The Swiss National Bank (SNB) reported a full-year profit of 26.1 billion Swiss Francs ($34 billion) for 2025, the central bank confirmed on Monday, matching its earlier preliminary estimate.

Indeed, in January, the central bank had projected a profit of around 26 billion Francs for the year, helped by a significant rise in gold prices as investors turned to safe-haven assets amid global trade uncertainty sparked by tariffs imposed by US President Donald Trump.

The preliminary result unveiled in January was lower than the record 80.7 billion Swiss Franc profit recorded in 2024, although it still ranks among the five strongest annual performances in the Swiss National Bank’s 119-year history.

“The flight to safety had a mixed effect for the SNB in 2025,” UBS economist Alessandro Bee said at the time.

“On one hand it was helped by a big increase in the price of gold, but on the other hand the Swiss Franc – another safe haven - gained in value which turned the gains on foreign equity markets into losses when converted back into Francs.”

The SNB reported a 36.3 billion Franc valuation gain on the 1,030 metric tonnes of gold it holds, noting that the precious metal rose nearly 46% in value over the year, Reuters news agency reports.

However, the central bank recorded an 8.8 billion Franc loss on its foreign currency investments, as income from stocks and bonds was offset by currency translation effects when converted back into Swiss Francs, which appreciated by 14% against the US Dollar last year.

As a result, the central bank’s overall profit fell to 26.1 billion Francs, compared with the 80.7 billion francs in 2024.

The earnings will allow the central bank to distribute the maximum permitted dividend of 15 Francs per share to its shareholders, along with 4 billion Francs in payments to Switzerland’s federal and regional governments.

In addition, the Swiss Franc surged to its highest level against the Euro in over 10 years on Monday, while the US Dollar climbed to a five-week peak.

In early Asian trading, the Franc rose 0.7% to its strongest level versus the Euro since 2015, reaching 0.9030, and gained as much as 0.4% against the Dollar to 0.7661.