SNB POST PROFTIS FOR THE FIRST THREE MONTHS OF 2013

April 30 (Bloomberg) -- The Swiss National Bank posted a profit for the

first three months of the year as the value of foreign currency positions

rose.

The Zurich-based central bank recorded a profit of 11.2 billion Swiss

francs ($12 billion), compared with a consolidated loss of 1.73 billion

francs in the year earlier period, according to a statement today.

Foreign currency positions contributed 11.2 billion francs, due to

exchange-rate gains of 5.2 billion francs and a valuation gain on shares of

4.9 billion francs. That compares to a loss of 2.6 billion francs a year

ago. Gold holdings lost 100 million francs in the first quarter of 2013.

During the first three months of the year, the franc depreciated 0.8

percent versus the euro and declined 3.6 percent against the dollar. The

price of gold slipped 1.4 percent in Swiss franc terms. The SNB holds 1,040

tons of gold.

The SNB, which has accumulated reserves equal to nearly 75 percent of

annual gross domestic product, has stressed that its asset management is

not conducted for generating profit and instead should serve

monetary-policy objectives.

The SNB’s stabilization fund, created in 2008 to help bail out UBS AG,

reported a quarterly profit of $582 million.

The central bank is structured as a joint-stock company, in which public

shareholders including cantons and regional banks have a stake of about 55

percent. Private individuals hold the remainder.