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[size=30]Swiss Central Bank profit exceeds Apple and Samsung[/size]
10/01/2018 11:36 | Number of readings: 1
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Trend Press / Agencies
The Swiss central bank expected record profits last year, thanks to foreign asset investments and gold holdings.
The SNB said in a statement posted on its official website Wednesday that it would announce a net profit of 54 billion francs ($ 55 billion) in 2017.
The SNB is due to announce the detailed statement on March 5.
The SNB's profits are larger than the profits of big companies such as Apple, Samsung, JPMorgan and others.
Apple's net profit in the fiscal year ended September was about $ 45 billion.
Samsung Electronix today forecast operating profit of $ 50.3 billion in 2017.
The Swiss National Bank (SNB) is one of the few listed central banks in the stock market, with the stock rising more than 100% last year alone.
The Swiss central bank said 49 billion francs of its profits came from assets in foreign currency, while its gold holdings contributed 3 billion francs, while local currency investments resulted in a profit of 2 billion francs.
Despite the record gains, they are considered "paper-only" as the SNB seeks to keep the franc weak against other major currencies to support exports, which is reluctant to sell some of its assets for fear of a rising domestic currency.
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