US Markets
Home›US Markets›Equities›UBS posts strong results and announces a new $3 billio…
UBS posts strong results and announces a new $3 billion buyback
UBS reported second-quarter net profit of $2.8 billion and said at least $1 billion of the planned buyback will be repurchased in the next three months.
UBS reported second-quarter net profit of $2.8 billion, ahead of roughly $2.39 billion analysts were expecting, and said its underlying pretax profit jumped 70% to $3.89 billion as revenue rose 13% year over year to $13.7 billion, according to Yahoo Finance.
The bank attributed the improvement to strength in wealth management and investment banking, with global wealth management pulling in $36 billion of net new assets, including inflows from Switzerland, while its investment banking business delivered a 26% revenue jump.
UBS also announced a new $3 billion share buyback expected to complete by mid-2027, with at least $1 billion of repurchases planned for the next three months, and the stock rose on the update.
On Credit Suisse integration, UBS said the process is on track to be substantially done by the end of 2026, and that it delivered another $1.1 billion of cost savings in the quarter, bringing cumulative savings to $12.6 billion.