SNB see profit fall on gold price, US $

The Swiss National Bank (SNB) has reported an annual net profit of 12.8 bln sfr for the full year 2005, compared to 21.6 bln sfr a year earlier due to the sharp rise in both the gold price and the US dollar.

The 2004 result was boosted sharply by the proceeds from gold sales.

It said the annual result, was "extremely positive due to an extraordinary accumulation of favourable market trends", a 36 pct rise in the price of gold last year resulted in valuation gains of 7.5 bln sfr.

The bank stresse