Swiss Bank expects profit of $23bn for 2020
Profit increases drastically since 2008 The Swiss National Bank (SNB) expects to post an annual profit of CHF21 billion ($23 billion) for 2020, it said on Friday. Rising stock prices had boosted the value of its huge foreign currency investments. The SNB made a profit of CHF13 billion from its foreign currency positions and saw a valuation gain of CHF7 billion from the 1,040 tonnes of gold it holds, according to preliminary figures announced in a statement External link. The SNB’s profit was lower than the CHF48.9 billion it posted for 2019, as a weakening dollar reduced the level of profits when translated into francs. However, the profit means the SNB can distribute CHF4 billion to the Swiss government and cantons, the same level as last year. It also proposed a dividend of CHF15 per share, the legal maximum. The distribution of profits is regulated by a convention drawn up between the finance ministry and the SNB. For the period 2016-2020, the convention states, at least CHF