Monetary policy Confederation and cantons can expect a distribution from the SNB
The Swiss National Bank is likely to have made a substantial profit in 2024. In the opinion of the major bank UBS, nothing stands in the way of a distribution to the Confederation and the cantons.
06.01.2025, 17:29
SDA
Economists at UBS are forecasting a profit of CHF 15 to 20 billion for the Swiss National Bank (SNB) in the fourth quarter of 2024. The profit for the year as a whole should therefore be between CHF 77.5 billion and CHF 82.5 billion, according to a study published on Monday.
According to UBS, the SNB's financial result in the last quarter was supported by a higher gold price, a stronger US dollar and a further rise in equity markets. The rise in bond yields, on the other hand, weighed on the result.
Distribution "very likely"
Distributions to the Confederation and cantons are now "very likely", the UBS experts note. The SNB would first have to pay off last year's balance sheet loss of CHF 53 billion and make allocations to the provision for currency reserves. But even then, a balance sheet profit of CHF 13 to 18 billion will remain.
And according to the agreement between the central bank and the Department of Finance, the Confederation and the cantons would be entitled to a distribution of CHF 3 billion in the event of a balance sheet profit of between CHF 10 and 20 billion. In the two previous years, there was no distribution.
The SNB will publish the result for the full year 2024 next Thursday, January 9.
