Specifically, SNB reported a loss of CHF 142.4 billion for the period January-September 2022, as announced on Monday. After minus 32.8 billion in the first quarter and 62.4 billion in the second quarter, another 47.2 billion were added in the third quarter. The numbers are not entirely surprising – a high loss was expected in the third quarter, mainly due to the turmoil in the financial markets in September.
In the reporting period, there was a 141.0 billion depreciation in the FX position, while a 1.1 billion valuation loss was experienced in the gold assets, which did not change in amount. On Swiss franc positions, the central bank received a minor minus of 24.1 million Swiss francs.
profit distribution at risk
Unless there is a dramatic turnaround in the financial markets in the last two months of the year, the usual distribution of profits to the Confederation and the cantons is in serious danger.
As always, the SNB stressed that its results depend primarily on the development of the gold, foreign exchange and capital markets. Strong fluctuations are therefore the rule and results from intermediate to annual results are only possible to a limited extent.
For example, in 2021 as a whole, SNB posted a profit of over CHF 26 billion with positive first and second quarters and negative third and fourth quarters. Last year, profit was a good 20 billion. However, there are also years of high losses, which in any case are primarily related to weak stock market developments or a very strong Swiss franc. 2018 or 2015 were such years: local currency watchdogs had to report losses of about 15 billion, or more than 23 billion. (SDA/smt)