What was the SNB's exact profit in the first half of 2026?

The Swiss National Bank recorded a profit of CHF 25.2 billion in the first six months of 2026. This result is the result of a loss of 0.5 billion in the first quarter, largely offset by a profit of 25.8 billion in the second quarter, thanks to the positive performance of the stock markets and favourable exchange rates.

How much did the SNB lose on gold reserves?

A valuation loss of CHF 6.4 billion was recorded on gold reserves in the first half of 2026. The price of gold has indeed fallen: at the end of June 2026 a kilo of gold cost 104,812 francs, while at the end of 2025 the value was 110,919 francs.

How much was distributed to the Confederation and Cantons in the previous year?

In 2025, the SNB recorded a total profit of CHF 26.1 billion. Of this figure, 4 billion francs were distributed to the Confederation and the Cantons, following the conventions in force on the allocation of central bank profits.

SNB: profit of 25 billion in the first half of 2026 (cross-border guide)

Di Redazione Frontaliere Ticino · Published on 31 July 2026

The Swiss National Bank closes the first half of 2026 with a profit of 25.2 billion francs, driven by stock markets and foreign currencies.

Context

In brief

Useful semi-annual amount of 25.2 billion francs registered by BNS in 2026.
Record recovery in the second quarter with a profit of 25.8 billion.
Foreign currency positions generated income of 31.7 billion.

Key facts

What: BNS semi-annual profit
When: First half of 2026
Where: Bern
Who: BNS
Amount: 25.2 billion francs

BERN - The Swiss National Bank (BNS) has closed the first half of 2026 with an extremely positive financial result, totaling a profit of 25.2 billion francs. This figure represents a significant turnaround compared to the beginning of the year, when the central bank had reported a slight loss of 0.5 billion francs in the first quarter. The exceptional performance recorded between April and June has allowed to largely compensate for the initial deficit, thanks to an isolated quarterly profit of 25.8 billion francs. The main driver of this growth has been the good performance of global stock markets, which has supported the large reserves of the Swiss central bank.

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Operational details

The result achieved by BNS has exceeded the expectations of financial analysts. UBS experts had indeed hypothesized a semi-annual profit within a range of 18 to 23 billion francs, a forecast that proved prudent compared to the 25.2 billion actually achieved. This positive deviation highlights the strength of the market rebound in the second quarter of 2026. However, not all budget items have shown a plus sign. The Confederation's gold reserves have suffered a valuation loss of 6.4 billion francs, due to the decline in the price of gold recorded during the first half of the year.

Recommended tools

For an updated estimate, use the net salary calculator and the CHF-EUR exchange comparator.

Key points

The financial solidity shown by BNS in the first half of 2026 rekindles the debate on the distribution of profits to Confederation and Cantons. In 2025, against an annual profit of 26.1 billion francs, the institute had distributed 4 billion francs to public entities, providing essential support for cantonal and federal budgets. Although the current profit of 25.2 billion is only an interim figure, the premises for a future distribution appear encouraging, provided that market stability continues into the second half of the year. The distribution procedure follows precise rules established between the Federal Department of Finance and the central bank, aimed at ensuring the stabilization reserve before making payments.

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Source: tio.ch

Frequently Asked Questions

What was the SNB's exact profit in the first half of 2026?: The Swiss National Bank recorded a profit of CHF 25.2 billion in the first six months of 2026. This result is the result of a loss of 0.5 billion in the first quarter, largely offset by a profit of 25.8 billion in the second quarter, thanks to the positive performance of the stock markets and favourable exchange rates.
How much did the SNB lose on gold reserves?: A valuation loss of CHF 6.4 billion was recorded on gold reserves in the first half of 2026. The price of gold has indeed fallen: at the end of June 2026 a kilo of gold cost 104,812 francs, while at the end of 2025 the value was 110,919 francs.
How much was distributed to the Confederation and Cantons in the previous year?: In 2025, the SNB recorded a total profit of CHF 26.1 billion. Of this figure, 4 billion francs were distributed to the Confederation and the Cantons, following the conventions in force on the allocation of central bank profits.