UBS Announces $3 Billion Buyback After Strong Quarter

UBS reported a 17% rise in second-quarter net profit to $2.8 billion, beating market expectations, and announced a new $3 billion share buyback program to be completed by the end of June. The profit surge was driven by strong performance in its investment bank and wealth management units. The bank's results mirror a broader trend among major banks, with UBS and Deutsche Bank joining Wall Street rivals in a trading-led profit surge. The buyback plan reflects confidence in the bank's capital position and future earnings.