A Monumental Profit for the Swiss National Bank!
Location in Switzerland will receive dividends from Swiss bank's lucrative earnings.
The Swiss National Bank (SNB) has made a staggering announcement – its projected full-year profit for 2024 is a whopping CHF 16 billion! This figure smashes the previous record of CHF 54.4 billion set back in 2017.
Founded in 1907, this is the bank's highest annual profit since its inception, making history for the Swiss National Bank.
Read More: Swiss Central Bank Sees Record Profit After Big Losses
With such a massive influx of cash, the people of Switzerland will feel the benefits. The profits that were withheld in 2022 and 2023 due to the bank's lack of profit during the inflationary post-pandemic period, are now set to be distributed.
According to the AFP newswire, the SNB is expected to provide a total of up to CHF 3 billion, with CHF 1 billion going to the central government and a further CHF 2 billion to the canton authorities.
However, the distribution won't be equal among the cantons. Each canton's financial situation will determine how the profits are spent.
Although the final figures won't be published until March, preliminary reports suggest that Zurich will receive the most, with an estimated CHF 358 million. Close behind are Bern (CHF 238 million), Vaud (CHF 188 million), and Aargau (CHF 161 million).
Geneva is set for CHF 116.8 million, with another canton, Saint-Gallen, expected to receive more than CHF 100 million.
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Following these leading cantons are Lucerne (CHF 96 million), Valais (CHF 81.4 million), Ticino (CHF 80 million), Fribourg (CHF 76 million), and Thurgau (CHF 66 million).
The smallest shares are reserved for Appenzell Innerrhoden (CHF 3.7 million), Uri (CHF 8.4 million), and Obwalden (CHF 8.7 million).
For a comprehensive breakdown of how the profits will be allocated across Switzerland, Radio Télévision Suisse provides a user-friendly interactive map, showing a canton-by-canton distribution.
Each canton will independently decide how to spend their share of the profits. Some may invest in public services or lower taxes, while others might choose to pay off public debt.
The Swiss National Bank (SNB) is projected to provide a total of up to CHF 3 billion in profits in 2024, with CHF 1 billion going to the central government and a further CHF 2 billion to the canton authorities. The AFP newswire reports that Zurich is set to receive the most, with an estimated CHF 358 million, followed by Bern (CHF 238 million), Vaud (CHF 188 million), and Aargau (CHF 161 million). Innerrhoden, although receiving a smaller share (CHF 3.7 million), is still part of this financial distribution across Switzerland.
