Bank of Switzerland, 88 billion USD in profits in 2024 - Rising gold prices and strengthening of the dollar, among the main factors
The Swiss National Bank is expected to report a record full profit of around 80 million francs, or $88 billion, for 2024, as it benefited from booming stock markets, rising gold prices and a stronger U.S. dollar.
The expected profit, according to the data, is the highest since the central bank was founded in 1907, easily surpassing the previous record of 54 billion francs in 2017.
The bank, which will publish earnings on March 3, posted an annual loss of 3.2 billion francs in 2023 and a record loss of 132 billion francs in 2022.
The institution made a profit of 67 billion francs on its foreign currency holdings last year, boosted by strong capital markets.
The stronger US dollar, in which the Bank holds 39% of its foreign currency assets worth 744 billion francs, also helped boost share valuations and dividends when converted into francs.
The institution made a profit of 21.2 billion francs on the 1.04 million metric tons of gold it has at its disposal, as the price of the precious metal increased by more than 27% in 2024.
"Conditions last year were very favorable for the bank, with a stronger dollar and higher gold prices, which does not normally happen at the same time, while equity markets performed very well," the economists said.
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