Finance
UBS Profit Beats Estimates in Boost to Ermotti’s Buyback Plans
- Bank affirms plan to return $1 billion through 2024 buybacks
- Investment bank posts higher than expected pre-tax profit
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UBS Group AG posted higher than expected profit in the second quarter, as investment banking revenue and progress in integrating Credit Suisse helped bolster Chief Executive Officer Sergio Ermotti’s efforts to return capital to shareholders.
The Zurich-based bank said net income was $1.1 billion, about double analyst estimates. Growth in deal-making revenue at the investment bank beat many Wall Street peers, while a lower than expected loss at the unit dedicated to winding down Credit Suisse legacy assets helped offset a miss in the wealth management division.