UBS expects Swiss National Bank to record CHF80bn profit in 2024

The Swiss National Bank (SNB) is expected to make a net profit of CHF80 billion ($88.4 billion) in 2024, according to UBS. +Get the most important news from Switzerland in your inbox Economists at UBS say the SNB should earn a profit of CHF15-20 billion in the fourth quarter of 2024. This should take total profit for the year to between CHF77.5 billion and CHF82.5 billion, according to a study published on Monday. According to UBS, the SNB's financial result in the fourth quarter was aided by a higher gold price, a stronger US dollar and higher stock markets. The rise in bond yields, on the other hand, weighed down on the result. Distribution 'very likely' Financial distributions from the SNB to the federal government and cantons are now "very likely", UBS experts note. The SNB would first have to pay off last year's balance sheet loss of CHF53 billion and make allocations to currency reserves. But this should still leave a balance sheet profit of CHF13-18 billion, they predict.