(Bloomberg) -- UBS AG, Switzerlands biggest bank, said gains at its investment bank fueled an increase in second- quarter profit and announced plans to buy back the fund set up by the central bank in 2008 to help it shed toxic assets.
The investment bank posted a pretax profit of 775 million Swiss francs ($833 million), compared with a 92 million-franc loss a year earlier, while earnings at the wealth-management division rose 11 percent to 557 million francs, the Zurich-based company said in a statement today. Net income increased to 690 million francs from 524 million francs.
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