Large annual profit allows for supplementary distribution

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 currencypositions amounted to some CHF 34 billion. Of this, CHF 9 billion were accounted for byinterest and dividend income, CHF 13 billion by price gains and CHF 12 billion by exchangerate gains. A valuation gain of CHF 4 billion was recorded on the gold holdings. Allocation to the provisions for currency reserves amounts to CHF 2 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 absorbed CHF 6.8 billion of the profit. With the remaining profit, dividend payments of CHF 15 per share, at the most, as well as ordinary profit distributions of CHF 1 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 CHF 10 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.

 

Source: SNB – Swiss National Bank expects annual profit of CHF 38 billion

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