UBS flags $3 billion in new buybacks by end-June after forecast-beating quarter

ZURICH, July 29 (Reuters) - UBS booked a 17% jump in second-quarter profit on Wednesday, ahead of expectations, and said it plans to buy back shares worth $3 billion by the middle of next year at the latest.

Of that, it intends to repurchase at least $1 billion of shares over the next three months.

"Strong results in the second quarter and healthy capital generation have further fortified our balance sheet for all seasons and allow us to continue deploying financial resources towards profitable growth opportunities," UBS CEO Sergio Ermotti said in a statement.

Net profit attributable to shareholders for Switzerland's biggest bank came in at $2.8 billion, compared with a forecast of $2.39 billion in a company-provided poll of analysts.

Its performance was driven by broad-based growth, particularly in wealth management and for its investment bank, with the trading division delivering a record second quarter. That was in line with strong Wall Street bank earnings earlier this month.