Swiss central bank reports massive profit of 38 billion Swiss francs for 2014

The Swiss National Bank says it will report a profit of 38 billion Swiss francs (37.5 billion) for 2014 on gains in foreign currency and gold holdings.

The massive profit from Switzerland's central bank includes some 34 billion francs in profit from foreign currency positions.

In a statement Friday, the bank said the currency profit came mostly from price and exchange rate gains and the rest came from interest and dividend income.

The other 4 billion in profit came from the gain in the value of gold holdings.

After setting aside 2 billion for currency reserves, the SNB said the profit to be reported in March will be distributed in accordance with law to national and cantonal (state) coffers, with the rest put in a distribution reserve.