Ad hoc announcement pursuant to Art. 53 LR

Communications

P.O. Box, CH-8022 Zurich Telephone +41 58 631 00 00communications@snb.ch

Zurich, 28 April 2022

Interim results of the Swiss National Bank as at 31 March 2022

The Swiss National Bank reports a loss of CHF 32.8 billion for the first quarter of 2022.

The loss on foreign currency positions amounted to CHF 36.8 billion. A valuation gain of CHF 4.2 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 10.6 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 was CHF 36.8 billion.

Interest and dividend income amounted to CHF 1.6 billion and CHF 0.8 billion respectively. A price loss of CHF 25.1 billion was recorded on interest-bearing paper and instruments.

In the case of equity securities and instruments, this loss came to CHF 10.7 billion. Exchange rate-related losses totalled CHF 3.4 billion.

Valuation gain on gold holdings

A valuation gain of CHF 4.2 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 57,550 per kilogram at the end of March 2022 (end-2021: CHF 53,548).

Profit on Swiss franc positions

The profit on Swiss franc positions totalled CHF 10.6 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-March 2022, the SNB recorded a loss of CHF 32.8 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.

Income statement, 1 January-31 March 20221

In CHF millions

Item in NotesQ1 2022

Q1 2021

ChangeNet result from gold

Net result from foreign currency positions

Net result from Swiss franc positions Net result, other

1 2

4 161.8

- 2 326.0

- 36 841.3

39 868.5

10.6 - 2.8

266.8

1.9

+ 6 487.8

  • - 76 709.8

    • - 256.2

    • - 4.7

    Gross income

    - 32 671.7

    37 811.2

  • - 70 482.9

Banknote expenses Personnel expenses General overheads Depreciation on tangible assets

- 7.8 - 47.2 - 44.1 - 9.6

- 9.3 - 46.1 - 36.3 - 9.1

  • + 1.5

  • - 1.1

  • - 7.8

  • - 0.5

Interim result

- 32 780.4

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

37 710.4

- 70 490.8

Zurich, 28 April 2022

Ad hoc announcement pursuant to Art. 53 LR

Balance sheet as at 31 March 20221

Assets

In CHF millions

31.03.2022

31.12.2021

Change

Gold holdings

59 852.6

55 690.7

+ 4 161.9

Foreign currency investments2

937 329.5

966 202.2

- 28 872.7

Reserve position in the IMF

2 130.9

2 000.8

+ 130.1

International payment instruments

11 608.6

11 912.5

- 303.9

Monetary assistance loans

912.1

908.0

+ 4.1

Claims from US dollar repo transactions

-

2 147.2

- 2 147.2

Claims from Swiss franc repo transactions

11 398.9

3 216.0

+ 8 182.9

Swiss franc securities

3 788.4

4 031.7

- 243.3

Secured loans

8 671.8

9 202.4

- 530.6

Tangible assets

431.3

437.2

- 5.9

Participations

132.4

135.6

- 3.2

Other assets

1 614.2

891.9

+ 722.3

Total assets

1 037 870.5

1 056 776.2

- 18 905.7

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

  • 2 Includes, as at end-March 2022, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 23.0 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.

Zurich, 28 April 2022

Ad hoc announcement pursuant to Art. 53 LR

Liabilities

In CHF millions

31.03.2022

31.12.2021

Change

Banknotes in circulation

90 436.3

90 685.3

- 249.0

Sight deposits of domestic banks

664 675.6

651 091.0

+ 13 584.6

Liabilities towards the Confederation

14 497.5

12 617.1

+ 1 880.4

Sight deposits of foreign banks and institutions

21 238.9

28 156.2

- 6 917.3

Other sight liabilities

40 154.9

35 297.9

+ 4 857.0

Liabilities from Swiss franc repo transactions

-

-

-

SNB debt certificates

-

-

-

Other term liabilities

-

2 173.8

- 2 173.8

Foreign currency liabilities

23 036.5

20 888.5

+ 2 148.0

Counterpart of SDRs allocated by the IMF

11 278.7

11 325.1

- 46.4

Other liabilities

1 083.4

292.4

+ 791.0

Equity

Provisions for currency reserves1, 2

86 981.0

86 981.0

-

Share capital

25.0

25.0

-

Distribution reserve1, 3

90 943.1

90 943.1

-

Annual result 2021

26 300.0

26 300.0

-

Interim result

- 32 780.4

- 32 780.4

Total equity

171 468.7

204 249.1

- 32 780.4

Total liabilities

1 037 870.5

1 056 776.2

- 18 905.7

1 Before appropriation of profit (cf. Annual Report 2021, p. 174).

  • 2 The allocation to the provisions for currency reserves is made as part of the profit appropriation (i.e. after the General Meeting of Shareholders on 29 April 2022). For the 2021 financial year, it amounts to CHF 8.7 billion.

  • 3 The distribution reserve only changes once a year, as part of the profit appropriation. After the profit appropriation for 2021, it will amount to CHF 102.5 billion.

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SNB - Swiss National Bank published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 05:33:02 UTC.