The Swiss National Bank’s profits dropped in 2020 by over 59% in relation to 2019, the central bank said today (March 2).

The SNB reported profits of Sfr20.9 billion ($22.8 billion), down from Sfr48.9 billion in the previous year. The main factor contributing to this marked decrease is the lower return on foreign currency positions.

In that category, the central bank obtained a net profit of Sfr13.3 billion last year, in contrast to Sfr40.3 billion in 2019. Returns on local currency positions