The increasing volatility of SNB Earnings
Annual results are not really definite. Given that the SNB accumulates foreign currencies with interventions, they have huge swings.
But the SNB may lose 50 billion in one year and win 60 billion in the next year or vice verse.
Low Inflation, Crashes and Central Bank Money Printing
The crisis caused by the Covid19 virus,is a typical crisis with low inflation (at least for now). During such a crisis, central bank money printing helps asset price to rise again.
This applies to all assets on the SNB balance sheet:
Government and corporate bonds
The Corona crisis is just one of these low inflation crisis.
Therefore SNB profits have recovered; this time far more quickly than during the Financial Crisis. As