SCHWEIZERISCHE NATIONALBANK Communications
P.O. Box, CH-8022 Zurich Telephone +41 44 631 31 11 communications@snb.ch
Zurich, 31 October 2014
Interim results of the Swiss National Bank as at 30 September 2014The Swiss National Bank (SNB) reports a profit of CHF 28.5 billion for the first three quarters of 2014.
The profit on foreign currency positions amounted to CHF 25.2 billion. A valuation gain of
CHF 3.3 billion was recorded on gold holdings.
The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result.
Profit on foreign currency positionsThe net result on foreign currency positions amounted to CHF 25.2 billion.
Interest income accounted for CHF 5.7 billion and dividends for CHF 1.4 billion. The generally lower interest rate level resulted in price gains of CHF 6.2 billion on interest-bearing paper and instruments. Equity securities and instruments benefited from the favourable stock market environment and contributed CHF 2.3 billion to the result.
Overall, exchange rate-related gains amounted to CHF 9.7 billion. Exchange rate-related losses on the euro were more than offset by gains on other investment currencies, in particular the US dollar and the pound sterling.
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Zurich, 31 October 2014
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Valuation gain on gold holdingsA valuation gain of CHF 3.3 billion was achieved on gold holdings, which were unchanged in volume terms. Gold was trading at CHF 37,395 per kilogram at end-September 2014 (end-2013: CHF 34,195).
Profit on Swiss franc positionsThe Swiss franc positions recorded a net profit of CHF 185 million, essentially comprising price gains of CHF 141 million and interest income of CHF 57 million.
Provisions for currency reservesAs at the end of September 2014, the SNB recorded a profit of CHF 28.5 billion, before the allocation to the provisions for currency reserves.
In accordance with art. 30 para. 1 of the National Bank Act, the SNB sets aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for 2014 will be determined at the end of the year.
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Zurich, 31 October 2014
Press release
Income statement, 1 January-30 September 20141In CHF millions
Item no.
in Notes
Q1-Q3 2014 Q1-Q3 2013 Change
Net result from gold 3 328.6 - 10 663.1 + 13 991.7
Net result from
foreign currency positions 1 25 242.8 4 053.1 + 21 189.7
Net result from Swiss franc positions 2 185.3 - 75.5 + 260.8
Net result, other 7.7 9.8 - 2.1
Banknote expenses - 19.2 - 15.4 - 3.8
Personnel expenses2 - 114.1 - 135.1 + 21.0
General overheads - 73.5 - 62.7 - 10.8
Depreciation on tangible assets - 27.9 - 28.6 + 0.7
1 Unaudited. The external auditors only audit the annual financial statements.
2 With effect from 1 January 2014, the SNB pension fund changed from a defined benefit to a defined contribution system. While the major portion of the associated costs was covered from the pension fund reserves, a one-off provision of CHF 30 million was created for the remaining sum in the second quarter of 2013.
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Zurich, 31 October 2014
Press release
Income statement for the third quarter of 20141In CHF millions
Q3 2014 Q3 2013 Change
Net result from gold - 217.8 2 490.4 - 2 708.2
Net result from foreign currency positions 12 631.1 - 1 758.7 + 14 389.8
Net result from Swiss franc positions 48.1 15.7 + 32.4
Net result, other 5.1 - 1.0 + 6.1
Banknote expenses - 6.8 - 5.5 - 1.3
Personnel expenses - 37.4 - 35.0 - 2.4
General overheads - 24.0 - 18.4 - 5.6
Depreciation on tangible assets - 8.8 - 9.5 + 0.7
1 Unaudited. The external auditors only audit the annual financial statements.
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Zurich, 31 October 2014
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Balance sheet as at 30 September 20141 AssetsIn CHF millions
30.09.2014 31.12.2013 Change
Gold holdings 38 890.8 35 565.0 + 3 325.8
Foreign currency investments 471 452.3 443 274.5 + 28 177.8
Reserve position in the IMF 2 233.0 2 295.4 - 62.4
International payment instruments 4 353.6 4 293.9 + 59.7
Monetary assistance loans 231.4 244.2 - 12.8
Claims from Swiss franc repo transactions - - - Swiss franc securities 3 848.6 3 689.9 + 158.7
Banknote stocks 182.4 156.7 + 25.7
Tangible assets 416.4 433.1 - 16.7
Participations 133.6 134.4 - 0.8
Other assets 304.1 294.9 + 9.2
1 Unaudited. The external auditors only audit the annual financial statements.
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Zurich, 31 October 2014
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LiabilitiesIn CHF millions
30.09.2014 31.12.2013 Change
Banknotes in circulation 62 897.0 65 766.4 - 2 869.4
Sight deposits of domestic banks 307 459.3 317 131.7 - 9 672.4
Liabilities towards the Confederation 11 866.3 10 481.8 + 1 384.5
Sight deposits of foreign banks and institutions 13 492.6 11 523.2 + 1 969.4
Other sight liabilities 35 641.3 24 773.7 + 10 867.6
Liabilities from Swiss franc repo transactions 13.0 - + 13.0
SNB debt certificates - - - Foreign currency liabilities 9 336.6 8 074.0 + 1 262.6
Counterpart of SDRs allocated by the IMF 4 660.1 4 510.5 + 149.6
Other liabilities 155.3 97.9 + 57.4
Operating provisions1 2.9 31.0 - 28.1
Provisions for currency reserves2 54 787.0 51 783.6 + 3 003.4
Share capital 25.0 25.0 - Distribution reserve3 - 6 820.2 5 259.8 - 12 080.0
Annual result 2013 - 9 076.6 + 9 076.6
Interim result 28 529.8 + 28 529.8
1 With effect from 1 January 2014, the SNB pension fund changed from a defined benefit to a defined contribution system. While the major portion of the associated costs was covered from the pension fund reserves, a one-off provision of CHF 30 million was created for the remaining sum and allocated to the 2013 financial year. The payment of the costs assumed by the SNB is to be made from this provision in 2014 without this affecting the SNB's net income.
2 The allocation to the provisions for currency reserves forms part of the profit appropriation. The increase of CHF 3.0 billion represents the allocation for the 2013 financial year.
3 The distribution reserve only changes once a year, as part of the profit appropriation.
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Zurich, 31 October 2014
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Valuation rates
Year under review Previous year
30.09.2014 31.12.2013 Change 30.09.2013 31.12.2012 Change
CHF CHF In percent CHF CHF In percent
1 EUR 1.2065 1.2268 - 1.7 1.2239 1.2074 + 1.4
1 USD 0.9560 0.8908 + 7.3 0.9043 0.9129 - 0.9
100 JPY 0.8721 0.8489 + 2.7 0.9255 1.0576 - 12.5
1 CAD 0.8549 0.8384 + 2.0 0.8792 0.9171 - 4.1
1 GBP 1.5505 1.4736 + 5.2 1.4604 1.4839 - 1.6
1 kilogram
of gold 37 395.09 34 194.73 + 9.4 38 562.77 48 815.02 - 21.0
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Zurich, 31 October 2014
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Notes to the interim results Item no. 1: Net result from foreign currency positionsBreakdown by origin in CHF millions
Q1-Q3 2014 Q1-Q3 2013 Change
Foreign currency investments 25 167.8 3 990.0 + 21 177.8
Reserve position in the IMF 75.9 - 17.5 + 93.4
International payment instruments - 8.9 1.7 - 10.6
Monetary assistance loans 7.9 - 2.2 + 10.1
Other foreign currency positions - 81.1 - 81.1
Breakdown by type in CHF millions
Q1-Q3 2014 Q1-Q3 2013 Change
Interest income 5 699.3 5 190.4 + 508.9
Price gain/loss on interest-bearing
paper and instruments 6 201.5 - 6 753.0 + 12 954.5
Interest expenses - 14.1 - 7.7 - 6.4
Dividend income 1 423.4 1 345.7 + 77.7
Price gain/loss on equity securities and instruments 2 283.4 9 260.5 - 6 977.1
Exchange rate gain/loss 9 660.4 - 4 974.7 + 14 635.1
Asset management, safe custody and other fees - 11.0 - 8.1 - 2.9
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Item no. 2: Net result from Swiss franc positionsBreakdown by origin in CHF millions
Q1-Q3 2014 Q1-Q3 2013 Change
Swiss franc securities 192.2 - 70.1 + 262.3
Liquidity-providing Swiss franc repo transactions - - - Liquidity-absorbing Swiss franc repo transactions - - - Other assets 0.0 0.0 + 0.0
Liabilities towards the Confederation - - - SNB debt certificates - - - Other sight liabilities - 6.9 - 5.3 - 1.6
Breakdown by type in CHF millions
Q1-Q3 2014 Q1-Q3 2013 Change
Interest income 56.7 59.8 - 3.1
Price gain/loss on interest-bearing
paper and instruments 140.9 - 125.1 + 266.0
Interest expenses - 6.9 - 5.3 - 1.6
Trading, safe custody and other fees - 5.4 - 4.8 - 0.6
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