UOB's operating costs up 7.3% to $1.95b

Due to IT-related expenses.

UOB reported an uptick in operating costs for the past quarter as it ramped up its information and technology capabilities.

According to UOB Kay Hian, operating expenses of the group went up by 7.3% to $1.95b.

This is due to the increases in staff, revenue-related and IT-related expenses.

UOB noted in a statement earlier that it continues to invest in technology and infrastructure to enhance its capabilities.

To recall, UOB reported a net profit of $845m for 2Q17, up 5.5%. For the past quarter, the group's cost-to-income ratio remained elevated at 45.6%, higher than its rival OCBC's ratio at 41.4%

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