UBS's second-quarter profit more than doubled from a year earlier, beating expectations on a surge in trading activity even as regulatory uncertainty continued to preoccupy the bank. Net profit came in at $2.

UBS Group AG posted higher than expected profit in the second quarter, and signaled that the prospect of cooling global trade tensions should support results as investor activity revives.

The banking giant reported higher second-quarter net profit and pushed back against Switzerland’s plans to put stricter banking curbs