Positive figures SNB reports CHF 6.7 billion profit in the first quarter of 2025

The Swiss National Bank reports a profit of CHF 6.7 billion for the first quarter of 2025. However, with the correction on the financial markets, the SNB result has probably deteriorated massively since the beginning of April.

The profit for the period from January to March of the current year amounted to CHF 6.7 billion, as announced by the SNB on Thursday. While it recorded a loss of CHF 5.3 billion on its foreign currency positions, there was a valuation gain of CHF 12.8 billion on its gold holdings, which remained unchanged in terms of volume. A loss of CHF 0.7 billion was recorded on Swiss franc positions.

As usual, the SNB emphasized that its result is largely dependent on the development of the gold, foreign exchange and capital markets. Strong fluctuations are therefore the rule and conclusions from the interim result to the annual result are only possible to a limited extent.

Developments in the first three weeks of April are a very good example of this. The tariff shock triggered by US President Donald Trump is likely to have pushed the SNB's result into the red in the first few days of April - because the Swiss franc appreciated significantly and equities corrected sharply.

According to an estimate by economists at the major bank UBS, the value of SNB investments had probably fallen by up to CHF 50 billion by mid-April. Since then, however, there has been a recovery on the stock markets, which has been quite strong in some cases, and gold has also made further gains.