SCHWEIZERISCHE NATIONALBANK Ad hoc announcement pursuant to Art. 53 LR
Communications
P.O. Box, CH-8022 Zurich Telephone +41 58 631 00 00 communications@snb.ch
Zurich, 31 October 2022
Interim results of the Swiss National Bank as at 30 September 2022
The Swiss National Bank reports a loss of CHF 142.4 billion for the first three quarters of 2022.
The loss on foreign currency positions amounted to CHF 141.0 billion. A valuation loss of CHF 1.1 billion was recorded on gold holdings. The loss on Swiss franc positions was CHF 24.1 million.
The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. This means that extreme fluctuations cannot be ruled out. Only provisional conclusions are possible as regards the annual result.
Loss on foreign currency positions
The loss on foreign currency positions totalled CHF 141.0 billion.
Interest and dividend income amounted to CHF 5.1 billion and CHF 3.4 billion respectively. Price losses of CHF 70.9 billion were recorded on interest-bearing paper and instruments, and CHF 54.2 billion in price losses were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 24.4 billion.
Valuation loss on gold holdings
A valuation loss of CHF 1.1 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 52,525 per kilogram at the end of September 2022 (end-2021: CHF 53,548).
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Zurich, 31 October 2022
Ad hoc announcement pursuant to Art. 53 LR
Loss on Swiss franc positions
The loss on Swiss franc positions totalled CHF 24.1 million. The negative interest charged on sight deposit account balances until 22 September 2022 was countered in particular by price losses on interest-bearing paper and instruments.
Provisions for currency reserves
As at end-September 2022, the SNB recorded a loss of CHF 142.4 billion, before the allocation to the provisions for currency reserves.
In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year is determined at the end of the year.
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Zurich, 31 October 2022
Ad hoc announcement pursuant to Art. 53 LR
Income statement, 1 January-30 September 2022 1
In CHF millions
Item | Q1-Q3 2022 | Q1-Q3 2021 | Change | |||||
in Notes | ||||||||
Net result from gold | - 1 063.8 | - 1 278.9 | + 215.1 | |||||
Net result from foreign currency | ||||||||
positions | 1 | - 140 990.2 | 42 170.3 | - 183 160.5 | ||||
Net result from Swiss franc positions | 2 | - 24.1 | 801.8 | - 825.9 | ||||
Net result, other | 6.4 | 16.1 | - 9.7 | |||||
Gross income | - 142 071.7 | 41 709.2 | - 183 780.9 | |||||
Banknote expenses | - 26.3 | - 27.8 | + 1.5 | |||||
Personnel expenses | - 140.4 | - 136.3 | - 4.1 | |||||
General overheads | - 102.0 | - 92.6 | - 9.4 | |||||
Depreciation on tangible assets | - 28.8 | - 27.5 | - 1.3 | |||||
Interim result | - 142 369.1 | 41 425.1 | - 183 794.2 |
1 Unaudited. The External Auditor only audits the annual financial statements.
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Zurich, 31 October 2022
Ad hoc announcement pursuant to Art. 53 LR
Income statement for the third quarter of 2022 1
In CHF millions
Q3 2022 | Q3 2021 | Change | ||||
Net result from gold | - 3 443.5 | 109.5 | - 3 553.0 | |||
Net result from foreign currency positions | - 43 611.7 | - 2 353.7 | - 41 258.0 | |||
Net result from Swiss franc positions | - 59.2 | 250.2 | - 309.4 | |||
Net result, other | 2.5 | 14.2 | - 11.7 | |||
Gross income | - 47 111.9 | - 1 979.7 | - 45 132.2 | |||
Banknote expenses | - 7.8 | - 15.0 | + 7.2 | |||
Personnel expenses | - 47.4 | - 45.4 | - 2.0 | |||
General overheads | - 28.5 | - 25.9 | - 2.6 | |||
Depreciation on tangible assets | - 9.4 | - 9.1 | - 0.3 | |||
Interim result | - 47 205.0 | - 2 075.1 | - 45 129.9 |
1 Unaudited. The External Auditor only audits the annual financial statements.
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Zurich, 31 October 2022
Ad hoc announcement pursuant to Art. 53 LR
Balance sheet as at 30 September 2022 1
Assets
In CHF millions
30.09.2022 | 31.12.2021 | Change | ||||||
Gold holdings | 54 | 626.9 | 55 | 690.7 | - 1 063.8 | |||
Foreign currency investments2 | 808 | 353.5 | 966 | 202.2 | - 157 848.7 | |||
Reserve position in the IMF | 2 | 139.3 | 2 | 000.8 | + 138.5 | |||
International payment instruments | 11 | 488.3 | 11 | 912.5 | - 424.2 | |||
Monetary assistance loans | 890.7 | 908.0 | - 17.3 | |||||
Claims from US dollar repo transactions | 19.6 | 2 | 147.2 | - 2 127.6 | ||||
Claims from Swiss franc repo transactions | - | 3 | 216.0 | - 3 216.0 | ||||
Swiss franc securities | 3 | 584.3 | 4 | 031.7 | - 447.4 | |||
Secured loans | 5 | 488.1 | 9 | 202.4 | - 3 714.3 | |||
Tangible assets | 435.4 | 437.2 | - 1.8 | |||||
Participations | 132.3 | 135.6 | - 3.3 | |||||
Other assets | 2 | 308.9 | 891.9 | + 1 417.0 | ||||
Total assets | 889 | 467.4 | 1 056 | 776.2 | - 167 308.8 |
1 Unaudited. The External Auditor only audits the annual financial statements.
2 Includes, as at end-September 2022, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 2.2 billion (end-2021: CHF 20.9 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in a balance sheet expansion.
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SNB - Swiss National Bank published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 06:28:02 UTC.
