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, 31 July 2023
Interim results of the Swiss National Bank as at 30 June 2023
The Swiss National Bank reports a profit of CHF 13.7 billion for the first half of 2023.
The profit on foreign currency positions amounted to CHF 16.2 billion. A valuation gain of CHF 1.2 billion was recorded on gold holdings. The loss on Swiss franc positions was CHF 3.4 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 16.2 billion.
Interest and dividend income amounted to CHF 5.1 billion and CHF 2.2 billion respectively, while interest expenses stood at CHF 0.6 billion. Price gains of CHF 2.8 billion were recorded on interest-bearing paper and instruments, and CHF 26.2 billion in price gains were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 19.6 billion.
Valuation gain on gold holdings
A valuation gain of CHF 1.2 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 55,098 per kilogram at the end of June 2023 (end-2022: CHF 53,941).
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Zurich, 31 July 2023
Ad hoc announcement pursuant to Art. 53 LR
Loss on Swiss franc positions
The loss on Swiss franc positions totalled CHF 3.4 billion.
This largely resulted from the CHF 3.3 billion in remuneration of sight deposit account balances. Additional interest expenses of CHF 1.1 billion arose from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates. The interest income on secured loans and loans under emergency law amounted to CHF 0.9 billion.
Provisions for currency reserves
As at end-June 2023, the SNB recorded a profit of CHF 13.7 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.
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Zurich, 31 July 2023
Ad hoc announcement pursuant to Art. 53 LR
Income statement, 1 January-30 June 2023 1
In CHF millions
Item in Notes
Q1-Q2 2023
Q1-Q2 2022
Change
Net result from gold | 1 | 203.6 | 2 379.7 | - 1 176.1 | |
Net result from foreign currency | |||||
positions | 1 | 16 | 166.7 | - 97 378.5 | + 113 545.2 |
Net result from Swiss franc positions | 2 | - 3 430.9 | 35.1 | - 3 466.0 | |
Net result, other | - 0.1 | 3.9 | - 4.0 | ||
Gross income | 13 | 939.4 | - 94 959.8 | + 108 899.2 | |
Banknote expenses | - 18.9 | - 18.5 | - 0.4 | ||
Personnel expenses | - 97.6 | - 93.0 | - 4.6 | ||
General overheads | - 81.5 | - 73.4 | - 8.1 | ||
Depreciation on tangible assets | - 17.8 | - 19.4 | + 1.6 | ||
Interim result | 13 | 723.6 | - 95 164.2 | + 108 887.8 |
1 Unaudited. The External Auditor only audits the annual financial statements.
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Zurich, 31 July 2023
Ad hoc announcement pursuant to Art. 53 LR
Income statement for the second quarter of 2023 1
In CHF millions
Q2 2023
Q2 2022
Change
Net result from gold | - 3 144.9 | - 1 782.2 | - 1 362.7 |
Net result from foreign currency positions | - 8 077.6 | - 60 537.2 | + 52 459.6 |
Net result from Swiss franc positions | - 1 879.1 | 24.5 | - 1 903.6 |
Net result, other | 0.3 | 6.6 | - 6.3 |
Gross income | - 13 101.3 | - 62 288.2 | + 49 186.9 |
Banknote expenses | - 11.1 | - 10.7 | - 0.4 |
Personnel expenses | - 47.7 | - 45.8 | - 1.9 |
General overheads | - 33.4 | - 29.3 | - 4.1 |
Depreciation on tangible assets | - 8.8 | - 9.8 | + 1.0 |
Interim result | - 13 202.4 | - 62 383.8 | + 49 181.4 |
1 Unaudited. The External Auditor only audits the annual financial statements.
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Zurich, 31 July 2023 | |||||||||
Ad hoc announcement pursuant to Art. 53 LR | |||||||||
Balance sheet as at 30 June 2023 1 | |||||||||
Assets | |||||||||
In CHF millions | |||||||||
30.06.2023 | 31.12.2022 | Change | |||||||
Gold holdings | 57 | 302.9 | 56 | 099.3 | + 1 203.6 | ||||
Foreign currency investments2 | 741 | 599.5 | 800 | 566.2 | - 58 966.7 | ||||
Reserve position in the IMF | 2 | 060.4 | 2 | 136.6 | - 76.2 | ||||
International payment instruments | 11 | 061.1 | 11 | 380.7 | - 319.6 | ||||
Monetary assistance loans | 845.5 | 877.5 | - 32.0 | ||||||
Claims from US dollar repo transactions | - | - | - | ||||||
Claims from Swiss franc repo transactions | - | - | - | ||||||
Swiss franc securities | 3 | 718.2 | 3 | 564.8 | + 153.4 | ||||
Secured loans and loans under emergency law3 | 66 | 699.1 | 4 | 430.5 | + 62 268.6 | ||||
Tangible assets | 437.0 | 440.5 | - 3.5 | ||||||
Participations | 128.9 | 132.3 | - 3.4 | ||||||
Other assets | 1 | 740.5 | 1 | 748.5 | - 8.0 | ||||
Total assets | 885 | 593.1 | 881 | 376.8 | + 4 216.3 |
1 Unaudited. The External Auditor only audits the annual financial statements.
- Includes, as at end-June 2023, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 15.0 billion (end-2022: CHF 16.7 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in a balance sheet expansion.
- Includes claims from the facilities for drawing emergency liquidity assistance (ELA) against collateral as set out in the
'Guidelines on monetary policy instruments' and claims from the SNB COVID-19 refinancing facility (CRF). Also included under this item are claims from additional liquidity assistance loans with preferential rights in bankruptcy proceedings (ELA+) and claims from liquidity assistance loans with preferential rights in bankruptcy proceedings as well as a federal default guarantee (public liquidity backstop, PLB), both of which are based on the Federal Council's emergency ordinance of 16 March 2023.
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SNB - Swiss National Bank published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 05:26:09 UTC.
