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China's CITIC Securities reports 37per cent rise in first-half profit

SHANGHAI/BEIJING :CITIC Securities Co posted a 36.7per cent jump in first-half profit buoyed by busier domestic capital markets, China's largest brokerage reported on Thursday.

Net profit rose to 12.2 billion yuan (US$79.24 billion) for the six months to June 30, it said in a stock exchange filing, largely in line with preliminary results released in July.

Chinese brokerages are benefiting from higher volumes in the stock markets, with a total of 8.1 trillion shares being traded in the Shanghai and Shenzhen exchanges in the first half, according to the bourses, up 4per cent from a year earlier.

The sector, which has over 130 players, earned 90.3 billion yuan in net profit in the first half, up 8.6per cent from a year earlier, while revenue rose by 8.9per cent, Reuters calculations based on data from the Securities Association of China showed.

CITIC's revenue from stock investments increased 9.5per cent to 9.8 billion yuan while its brokerage business saw revenue jump 40.7per cent to 9.2 billion yuan. Revenue from securities underwriting rose 23per cent, it said.

The company said it would enhance its underwriting business by closely following policies in domestic stock markets such as a further promotion of registration-based initial public offering schemes and homecomings of overseas-listed companies.

(US$1 = 0.1540 Chinese yuan renminbi)

(Reporting by Zhang Yan, Cheng Leng and Engen Tham; editing by Susan Fenton and Jason Neely)

Source: Reuters


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