SNB profits hit record high
Swiss franc’s depreciation and high stock prices fuel rise in revenues in first three quarters
The Swiss National Bank (SNB) has reported a record-high profit of Sfr32.5 billion ($32.6 billion) in the first three quarters of the year, worth some 5% of GDP.
The weakness of the Swiss franc against the dollar and the euro has increased the value of SNB’s international assets, accounting for Sfr10.5 billion of profits, according to a statement published on October 31. The franc has fallen by 4.5% against the single currency over the last quarter, hitting Sfr1.144:€1 on September 29 from Sfr1
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