foreign currency investments. It remains provisional: the SNB points out that the annual result depends on the markets until December 31. It is this annual result that determines the distribution to the Confederation and the cantons, under the 2026-2030 agreement concluded with the Federal Department of Finance.

A profit driven by foreign currencies, with gold back in positive territory

Foreign currency positions earned CHF 43.3 billion over the first nine months of 2026, according to the SNB's press release. The gold holdings, whose volume did not change, generated a valuation gain of CHF 1.2 billion. Swiss franc positions added CHF 0.1 billion.

These CHF 44.2 billion are stated before the allocation to the provisions for currency reserves. The National Bank Act (NBA), in Article 30, paragraph 1, requires the SNB to set aside these provisions. Their amount for 2026 will only be set at the end of the year.

A note on reading the figures: added together, the three rounded components come to CHF 44.6 billion. The press release does not explain this gap, which was already noted at the end of June. The reference figure remains the one published by the SNB, CHF 44.2 billion.

From CHF 25.2 to 44.2 billion: what has changed since the end of June

At the end of June 2026, the SNB reported a profit of CHF 25.2 billion, as detailed in our article on the SNB's profit in the first half of the year. By our calculation, the third quarter, from July to September 2026, therefore added around CHF 19.0 billion. The table compares the two press releases, with figures in billions of Swiss francs.

ComponentAs at June 30, 2026 (6 months)As at September 30, 2026 (9 months)
Total profit25.244.2
Foreign currency positions31.743.3
of which exchange rate gains2.529.8
of which price gains on equities22.923.7
of which price losses on interest-bearing securities−1.7−22.6
of which interest income6.710.7
of which dividends1.72.3
of which interest expenses−0.4−0.7
Gold holdings−6.4+1.2
Swiss franc positions0.10.1
Price of a kilogram of gold, in Swiss francs104,812112,118

The driver changed in nature in three months. In the first half of the year, gains on equities dominated. At the end of September, it is exchange rate gains: CHF 29.8 billion, compared with CHF 2.5 billion at the end of June. The financial news site finews.ch concluded on October 30, 2026 that the weakening of the franc weighed heavily in this result.

Interest-bearing securities, on the other hand, saw their price losses deepen, from CHF 1.7 billion to CHF 22.6 billion. The SNB's press release does not explain them. Our article on the Swiss franc and the interventions noted, citing the Keystone-ATS news agency, that the European Central Bank (ECB) and the US Federal Reserve (Fed) had recently raised their interest rates.

Gold, finally, swung around. Its loss of CHF 6.4 billion at the end of June turned into a valuation gain of CHF 1.2 billion at the end of September. A kilogram was worth CHF 112,118 on September 30, 2026, compared with CHF 104,812 at the end of June and CHF 110,919 on December 31, 2025.

On the Swiss franc positions, the SNB mainly cites the interest charged on sight deposit account balances, as well as its liquidity-absorbing operations. This charge refers to the mechanism of negative interest rates in Switzerland, applied to the portion of banks' sight deposits that exceeds a threshold.

SNB distribution to the cantons: what the figure tells us

The distribution to the Confederation and the cantons depends on the annual net profit, not on an interim figure. The rules are set out in the 2026-2030 distribution agreement, announced on October 1, 2026 by the Federal Department of Finance (FDF) and the SNB. The scale reads as follows:

  • a base amount of CHF 2 billion, if net profit reaches at least CHF 2 billion;
  • CHF 1 billion more at each of the thresholds of CHF 10, 20, 30 and 40 billion in net profit;
  • a maximum of CHF 6 billion per financial year, if the SNB's financial situation allows it.

The profit of CHF 44.2 billion exceeds the highest threshold, that of CHF 40 billion. The comparison remains premature, however, for two reasons. The figure covers nine months and not the full financial year. Above all, it is stated before the allocation to provisions, whereas the scale is based on net profit.

This allocation is also changing in 2026. According to the press release of October 1, 2026, the SNB is lowering the minimum allocation to provisions from 10% to 8% from the 2026 financial year, subject to annual approval by the Bank Council. That press release details neither the split between the Confederation and the cantons nor the payment schedule.

What we do not know yet

  • The result for the 2026 financial year: the SNB warns that large fluctuations are the rule and that only provisional conclusions are possible.
  • The effect of the fourth quarter: the exchange rate gains are measured as at September 30, 2026. According to Keystone-ATS, cited by 2clics, the franc appreciated markedly in October, with the euro falling back below CHF 0.92 on October 22. No source puts a figure on the effect of this movement on the SNB's result.
  • The amount of the provisions for currency reserves, set at the end of the year.
  • The amount that will be paid out for 2026 and its split between the Confederation and the cantons.
  • The comparison with the first nine months of previous years: the sources consulted for this article do not provide it.

The SNB's next public event is the monetary policy assessment of December 10, 2026, according to the schedule of its quarterly assessment by the SNB. This article does not constitute investment advice.

Sources