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(Sharecast News) - UBS reported a stronger-than-expected second quarter on Wednesday, driven by buoyant investment banking and wealth management activity, and announced a new $3bn share buyback programme.
Net profit attributable to shareholders rose 17% year on year to $2.8bn, ahead of expectations of around $2.39bn, while revenue increased 13% to $13.7bn.
Investment bank revenue jumped 26%, including a 53% increase in equities trading, while Global Wealth Management attracted $36bn of net new assets.
The Swiss lender said it would repurchase at least $1bn of shares over the next three months as part of the new $3bn programme, which is expected to run until the second quarter of 2027, although the pace will depend partly on the outcome of proposed Swiss capital reforms.
UBS said it remained on track to substantially complete the integration of Credit Suisse by the end of 2026, with cumulative gross cost savings reaching $12.6bn, and said it was well positioned to exceed its target for a return on CET1 capital of around 15% this year.
Reporting by Josh White for Sharecast.com.
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