Interim results of the Swiss National Bank as at 30 September 2021

Ad hoc announcement pursuant to Art. 53 LR

Communications

P.O. Box, CH-8022 Zurich Telephone [phone] [e-mail]

Zurich, 29 October 2021

Interim results of the Swiss National Bank as at 30 September 2021

The Swiss National Bank reports a profit of CHF 41.4 billion for the first three quarters of 2021.

The profit on foreign currency positions amounted to CHF 42.2 billion. A valuation loss of CHF 1.3 billion was recorded on gold holdings. The profit on Swiss franc positions amounted to CHF 0.8 billion.

The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional ­conclusions are possible as regards the annual result.

Profit on foreign currency positions

The profit on foreign currency positions totalled CHF 42.2 billion.

Interest and dividend income amounted to CHF 5.5 billion and CHF 2.9 billion respectively. While price losses of CHF 13.7 billion were recorded on interest-bearing paper and instruments, equity securities and instruments registered price gains of CHF 22.2 billion. Exchange rate-­ related gains totalled CHF 25.3 billion.

Valuation loss on gold holdings

A valuation loss of CHF 1.3 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 52,373 per kilogram at the end of September 2021 (end-2020: CHF 53,603).

Page 1/10

Zurich, 29 October 2021

Ad hoc announcement pursuant to Art. 53 LR

Profit on Swiss franc positions

The profit on Swiss franc positions totalled CHF 0.8 billion. It largely resulted from negative interest charged on sight deposit account balances.

Provisions for currency reserves

As at end-September 2021, the SNB recorded a profit of CHF 41.4 billion before the allocation to the provisions for currency reserves.

In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for ­monetary policy. The allocation for the current financial year is determined at the end of the year.

Page 2/10

Zurich, 29 October 2021

Ad hoc announcement pursuant to Art. 53 LR

Income statement, 1 January-30 September 2021 1

In CHF millions

	Item		Q1-Q3 2021		Q1-Q3 2020		Change
	in Notes
Net result from gold			- 1 278.9	9 118.4		- 10 397.3
Net result from foreign currency
positions	1	42 170.3	5	252.0		+ 36 918.3
Net result from Swiss franc positions	2	801.8			988.3		- 186.5
Net result, other		16.1			- 6.2		+ 22.3
Gross income		41 709.2	15	352.4		+ 26 356.8
Banknote expenses			- 27.8			- 19.7		- 8.1
Personnel expenses			- 136.3		- 135.4		- 0.9
General overheads			- 92.6			- 88.3		- 4.3
Depreciation on tangible assets			- 27.5			- 28.8		+ 1.3
Interim result		41 425.1	15	080.2		+ 26 344.9

1 Unaudited. The External Auditor only audits the annual financial statements.

Page 3/10

Zurich, 29 October 2021

Ad hoc announcement pursuant to Art. 53 LR

Income statement for the third quarter of 2021 1

In CHF millions

	Q3 2021		Q3 2020		Change
Net result from gold	109.5	1	997.3		- 1 887.8
Net result from foreign currency positions	- 2 353.7	12	035.7		- 14 389.4
Net result from Swiss franc positions	250.2			354.7		- 104.5
Net result, other	14.2			2.0		+ 12.2
Gross income	- 1 979.7	14	389.8		- 16 369.5
Banknote expenses	- 15.0			-		- 15.0
Personnel expenses	- 45.4			- 44.9		- 0.5
General overheads	- 25.9			- 23.2		- 2.7
Depreciation on tangible assets	- 9.1			- 9.5		+ 0.4
Interim result	- 2 075.1	14	312.2		- 16 387.3

1 Unaudited. The External Auditor only audits the annual financial statements.

Page 4/10

Zurich, 29 October 2021

Ad hoc announcement pursuant to Art. 53 LR

Balance sheet as at 30 September 2021 1

Assets

In CHF millions

	30.09.2021		31.12.2020		Change
Gold holdings	54	468.2	55	747.1		- 1 278.9
Foreign currency investments2	965	459.6	910	001.0		+ 55 458.6
Reserve position in the IMF	1	960.7	1	849.6		+ 111.1
International payment instruments	11	864.2	4	363.9		+ 7 500.3
Monetary assistance loans		932.5			907.6		+ 24.9
Claims from US dollar repo transactions		-	8	841.7		- 8 841.7
Claims from Swiss franc repo transactions		-			549.9		- 549.9
Swiss franc securities	3	981.8	4	072.9		- 91.1
Secured loans3	10	040.8	11	176.4		- 1 135.6
Tangible assets		429.4			438.0		- 8.6
Participations		135.6			134.0		+ 1.6
Other assets		747.7			945.6		- 197.9
Total assets	1 050	020.6	999	027.9		+ 50 992.7

1 Unaudited. The External Auditor only audits the annual financial statements.

2 Includes, as at end-September 2021, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 15.6 billion (end-2020: CHF 9.6 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in a balance sheet expansion.

• The SNB COVID-19 refinancing facility (CRF) for banks based in Switzerland and the Principality of Liechtenstein. The CRF allows banks to obtain liquidity from the SNB by assigning as collateral loans that have been granted under surety and loan guarantee programmes provided by the Confederation or the cantons.

Page 5/10