The Swiss National Bank reported an estimated annual profit of around 26 billion Swiss francs for 2025, supported primarily by a sharp rise in gold prices as investors sought safe-haven assets amid global economic uncertainty.
Although the result was lower than the record profit achieved in 2024, it still ranks among the five strongest performances in the central bank’s history. The main driver was a significant valuation gain on gold holdings, reflecting strong demand for the precious metal during the year.
Gold contributed more than 36 billion Swiss francs in valuation gains, marking the highest annual gold profit ever recorded by the SNB. This was supported by a substantial increase in gold prices, which lifted the value of the bank’s reserves of over 1,000 metric tons.
However, overall profitability was partially offset by losses on foreign currency investments. The strengthening of the Swiss franc reduced the value of foreign assets when converted back into francs, leading to losses across equity and currency positions. A notable decline in the U.S. dollar further weighed on returns, given the SNB’s exposure to dollar-denominated assets.
Additional pressure came from losses linked to Swiss franc positions, mainly due to interest payments on commercial bank deposits. Despite these challenges, the final result aligned with market expectations and highlighted the mixed impact of safe-haven flows on the central bank’s balance sheet.
