Wealth Management Business Helps UBS to Better-Than-Expected Second Quarter

UBS Group AG said it could start buying back stock again later this year despite the shadow over markets from the coronavirus pandemic.

The Swiss bank reported higher credit losses for the second quarter, at $272 million, but said net profit fell only 11% to $1.23 billion, a better performance than U.S. banks that wiped out half or more of their profits in the quarter with credit charges reflecting a deteriorating economy. The bank, whose main business is wealth management, said it expects credit losses to remain elevated…

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