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Swiss National Bank reports first half profit of $21.76 billion
July 29, 2016 / 5:51 AM / a year ago

Swiss National Bank reports first half profit of $21.76 billion

ZURICH (Reuters) - Switzerland’s central bank reported on Friday a net profit of 21.3 billion Swiss francs ($21.76 billion) during the first six months of 2016, boosted by strong profits from its foreign currency investments and the rising gold price.

New 50 Swiss Franc notes are seen in front of the SNB after its release by the Swiss National Bank (SNB) in Bern, Switzerland April 12, 2016. REUTERS/Ruben Sprich

The Swiss National Bank (SNBN.S) booked a valuation gain of 7.6 billion francs from its gold holdings and a gain from its foreign currency positions of 13 billion francs.

The institution has been buying currencies as well as foreign bonds and equities in massive amounts to check upward pressure on the highly-valued franc.

Reporting by John Revill; editing by Brenna Hughes Neghaiwi

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