R74 SNB Results Tables

My articles
Follow on:

Page no: R74
The basis of the post is the Q3 Post.


  • Update Media Title and Title, as I just wrote here for 2016 and 2015 post. (must update the numbers slightly)
  •  do the remaining calculations
  • Put the small tables with the results of the calculations
  • When I write in italic font, this means you update the data.
  • Use Quoted text when I it the

The tables should look like this one (but no screenshots, put proper tables.


- Click to enlarge

Graph Task:

→ Add 2016 (+24.5 bn) to the graph for the 2016 post with a copy paste. I use Paint Net.

→ Add the same graph for 2015 SNB results.


We now use datawrapper.


From the press release

Rising volatility of SNB Earnings

Annual results are not really definite. Given that the SNB accumulates foreign currencies with interventions, they have huge swings.

But the SNB may lose 50 billion in one year and win 60 billion in the next year or vice verse

SNB Results Longterm H1 2017

- Click to enlarge

Profit on foreign currency positions

The net result on foreign currency positions was CHF 0.1 billion.

Interest income accounted for CHF 4.4 billion and dividends for CHF 1.8 billion. Movements in bond prices differed from those in share prices. A loss of CHF 3.6 billion was recorded on interest-bearing paper and instruments. By contrast, equity securities and instruments benefited from the favourable stock market environment and contributed CHF 9.4 billion to the net result.

Exchange rate-related losses totalled CHF 11.8 billion. Exchange rate gains on the euro did not offset losses recorded on other investment currencies, particularly the US dollar.

 Very Good,
you can copy the table as text, no image needed



Valuation gain on gold holdings

A valuation gain of CHF 0.3 billion was achieved on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 38,217 per kilogram at end-June 2017 (end-2016: CHF 37,885).

SNB Results Q1/2017
(in bn CHF)
Profit Balance Sheet Profit in %
Total Profit on Gold………………………….. 0.3 775 0.04%

–> mistake: gain = profit, 

Do not confuse gain, profit with holdings
The SNB holds  many tons of gold, which is worth 39.7 bn CHF–> Holdings
but made a profit of 0.3 bn
. –> profit ,gain

Percentage of gold to balance sheet

Even if the gold price is rising, its parts of the balance sheets is falling.

SNB Balance Sheet items
(in bn CHF)
2016  2015
Gold   39.4    35.5
Balance sheet  746   640
% of gold  5.28% 5.54%



SNB Balance Sheet items 
(in bn CHF)
Holdings 2014
Gold…………………………… 39.7 39.4 35.5 39.60
Total Balance Sheet 775 746 640 561
Gold in % of Balance Sheet 5.12% 5.28% 5.55% 7.06%


  • You can put 2015 and 2014, too. you got the data –> NOT DONE
  • Write holdings now, so you not mix it up
  • Balance Sheet

(old example)

The balance sheet has expanded by over 106.4 bn francs by 16.5%

2016 2015
balance sheet in CHF 746.5 640.1 (746-640)/640 = 16.62%
Swiss GDP in CHF 650        645 5 / 645 = 0.78%
% of GDP   114,84%
= 746.5/650

The old example was already wrong  746.5  – 640.1 = 106.4

2017: 3.82% is correct, but 0.37% is wrong


The balance sheet has expanded by over 28.5 bn. francs 0.37% (2017)

2017 2016 Increase in %
SNB balance sheet in CHF………………. 775 746.5 3.82%
Swiss GDP in CHF 656 650 0.92%
% of GDP 118.14% 114,8

775 – 746.5 = 28.5

656-650 = 6

Increase in %:  16.7 / 746,5 = 0.0223% (2016)

28.5 / 775 = 0.3677


 The balance sheet expanded by over 106 bn francs, with foreign currency purchases

While the SNB supports foreign stock markets and foreign companies, it does not invest in Swiss stocks.


H1/2017 2016
Swiss Franc Securities -25,6 45,5
Total Balance Sheet 774994 746502
%CHF securities -0,0033% 0,0061%

2row table with

2017 2016 2015
%CHF securities /774944 45.5 / 746502 83.4 / 640151

Profit on Swiss franc positions

The net result on Swiss franc positions, which stood at CHF 0.9 billion, was largely comprised of negative interest charged on sight deposit account balances.


Negative Interest rates

Furthermore the SNB harms the Swiss economy, when it reduces the profits of Swiss banks by negative interest rates. With this measure it maintains its own profitability.


2017 2016 Change in %
Income through negative interest rates 4.35 4.12 5.58%
SNB balance sheet 774.9 746.5 3.80%
in % of balance sheet 0.56% 0.55%

One essential part of SNB profits are negative interest rates

SNB Liabilities

Sight deposits is the biggest part of SNB interventions

(sight deposits of domestic banks + Liabilities towards the confederation+ Sight deposits of foreign banks)

2017 2016 Change in%
Total Sight Deposits

(sight deposits of domestic banks + Liabilities towards the confederation+ Sight deposits of foreign banks)

579 530 5.36%
Balance Sheet 774.9 746.5 3.80%
% of balance sheet 69.9% 66.9%



Banknotes in circulation: -1.9 bn francs to 76 bn. CHF

The old form of printing press, today a less important form of central bank interventions.

 Liabilities track the SNB interventions

SNB Graph not in sync with Text

In text is 8.81% change but in table is -3.11%, problem, not in sync.

SNB Graph not in sync with Text
SNB Graph not in sync with Text

- Click to enlarge

SNB Results 2017 H1 Feedback Part1

SNB Results Feedback 2017 H1 Part2

SNB Results


See more for R7x Swiss and SNB (Manual)