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Delayed Swiss Exchange  -  05/27 11:31:36 am EDT
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Swiss National Bank increases annual profit as stock markets boom

01/07/2022 | 01:43am EDT

ZURICH, Jan 7 (Reuters) - The Swiss National Bank expects to make a profit of around 26 billion Swiss francs ($28.22 billion) for 2021, the central bank said in its provisional results on Friday, as booming stock markets throughout the year added billions to the value of its foreign currency investments.

The SNB made a profit of just under 26 billion francs on its foreign currency positions, which include nearly 1 trillion francs worth of stocks and bonds bought during its long campaign to weaken the Swiss franc.

The central bank suffered a valuation loss of 100 million francs from its gold holdings, offset by a 1 billion franc profit from its Swiss franc positions, mainly the negative interest rates it charges commercial banks to hold money overnight.

As a result, its annual profit is expected to be higher than the 20.9 billion francs profit it made for 2020.

The performance means the SNB will pay an unchanged dividend of 15 francs per share, the legal maximum. It will also make a maximum payout of 6 billion francs to the Swiss government and regional authorities under a new agreement signed last year.

The SNB will release final profit figures in March.

It gave no details of its fourth-quarter performance, where the appreciation of the Swiss franc likely reduced the valuation gains from its foreign currency investments.

The franc rose against both the euro and dollar between October and December, hitting its highest level against the common currency since mid-2015.

This currency movement will have reduced gains from higher stock values when translated back to francs.

Still, UBS economist Alessandro Bee reckoned the SNB's share portfolio gains more than compensated for the higher value of the franc.

Bee estimated the central bank made a valuation gain of roughly 35 billion francs in 2021 from its stock market holdings, which includes stakes in Starbucks, Apple and other U.S. tech giants.

($1 = 0.9212 Swiss francs) (Reporting by John Revill Editing by Riham Alkousaa and Michael Shields)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 4.08% 149.64 Delayed Quote.-15.73%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.87% 0.667 Delayed Quote.3.56%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.65% 0.68482 Delayed Quote.2.78%
BRITISH POUND / EURO (GBP/EUR) 0.07% 1.1764 Delayed Quote.-1.19%
BRITISH POUND / SWISS FRANC (GBP/CHF) -0.04% 1.20888 Delayed Quote.-2.04%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.39% 0.732311 Delayed Quote.4.76%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.25% 0.75151 Delayed Quote.3.89%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.39% 0.142878 Delayed Quote.-0.89%
DANISH KRONE / SWISS FRANC (DKK/CHF) -0.17% 13.758 Delayed Quote.-0.90%
EURO / SWISS FRANC (EUR/CHF) -0.16% 1.02712 Delayed Quote.-0.81%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) -0.13% 12.1952 Delayed Quote.4.31%
INDIAN RUPEE / EURO (INR/EUR) 0.11% 0.012015 Delayed Quote.1.75%
INDIAN RUPEE / SWISS FRANC (INR/CHF) 0.05% 0.012337 Delayed Quote.0.82%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.11% 0.7526 Delayed Quote.-4.93%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 0.69% 0.62548 Delayed Quote.-0.46%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) -2.95% 0.014392 Delayed Quote.22.03%
SCHWEIZERISCHE NATIONALBANK 1.16% 7000 Delayed Quote.33.59%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 0.06% 0.6988 Delayed Quote.3.31%
STARBUCKS CORPORATION 2.98% 76.71 Delayed Quote.-34.42%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 0.34% 0.097577 Delayed Quote.-3.57%
US DOLLAR / EURO (USD/EUR) 0.01% 0.931819 Delayed Quote.5.95%
US DOLLAR / SWISS FRANC (USD/CHF) -0.17% 0.95699 Delayed Quote.5.09%
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Capitalization 700 M 732 M 732 M
EV / Sales -1
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Nbr of Employees 869
Free-Float 76,7%
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Managers and Directors
Thomas Jakob Ulrich Jordan Chairman-Governing Board
Barbara Janom Steiner Chairman-Bank Council
Philippe Landucci Director-Information Technology
Sébastien Kraenzlin Director-Banking Operations
Sabine Wey Assistant Director-Compliance