SNB records $1.3bn profit for first quarter


The Swiss National Bank recorded a profit of Sfr1.5 billion ($1.3 billion) for the first quarter of 2010 on the back of a rise in the price of gold and gains from its stabilisation fund investments, the central bank announced on Friday.

Gains from stabilisation fund investments, set up to ringfence the toxic assets of Swiss bank UBS, accounted for most of the profit, with the net result coming to Sfr1.6 billion. However, loss protection arrangements for the fund, an option to buy 100m UBS shares

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