GENEVA, Jan. 9 (Xinhua) -- The Swiss National Bank (SNB) saidMonday that according to provisional calculations, it expected 2016profits to be over 24 billion Swiss francs (23.6 billion U.S.dollars).

This is a complete U-turn compared with results recorded twoyears ago, when the financial institution reported losses in excessof 23 billion Swiss francs.

According to SNB, most of the year's profits were accounted forby foreign currency holdings such as euros and U.S. dollars whichhave been used to weaken the strong Swiss franc, unpegged sinceJanuary 2015.

"Profit on foreign currency positions amounted to more than 19billion Swiss francs," SNB said in a provisional statement.

"A valuation gain of 3.9 billion Swiss francs was recorded ongold holdings," it added.

Speaking to local media Swissinfo, UBS bank Chief InvestmentOfficer at UBS bank Alessandro Bee said "the strong results arereflected in a strong stock market rally after the election ofDonald Trump to the U.S. presidency and a strengtheningdollar."

He also noted that the SNB's main priority was to stabilize thenational currency, as opposed to making profits. Enditem