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    SNBN   CH0001319265

SCHWEIZERISCHE NATIONALBANK

(SNBN)
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Schweizerische Nationalbank : Interim results of the Swiss National Bank as at 30 June 2022

07/29/2022 | 01:34am EDT

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, 29 July 2022

Interim results of the Swiss National Bank as at 30 June 2022

The Swiss National Bank reports a loss of CHF 95.2 billion for the first half of 2022.

The loss on foreign currency positions amounted to CHF 97.4 billion. A valuation gain

of CHF 2.4 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 35.1 million.

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.

Loss on foreign currency positions

The loss on foreign currency positions totalled CHF 97.4 billion.

Interest and dividend income amounted to CHF 3.3 billion and CHF 2.3 billion respectively. Price losses of CHF 48.7 billion were recorded on interest-bearing paper and instruments, and CHF 44.0 billion in price losses were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 10.3 billion.

Valuation gain on gold holdings

A valuation gain of CHF 2.4 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 55,836 per kilogram at the end of June 2022 (end-2021: CHF 53,548).

Page 1/10

Zurich, 29 July 2022

Ad hoc announcement pursuant to Art. 53 LR

Profit on Swiss franc positions

The profit on Swiss franc positions totalled CHF 35.1 million. The negative interest charged on sight deposit account balances was countered in particular by price losses on interest-bearing paper and instruments.

Provisions for currency reserves

As at end-June 2022, the SNB recorded a loss of CHF 95.2 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 July 2022

Ad hoc announcement pursuant to Art. 53 LR

Income statement, 1 January-30 June 2022 1

In CHF millions

Item

Q1-Q2 2022

Q1-Q2 2021

Change

in Notes

Net result from gold

2 379.7

- 1 388.5

+ 3 768.2

Net result from foreign currency

positions

1

- 97 378.5

44 524.0

- 141 902.5

Net result from Swiss franc positions

2

35.1

551.6

- 516.5

Net result, other

3.9

1.9

+ 2.0

Gross income

- 94 959.8

43 688.9

- 138 648.7

Banknote expenses

- 18.5

- 12.8

- 5.7

Personnel expenses

- 93.0

- 90.8

- 2.2

General overheads

- 73.4

- 66.7

- 6.7

Depreciation on tangible assets

- 19.4

- 18.4

- 1.0

Interim result

- 95 164.2

43 500.2

- 138 664.4

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

Page 3/10

Zurich, 29 July 2022

Ad hoc announcement pursuant to Art. 53 LR

Income statement for the second quarter of 2022 1

In CHF millions

Q2 2022

Q2 2021

Change

Net result from gold

- 1 782.2

937.6

- 2 719.8

Net result from foreign currency positions

- 60 537.2

4 655.5

- 65 192.7

Net result from Swiss franc positions

24.5

284.8

- 260.3

Net result, other

6.6

- 0.1

+ 6.7

Gross income

- 62 288.2

5 877.7

- 68 165.9

Banknote expenses

- 10.7

- 3.4

- 7.3

Personnel expenses

- 45.8

- 44.8

- 1.0

General overheads

- 29.3

- 30.4

+ 1.1

Depreciation on tangible assets

- 9.8

- 9.3

- 0.5

Interim result

- 62 383.8

5 789.8

- 68 173.6

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

Page 4/10

Zurich, 29 July 2022

Ad hoc announcement pursuant to Art. 53 LR

Balance sheet as at 30 June 2022 1

Assets

In CHF millions

30.06.2022

31.12.2021

Change

Gold holdings

58

070.4

55

690.7

+ 2 379.7

Foreign currency investments2

884

385.9

966

202.2

- 81 816.3

Reserve position in the IMF

2

185.5

2

000.8

+ 184.7

International payment instruments

11

475.0

11

912.5

- 437.5

Monetary assistance loans

905.2

908.0

- 2.8

Claims from US dollar repo transactions

-

2

147.2

- 2 147.2

Claims from Swiss franc repo transactions

19

356.7

3

216.0

+ 16 140.7

Swiss franc securities

3

579.1

4

031.7

- 452.6

Secured loans

7

789.2

9

202.4

- 1 413.2

Tangible assets

434.0

437.2

- 3.2

Participations

130.2

135.6

- 5.4

Other assets

1

945.8

891.9

+ 1 053.9

Total assets

990

256.9

1 056

776.2

- 66 519.3

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

2 Includes, as at end-June 2022, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 31.2 billion (end-2021: CHF 20.9 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in a balance sheet expansion.

Page 5/10

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Disclaimer

SNB - Swiss National Bank published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 05:33:07 UTC.


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