Swiss central bank posts record profit of nearly $90b

ZURICH, Mar 03 (Reuters): The Swiss National Bank posted a record annual profit of 80.7 billion Swiss francs ($89.50 billion) in 2024, the central bank said on Monday, riding on the back of booming equity markets, rising gold prices and a stronger US dollar.

The bank, which easily beat its previous record of 54 billion francs in 2017, saw a sharp turnaround from its 2023 loss of 3.2 billion, and slightly bettered January's provisional expectations for full-year profit of about 80 billion francs.

During 2024 the SNB made a profit of 67.3 billion francs from its positions in foreign currency bonds and equities, as well as a valuation gain of 21.2 billion from gold holdings.

The performance means the SNB can pay out to the Swiss central and regional governments for the first time since 2021, along with a dividend to shareholders.

Net profit came to 15.9 billion francs, the SNB said, after factoring in its negative distribution reserve of 53.2 billion francs.

That would allow a dividend payment of 15 francs a share and profit distribution to the federal government and cantons worth 3 billion francs.