Schweizerische Nationalbank : Interim results of the Swiss National Bank as at 31 March 2023

Ad hoc announcement pursuant to Art. 53 LR

Communications

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

Zurich, 27 April 2023

Interim results of the Swiss National Bank as at 31 March 2023

The Swiss National Bank reports a profit of CHF 26.9 billion for the first quarter of 2023.

The profit on foreign currency positions amounted to CHF 24.2 billion. A valuation gain of CHF 4.3 billion was recorded on gold holdings. The loss on Swiss franc positions was CHF 1.6 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 24.2 billion.

Interest and dividend income amounted to CHF 2.5 billion and CHF 0.9 billion respectively. Price gains of CHF 8.5 billion were recorded on interest-bearing paper and instruments, and CHF 14.7 billion in price gains were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 2.0 billion.

Valuation gain on gold holdings

A valuation gain of CHF 4.3 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 58,122 per kilogram at the end of March 2023 (end-2022: CHF 53,941).

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Zurich, 27 April 2023

Ad hoc announcement pursuant to Art. 53 LR

Loss on Swiss franc positions

The loss on Swiss franc positions totalled CHF 1.6 billion. This largely resulted from remuneration of sight deposit account balances.

Provisions for currency reserves

As at end-March 2023, the SNB recorded a profit of CHF 26.9 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, 27 April 2023

Ad hoc announcement pursuant to Art. 53 LR

Income statement, 1 January-31 March 20231

In CHF millions

Item in Notes

Q1 2023

Q1 2022

Change

Net result from gold		4	348.5	4 161.8	+ 186.7
Net result from foreign currency
positions	1	24	244.2	- 36 841.3	+ 61 085.5
Net result from Swiss franc positions	2	- 1 551.8	10.6	- 1 562.4
Net result, other			- 0.3	- 2.8	+ 2.5
Gross income		27	040.7	- 32 671.7	+ 59 712.4
Banknote expenses			- 7.8	- 7.8	-
Personnel expenses			- 49.8	- 47.2	- 2.6
General overheads			- 48.1	- 44.1	- 4.0
Depreciation on tangible assets			- 9.0	- 9.6	+ 0.6
Interim result		26	926.0	- 32 780.4	+ 59 706.4

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

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Zurich, 27 April 2023

Ad hoc announcement pursuant to Art. 53 LR

Balance sheet as at 31 March 20231

Assets

In CHF millions

	31.03.2023		31.12.2022		Change
Gold holdings	60	447.8	56	099.3		+ 4 348.5
Foreign currency investments2	761	271.8	800	566.2		- 39 294.4
Reserve position in the IMF	2	182.9	2	136.6		+ 46.3
International payment instruments	11	239.8	11	380.7		- 140.9
Monetary assistance loans		873.6			877.5		- 3.9
Claims from US dollar repo transactions		91.3			-		+ 91.3
Claims from Swiss franc repo transactions		-			-		-
Swiss franc securities	3	619.3	3	564.8		+ 54.5
Secured loans and loans under emergency law3	112	421.7	4	430.5		+ 107 991.2
Tangible assets		433.1			440.5		- 7.4
Participations		131.1			132.3		- 1.2
Other assets	1	885.1	1	748.5		+ 136.6
Total assets	954	597.8	881	376.8		+ 73 221.0

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

1. Includes, as at end-March 2023, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 18.3 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.
2. 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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Zurich, 27 April 2023

Ad hoc announcement pursuant to Art. 53 LR

Liabilities

In CHF millions

31.03.2023

31.12.2022

Change

Banknotes in circulation	78	157.6	81	696.8	- 3 539.2
Sight deposits of domestic banks	481	296.1	466	922.7	+ 14 373.4
Liabilities towards the Confederation	10	626.5	16	667.9	- 6 041.4
Sight deposits of foreign banks and institutions	33	279.2	27	584.2	+ 5 695.0
Other sight liabilities	11	618.8	27	803.9	- 16 185.1
Liabilities from Swiss franc repo transactions	71	015.9	67	144.8	+ 3 871.1
SNB debt certificates	103	579.2	98	168.8	+ 5 410.4
Other term liabilities		91.8		-	+ 91.8
Foreign currency liabilities	59	355.4	16	739.7	+ 42 615.7
Counterpart of SDRs allocated by the IMF	10	883.6	10	919.1	- 35.5
Other liabilities	1	999.9	1	960.9	+ 39.0
Equity
Provisions for currency reserves1, 2	95	679.1	95	679.1	-
Share capital		25.0		25.0	-
Distribution reserve1, 3	102	543.5	102	543.5	-
Annual result 2022	- 132 479.5	- 132 479.5	-
Interim result	26	926.0			+ 26 926.0
Total equity	92	694.0	65	768.0	+ 26 926.0
Total liabilities	954	597.8	881	376.8	+ 73 221.0

1 Before appropriation of profit (cf. Annual Report 2022, p. 176).

• 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 28 April 2023). After the allocation for 2022, which will amount to CHF 9.6 billion, the provisions for currency reserves will increase to CHF 105.2 billion.

• The distribution reserve only changes once a year, as part of the profit appropriation. After the profit appropriation for 2022, it will amount to CHF -39.5 billion.

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