SCHWEIZERISCHE NATIONALBANK Ad hoc announcement pursuant to Art. 53 LR
Communications
P.O. Box, CH-8022 Zurich Telephone +41 58 631 00 00 communications@snb.ch
Zurich, 6 March 2023
Annual result of the Swiss National Bank for 2022
The Swiss National Bank reports a loss of CHF 132.5 billion for 2022 (2021: profit of CHF 26.3 billion).
The loss on foreign currency positions amounted to CHF 131.5 billion and the loss on Swiss franc positions was CHF 1.0 billion. A valuation gain of CHF 0.4 billion was recorded on gold holdings. Operating expenses came to CHF 0.4 billion.
For the financial year just ended, the SNB has set the allocation to the provisions for currency reserves at CHF 9.6 billion. After taking into account the distribution reserve of CHF 102.5 billion, the net loss comes to CHF 39.5 billion. Pursuant to the provisions of the National Bank Act and the profit distribution agreement between the Federal Department of Finance and the SNB, this net loss precludes a distribution for the 2022 financial year. This affects both dividend payments to the SNB shareholders and the profit distribution to the Confederation and the cantons.
Loss on foreign currency positions
The loss on foreign currency positions was CHF 131.5 billion (2021: profit of CHF 25.7 billion).
Interest and dividend income totalled CHF 7.4 billion and CHF 4.4 billion respectively. Price losses of CHF 72.0 billion were recorded on interest-bearing paper and instruments, and CHF 41.3 billion in price losses were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 29.8 billion.
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Zurich, 6 March 2023
Ad hoc announcement pursuant to Art. 53 LR
Valuation gain on gold holdings
At the end of 2022, the price of gold stood at CHF 53,941 per kilogram, 0.7% higher than
at the end of 2021 (CHF 53,548). This gave rise to a valuation gain of CHF 0.4 billion on the unchanged holdings of 1,040 tonnes of gold (2021: valuation loss of CHF 0.1 billion).
Loss on Swiss franc positions
The loss on Swiss franc positions totalled CHF 1.0 billion (2021: profit of CHF 1.1 billion).
It largely resulted from price losses on interest-bearing paper and instruments, and from interest on sight deposit accounts. The interest paid on sight deposit account balances exceeded the negative interest charged until 22 September 2022.
Provisions for currency reserves
The SNB aims for a robust balance sheet with sufficient equity capital, to ensure that it can also absorb high losses. Annual allocations to the provisions for currency reserves are therefore necessary. The allocation in a given year is determined on the basis of double the average nominal GDP growth rate over the previous five years. To ensure that sufficient allocations are made to the provisions for currency reserves even in periods of low nominal GDP growth, the minimum annual allocation is currently set at 10% of the provisions at the end of the previous year.
Since nominal GDP growth over the last five years has averaged just 0.8%, the minimum allocation of 10% will be applied for the 2022 financial year. This corresponds to CHF 9.6 billion (2021: CHF 8.7 billion). As a result, the provisions for currency reserves will grow from CHF 95.7 billion to CHF 105.2 billion.
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Zurich, 6 March 2023
Ad hoc announcement pursuant to Art. 53 LR
Income statement for 2022
In CHF millions
Item in Notes
2022
2021
Change
Net result from gold | 408.5 | - 56.4 | + 464.9 | ||
Net result from foreign currency | |||||
positions | 1 | - 131 458.5 | 25 | 656.4 | - 157 114.9 |
Net result from Swiss franc positions | 2 | - 1 038.5 | 1 | 064.9 | - 2 103.4 |
Net result, other | 6.7 | 17.0 | - 10.3 | ||
Gross income | - 132 081.8 | 26 | 681.9 | - 158 763.7 | |
Banknote expenses | - 36.5 | - 33.7 | - 2.8 | ||
Personnel expenses | - 188.3 | - 182.8 | - 5.5 | ||
General overheads | - 134.0 | - 127.8 | - 6.2 | ||
Depreciation on tangible assets | - 38.9 | - 37.7 | - 1.2 | ||
Annual result | - 132 479.5 | 26 | 300.0 | - 158 779.5 |
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Zurich, 6 March 2023
Ad hoc announcement pursuant to Art. 53 LR
Appropriation of profit for 20221
In CHF millions
2022
2021
Change
Annual result | - 132 479.5 | 26 | 300.0 | - 158 779.5 |
− Allocation to provisions for currency reserves | - 9 567.9 | - 8 698.1 | - 869.8 | |
= Distributable annual result | - 142 047.4 | 17 | 601.9 | - 159 649.3 |
+ Profit carried forward | ||||
(distribution reserve before appropriation of profit) | 102 543.5 | 90 | 943.1 | + 11 600.4 |
= Net profit/loss | - 39 504.0 | 108 | 545.0 | - 148 049.0 |
− Payment of a dividend of 6% | - | - 1.5 | + 1.5 | |
− Profit distribution to Confederation and cantons2 | - | - 6 000.0 | + 6 000.0 | |
= Balance carried forward to following year's | ||||
financial statements | ||||
(distribution reserve after appropriation of profit) | - 39 504.0 | 102 | 543.5 | - 142 047.5 |
- The determination and distribution of profits are governed by arts. 30 and 31 NBA. The portion of the annual result remaining after the allocation to the provisions for currency reserves is the distributable annual result. Together with the distribution reserve, this makes up the net profit/net loss. If a net profit is achieved, this is used for distributions. In the event of a net loss, no distribution is made.
2 Profit distribution agreement of 29 January 2021 between the Federal Department of Finance and the Swiss National Bank.
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Zurich, 6 March 2023
Ad hoc announcement pursuant to Art. 53 LR
Balance sheet as at 31 December 2022
Assets
In CHF millions
31.12.2022
31.12.2021
Change
Gold holdings | 56 | 099.3 | 55 | 690.7 | + 408.6 |
Foreign currency investments1 | 800 | 566.2 | 966 | 202.2 | - 165 636.0 |
Reserve position in the IMF | 2 | 136.6 | 2 | 000.8 | + 135.8 |
International payment instruments | 11 | 380.7 | 11 | 912.5 | - 531.8 |
Monetary assistance loans | 877.5 | 908.0 | - 30.5 | ||
Claims from US dollar repo transactions | - | 2 | 147.2 | - 2 147.2 | |
Claims from Swiss franc repo transactions | - | 3 | 216.0 | - 3 216.0 | |
Swiss franc securities | 3 | 564.8 | 4 | 031.7 | - 466.9 |
Secured loans | 4 | 430.5 | 9 | 202.4 | - 4 771.9 |
Tangible assets | 440.5 | 437.2 | + 3.3 | ||
Participations | 132.3 | 135.6 | - 3.3 | ||
Other assets | 1 | 748.5 | 891.9 | + 856.6 | |
Total assets | 881 | 376.8 | 1 056 | 776.2 | - 175 399.4 |
1 Includes, as at end-December 2022, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 16.7 billion (end-2021: CHF 20.9 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in an increase in the balance sheet total.
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SNB - Swiss National Bank published this content on 06 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2023 06:29:08 UTC.
