March 2, 2020 / 7:09 AM / a month ago

Swiss National Bank posts $50 bln profit for 2019 on forex gains

ZURICH, March 2 (Reuters) - The Swiss National Bank posted an annual profit of 48.9 billion Swiss francs ($50.71 billion), the central bank said on Monday, boosted by big gains from foreign currency investments bought to weaken the safe-haven franc.

The central bank made a profit of 40.3 billion francs from its foreign currency positions, a 6.9 billion franc gain from its gold holdings and 2.1 billion from its Swiss franc positions, it said.

The profit was the second-largest in the bank's 113-year history and meant the SNB can increase its payout to 4 billion francs to the Swiss government and cantons.

$1 = 0.9643 Swiss francs reporting by John Revill

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