Economy

Bank of Switzerland Expects $143Bln Loss in 2022

MOSCOW (Sputnik) - The Swiss National Bank stated on Monday its losses in 2022 would reach 132 billion Swiss francs ($143 billion) mainly due to foreign currency fluctuations.
Sputnik
"According to provisional calculations, the Swiss National Bank will report a loss in the order of CHF 132 billion for the 2022 financial year. The loss on foreign currency positions amounted to around CHF 131 billion and the loss on Swiss franc positions was around CHF 1 billion," the statement read.
The regulator said that the distribution reserve of 102.5 billion Swiss francs would allow a decrease of the net loss to about 39 billion francs.
"This net loss precludes a distribution for the 2022 financial year. This affects both dividend payments to the SNB shareholders and the profit distribution to the Confederation and the cantons," it added.
The detailed report for 2022 with final calculations will be published on March 6, the bank said.
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