UBS's second-quarter profit more than doubled from a year earlier, comfortably ahead of expectations, as it joined other major banks in making the most of a surge in trading activity amid market turmoil.

UBS more than doubled its second-quarter net profit to $2.4bn, it reported on Wednesday, beating market expectations as strong trading revenues and continued client inflows in its wealth management division offset weaker investment banking activity.

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.