Swiss National Bank increases annual profit as stock markets boom By Reuters

Swiss National Bank increases annual profit as stock markets boom By Reuters
Swiss National Bank increases annual profit as stock markets boom © Reuters. FILE PHOTO: A general view of the building of the Swiss National Bank (SNB) in Zurich, Switzerland December 16, 2021. REUTERS/Arnd Wiegmann

ZURICH (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…

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