The Swiss National Bank has to post book and exchange rate losses that use up the entire distribution reserve and reduce equity. This means that profit distributions are out of the question.
After profits in the double-digit billions in the past three years, a record loss has now been recorded: With the enlarged balance sheet, the financial results of the Swiss National Bank have become more volatile.
If you take the assets at the beginning of 2022 as a benchmark, the Swiss National Bank (SNB) ended the difficult stock market year with a negative return of -12.4 percent; slightly better than feared in September. It thus shares the fate that befell most investors over the past year, although naturally it cannot protect itself against the exchange rate corrections triggered by its interest rate hikes.