UBS reported a stronger-than-expected second-quarter performance on Wednesday, with net profit rising 17% as growth in wealth management and investment banking helped Switzerland’s largest bank offset ongoing integration costs linked to its acquisition of Credit Suisse, Reuters reported.
The bank posted a net profit attributable to shareholders of $2.8 billion for the quarter, surpassing analysts’ expectations of $2.39 billion, according to a company-provided poll. Reuters reported that UBS also announced plans to repurchase up to $3 billion worth of shares by the middle of next year, with at least $1 billion of the buyback expected to be completed over the next three months.
