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In a study published last Friday, UBS experts expected the Swiss National Bank (SNB) to report a quarterly loss in the third quarter. They were right about this.
According to the notification published on Tuesday, the SNB’s profit for the period January-September 2023 is 1.7 billion francs. But this was only thanks to a strong first quarter: After a high increase of 26.9 billion francs in the first quarter of the year, losses of 13.2 billion and 11.9 billion francs occurred in the second and third quarters respectively. UBS economists had expected losses of between 5 and 10 billion francs in the third quarter.
Negative Swiss franc positions
While the SNB achieved a surplus of 7.0 billion in foreign exchange positions in the first nine months, it also reported a valuation gain of 1.1 billion in gold assets, unchanged in volume, while there was a loss in Swiss franc positions. . The total was 6.1 billion francs. According to the SNB, this was mainly due to 5.4 billion francs of interest on current account balances.
The day before, the SNB had announced a change in the way interest is charged on current deposits.
The SNB emphasized that, as always, its results depend largely on the development of the gold, foreign exchange and capital markets. Therefore strong fluctuations are the rule. Therefore, it is only possible to make inferences about the next annual result from this interim result to a limited extent. (SDA/rae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
