China’s Citic Securities reports third-quarter profit dip

CITIC Securities, China’s largest brokerage, on Friday (Oct 28) posted a 1.4 per cent fall in third-quarter profit.

Net profit for the three months to Sep 30 fell to 5.37 billion yuan (S$1,046 million) from 5.45 billion a year earlier, the company said in a stock exchange filing.

For the first nine months of the year, Citic’s brokerage business saw revenue fall by 19.2 per cent to 8.8 billion yuan, while revenue from commission fees in the asset management businesses witnessed a decline of 5.8 per cent in the same period, the filing showed.

However, revenue from commission fees in investment banking rose 11.1 per cent.

China’s brokerage sector as a whole, which has 140 institutions, earned 81.2 billion yuan in net profit in the first half of this year, down 10.06 per cent from a year earlier, while revenue fell by 11.4 per cent, Reuters calculations based on data from the Securities Association of China showed. REUTERS