UBS flags buyback possibility

ZURICH: UBS, the world’s largest wealth manager, has signalled the possibility of resuming share buybacks later this year after generating more income than expected in the first six months and as it boosted capital during the pandemic.

Second-quarter earnings of US$1.23bil overshot expectations thanks to much stronger-than-expected performance from its investment bank, and solid profit in its core wealth management division, helping to temper a pandemic-induced slump in its Swiss retail and corporate banking business.