UBS reports $2.8 billion second-quarter net profit

• UBS reported a second-quarter net profit of $2.8 billion alongside a 13% year-over-year increase in total revenue.
• The company announced a new $3 billion share buyback program, committing to at least $1 billion in repurchases within the first three months.
• The company stated the expanded capital return program is intended to manage outstanding shares and distribute capital through mid-2027.

UBS (NYSE:UBS) reported a second-quarter net profit of $2.8 billion and authorized a $3 billion share buyback program.

The $2.8 billion net profit exceeded the analyst consensus estimate of $2.39 billion for the quarter.

Total revenue net of interest expense reached $13.7 billion, representing a 13% increase compared to the prior year.

The company stated the buyback program will run through mid-2027, allocating $1 billion during the first three months.

Following the announcement, UBS's share price was up at $52.54.

The company recorded a diluted earnings per share of $0.87, rising from $0.72 in the prior year.

The company stated these financial results and the repurchase program align with its ongoing capital management strategy.