The SNB’s annual financial statements and profit
The National Bank Act sets out regulations for the determination and distribution of profits. The profit distribution agreement between the Federal Department of Finance and the SNB governs the amount of the annual distributions to the Confederation and cantons over a certain period. You can access all reports, regulations and documents relevant to the SNB’s financial statements and profit here.
Balance sheet as at 31 December 2023
In CHF millions
Assets
| 2023 | 2022 | |
|---|---|---|
| Gold holdings | 57,817.7 | 56,099.3 |
| Foreign currency investments | 677,395.8 | 800,566.2 |
| Reserve position in the IMF | 1,885.2 | 2,136.6 |
| International payment instruments | 10,901.8 | 11,380.7 |
| Monetary assistance loans | 745.3 | 877.5 |
| Claims from Swiss franc repo transactions | - | - |
| Swiss franc securities | 3,852.3 | 3,564.8 |
| Secured loans | 40,306.5 | 4,430.5 |
| Tangible assets | 450.6 | 440.5 |
| Participations | 130.4 | 132.3 |
| Other assets | 1,158.6 | 1,748.5 |
| Total assets | 794,644.1 | 881,376.8 |
Liabilities
| 2023 | 2022 | |
|---|---|---|
| Banknotes in circulation | 76,321.4 | 81,696.8 |
| Sight deposits of domestic banks | 449,439.5 | 466,922.7 |
| Liabilities towards the Confederation | 15,398.3 | 16,667.9 |
| Sight deposits of foreign banks and institutions | 5,944.8 | 27,584.2 |
| Other sight liabilities | 2,142.6 | 27,803.9 |
| Liabilities from Swiss franc repo transactions | 61,667.8 | 67,144.8 |
| SNB debt certificates | 86,699.7 | 98,168.8 |
| Foreign currency liabilities | 22,858.5 | 16,739.7 |
| Counterpart of special drawing rights (SDR) allocated by the IMF | 10,100.5 | 10,919.1 |
| Other liabilities | 1,487.1 | 1,960.9 |
| Equity | ||
| Provisions for currency reserves (before appropriation of profit) | 105,247.0 | 95,679.1 |
| Share capital | 25.0 | 25.0 |
| Distribution reserve (before appropriation of profit) | -39,504.0 | 102,543.5 |
| Annual result | -3,184.1 | -132,479.5 |
| Total equity | 62,583.9 | 65,768.0 |
| Total liabilities | 794,644.1 | 881,376.8 |
Income statement and appropriation of profit for 2023
In CHF millions
Income statement
| 2023 | 2022 | |
|---|---|---|
| Net result from gold | 1,718.4 | 408.5 |
| Net result from foreign currency positions | 4,012.9 | -131,458.5 |
| Net result from Swiss franc positions | -8,505.4 | -1,038.5 |
| Net result, other | 8.6 | 6.7 |
| Gross income | -2,765.5 | -132,081.8 |
| Banknote expenses | -36.9 | -36.5 |
| Personnel expenses | -195.3 | -188.3 |
| General overheads | -150.2 | -134.0 |
| Depreciation on tangible assets | -36.2 | -38.9 |
| Annual result | -3,184.1 | -132,479.5 |
Appropriation of profit
| 2023 | 2022 | ||
|---|---|---|---|
| - | Allocation to provisions for currency reserves | -10,524.7 | -9,567.9 |
| = | Distributable annual result | -13,708.8 | -142,047.4 |
| + | Profit/loss carried forward (distribution reserve before appropriation of profit) |
-39,504.0 | 102,543.5 |
| = | Net loss | -53,212.8 | -39,504.0 |
| - | Payment of a dividend of 6% | - | - |
| - | Profit distribution to Confederation and cantons (in accordance with agreement between the Confederation and the SNB) |
- | - |
| = | Balance carried forward to following year's financial statements (distribution reserve after appropriation of profit) |
-53,212.8 | -39,504.0 |
Profit and distribution of profits
Art. 30 NBA contains a special provision governing the determination of profits, which stipulates that the SNB shall set up provisions permitting it to maintain the currency reserves at a level necessary for monetary policy. In so doing, it takes into account the development of the Swiss economy. The distribution of profits is regulated as follows (art. 31): A dividend not exceeding six percent of the share capital is paid out from net profit. One-third of any net profit remaining after the distribution accrues to the Confederation and two-thirds to the cantons.
Publications on the profit distribution agreements
The Swiss Federal Department of Finance and the SNB agree on the annual amount of profit distribution to the Confederation and the cantons over a specified period of time with the aim of balancing these distributions in the medium term.