The Swiss National Bank on Friday reported a big increase in profit during its second quarter thanks to rising equity markets, which compensated for a plunge in the price of gold.
The central bank reported a second-quarter profit of 25.7 billion Swiss francs ($31.84 billion), reversing a 22 billion franc loss a year earlier and up from a loss of 500 million francs in the first three months of the year.
The figure beat UBS forecasts for a profit of 19 billion to 24 billion Swiss francs.
The central bank between April and June made a profit of 39.9 billion francs on its foreign currency positions - representing dividends, interest payments and price gains on the mountain of stocks and shares it has built up.
The MSCI World Index gained 13% in the second quarter, as markets rallied in the U.S and Europe due to accelerating investment in AI and a reduction in fears about the Iran war.
The SNB made a loss of 14.1 billion on its gold holdings, which represented the falling value of the 1,040 tonnes of the precious metal the SNB holds.
-Reuters
The central bank reported a second-quarter profit of 25.7 billion Swiss francs ($31.84 billion), reversing a 22 billion franc loss a year earlier and up from a loss of 500 million francs in the first three months of the year.
The figure beat UBS forecasts for a profit of 19 billion to 24 billion Swiss francs.
The central bank between April and June made a profit of 39.9 billion francs on its foreign currency positions - representing dividends, interest payments and price gains on the mountain of stocks and shares it has built up.
The MSCI World Index gained 13% in the second quarter, as markets rallied in the U.S and Europe due to accelerating investment in AI and a reduction in fears about the Iran war.
The SNB made a loss of 14.1 billion on its gold holdings, which represented the falling value of the 1,040 tonnes of the precious metal the SNB holds.
-Reuters
