W if the Swiss National Bank (SNB) is a normal stock company, then its shareholders would now cheer cheerfully. Finally, for the first nine months of 2019, the SNB is showing a profit of 51.5 billion francs. However, the result in the overall year can also be significantly lower. And secondly, only a smaller part of the winnings and the address of the owner of the estate are required.
The dividend for private shareholders, who own almost half of SNB capital and 24 percent of the voting rights, is limited to a maximum of 6 percent of share capital or 15 francs per share. Up to a maximum of 2 billion francs under the profit share of the public hand. Davon flows two thirds into the cantons and one third into the bottom. Those beneficiaries could do with the hot rain if they wanted to.
The Swiss Notebank's profit is not an outflow of profitability, but results in monetary and monetary policy. In order to help the Franks and help the export economy and tourism businesses, the SNB has built up a gigantic foreign exchange portfolio over the years. This reached almost 800 billion Francs at the end of September. The National Bank deposits the money in other respects on loans and shares. And yet, as you develop the value of these facilities, the increase or decrease is the result.
A pile of gold in the basement
In the past year's run, the stock prices went uphill with choppy uphill. According to an interim report, the SNB reported book profits of 22.4 billion Francs by the end of September. A big push came in the third quarter, as the European Central Bank (ECB) and the American Bank of America (Fed) re-enforced their expansive monetary policy. Due to the (yet) lower interest rates, the stock prices rose.
As the general uncertainty also impacted geopolitical and economic risks, many investors in Heil im Gold sought. Davon had the SNB a pretty big pile in the basement. The demand-driven price rise for the precious metal brought the notebook bank profit of 7.3 billion francs.
A role for the profit development also played the negative interest rates of 0.75 percent, which the banks of Giroguths had to pay SNB parks. By doing so, the Notebank in its previous annual turnover allowed over 1.5 billion francs. Credit institutions and asset managers are steadily increasing this burden. Then they hardly trust each other to pass the penalties to your customers.
The SNB has publicly expressed criticism of the banks' bill that it raises the limits on the payment of negative interest rates for November. So far, sightings of around 180 billion Franks have been affected by the penalties. According to calculations by the Großbank UBS, this amount will be promised in the future only at around 80 billion Francs. Consequently, the revenues of the SNB from negative interest rates in the coming year should halve well over one billion francs.
Despite interest cuts from other notebooks such as the Fed and ECB, the UBS sees risks for the further development of the SNB's financial results. In the event of a global recession, a sharp decline in corporate profits would be significantly heavier than the prospect of even deeper interest, the bank writes in one study.