SNB Posts Profit in First Half of 2012
According to the press release, “The Swiss National Bank (SNB) is reporting a consolidated profit of CHF 6.5 billion for the first half of 2012. The net result from the SNB’s foreign currency positions amounted to CHF 5.1 billion for the first half of the year. A valuation gain of CHF 1.3 billion was recorded on the gold holdings, and a net gain of CHF 46 million was achieved on Swiss franc positions.
The SNB result depends largely on developments in the gold, foreign exchange and capital markets. Consequently, strong fluctuations are normal, and only provisional conclusions are possible as regards the annual result.
Net gain on foreign currency positions
The net result on foreign currency positions amounts to CHF 5.1 billion for the first half of 2012. The positive result was mainly due to interest and dividend income as well as price increases and capital gains of about CHF 5.5 billion overall. Exchange rate-related losses in the first half of the year came to CHF 0.3 billion.”
Read more: Swiss National Bank Press Release