WASHINGTON (dpa-AFX) - Swiss banking major UBS Group AG (UBS) reported Wednesday higher profit in its second quarter, driven by increased revenues.
Looking ahead for the third quarter, the company said the market conditions remain broadly constructive, while ongoing geopolitical developments and volatile energy prices lead to high levels of uncertainty around the inflation and interest rate outlook.
For the third quarter, the company expects Global Wealth Management net interest income to increase modestly, broadly in line with the sequential uptick recorded in the second quarter. In Personal & Corporate Banking, net interest income is expected to be flat to slightly higher sequentially.
The firm further said it is continuing with another share repurchase program to repurchase $3 billion of shares at the latest by the end of the second quarter of 2027.
The company plans to repurchase at least $1 billion of shares over the next three months.
In the second quarter, net profit attributable to shareholders climbed to $2.80 billion from last year's $2.40 billion. Earnings per share grew to $0.87 from $0.72 a year ago.
Total revenues increased to $13.70 billionf rom last year's $12.11 billion. On an underlying basis, revenues increased 16 percent to $13.35 billion, driven by a 14 percent YoY increase in revenues in core businesses.
Net interest income climbed 22 percent from last year to $2.40 billion.
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