As of: 30.10.2026 (Zurich time). Interim figures are unaudited.
What happened
The Swiss National Bank made a profit of CHF 44.2 billion in the first nine months of 2026, according to its interim results published on Friday. Q3 alone brought CHF 19.1 billion, after CHF 25.2 billion in the first half. That is about 32% less than the CHF 27.9 billion of Q3 2025, as CNBC noted.
The key numbers
Foreign currency positions: +CHF 43.3bn in nine months, CHF 11.6bn of it in Q3. Exchange-rate gains made up CHF 29.8bn: since the end of 2025 the dollar has risen 5.2% against the franc to CHF 0.8342, and the euro 1.8% to CHF 0.9474. Equities added CHF 23.7bn, while bonds lost CHF 22.6bn.
Gold: +CHF 1.2bn in nine months, but +CHF 7.6bn in Q3 alone, after a CHF 6.4bn loss in the first half. A kilo was worth CHF 112,118 at the end of September (end-2025: CHF 110,919).
Swiss franc positions: +CHF 0.1bn in nine months, with a small loss of CHF 24m in Q3.
SNB result per quarter, unaudited. Source: Swiss National Bank, interim results of 31.07. and 30.10.2026
Will cantons get paid?
Too early to say. The CHF 44.2bn is before the allocation to the provisions for currency reserves, which the SNB sets only at the end of the year. The SNB warns that only provisional conclusions about the annual result are possible.
The rules are known. Under the new agreement for 2026 to 2030, the Confederation and the cantons get up to CHF 6bn a year: the full amount if the SNB's net profit reaches CHF 40bn, less below that, and nothing in the event of a net loss. Net profit means the year's result after provisions plus the distribution reserve, which stands at CHF 22.3bn. Two-thirds go to the cantons, paid after the SNB's General Meeting in spring.
For comparison: for 2025 the SNB made CHF 26.1bn and paid out CHF 4bn. After nine months of 2025 it had made only CHF 12.6bn.
What it means if you hold francs
Last year gold did the heavy lifting (+CHF 36.3bn for 2025) while currency positions lost CHF 8.8bn. This year it is the other way round, mainly because the franc has weakened. When the franc softens, the SNB's foreign reserves are worth more in francs. More in The franc, in 3 minutes and Gold in francs, in 3 minutes. On rates: Is a rate hike next?
Sources
General information only, not investment advice. · Allgemeine Informationen, keine Anlageberatung. · Informations générales uniquement, pas un conseil en placement. · Solo informazioni generali, non una consulenza in investimenti.