Swiss National Bank expects profit of $50bn for 2019

The Swiss National Bank says it expects to post an annual profit of 49 billion Swiss francs (50.29 billion dollars). This figure is much higher than the profits of all the Nigeria banks put together. The bank made its expectations known in a statement on Thursday. It cited big gains from its mountain of foreign bonds and stocks bought to dampen the value of the safe-haven Swiss franc. The bank said that based on preliminary figures, it had made a profit of around 40 billion Swiss francs from its foreign currency positions and a valuation gain of 6.9 billion francs on its gold holdings.  (Reuters/NAN)

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