• profit from fx positions CHF 34bln
  • gold valuation gain CHF 4bln
  • SNB says profit allows for supplementary distribution
  • see dividend payment of max CHF 15 per share

Provisional data published a short while ago and vastly better than the loss reported in 2013

The SNB release says

According to provisional calculations, the Swiss National Bank (SNB) will report a profit in the order of CHF 38 billion for the 2014 financial year. The profit on foreign currency positions amounted to some CHF34 billion. Of this, CHF9 billion were accounted for by interest and dividend income, CHF13 billion by price gains and CHF12 billion by exchange rate gains.
A valuation gain of CHF 4 billion was recorded on the gold holdings.Allocation to the provisions for currency reserves amounts toCHF2 billion.

The figure used as a basis for determining this amount was, once again,twice the average nominal GDP growth rate. Offsetting the negative distribution reserve absorbedCHF6.8 billion of the profit. With the emaining profit, dividend payments of CHF15 per share, at the most, as well as ordinary profit distributions of CHF1 billion to the Confederation and the cantons can be resumed. The remainder will be allocated to the distribution reserve, which will then amount to some CHF
28 billion.

The profit distribution agreement between the SNB and the Federal Department of Finance (FDF) stipulates that a supplementary profit distribution to the Confederation and the cantons will be triggered in the event that the distribution reserve exceeds CHF10 billion after the profit appropriation. The amount of the supplementary distribution
will be agreed between the SNB and the FDF. The cantons will be informed in advance.

A detailed report on the annual result with definitive figures will be released on 6 March 2015; the Annual Report will be published on 26 March 2015.

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