The Swiss National Bank (SNB) is set to report a loss of around 3 billion Swiss francs for the fiscal year 2023, according to provisional calculations released on Tuesday. This follows a trend from the previous year, where losses prevented profit distribution to the federal government and cantons.
Last year, the SNB benefited from the markets. The profit on foreign currency positions amounted to about 4 billion francs, and a valuation gain of 1.7 billion francs resulted from the gold stock. However, a loss of 8.5 billion francs resulted from franc positions. The allocation to the provisions for currency reserves will amount to another 10.5 billion francs.
After considering the negative distribution reserve of 39.5 billion francs, a balance sheet loss of around 53 billion francs is expected. As anticipated, this balance sheet loss makes a distribution for the fiscal year 2023 impossible. This affects both the dividend to the shareholders of the SNB and the profit distribution to the federal government and cantons.
This situation mirrors the year 2022, during which the National Bank reported a loss of 132 billion francs and distributions were also absent. Despite a profit in the first half of 2023, the market situation deteriorated significantly in the third quarter, and the central bank turned to a deficit.
In contrast, the SNB had achieved a profit of more than 26 billion francs in 2021, and just over 20 billion francs the year before. The definitive figures will be published by the central bank on March 4, with the annual report to follow on March 19.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠|
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Schweizerische Nationalbank |
| Currencies | Swiss Franc |
| Securities | None |
