SNB turns profit in first quarter following steep loss in 2010


The Swiss National Bank (SNB) on Friday revealed its interim results, which showed a consolidated profit of Sfr1.9 billion ($2.2 billion) in the first quarter of 2011.

The SNB made a staggering $20.7 billion loss in 2010, having intervened heavily to try and stem the soaring value of the franc. It ultimately failed to stabilise the currency and the resulting losses led to criticism from some shareholders.

The SNB is, unusually for central banks, owned by a mix of public and private shareholders.

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