China brokerage Citic posts 3.6% rise in Q1 profit

CITIC Securities, China’s biggest brokerage, reported a 3.6 per cent rise in first-quarter profit on Thursday (Apr 27), thanks to stronger investment returns as the economy recovers.

Net profit in the January-March period rose to 5.4 billion yuan (S$1.04 billion), the company said in a stock exchange filing.

The company’s investment income surged 89.6 per cent year on year to 5.82 billion yuan in the first quarter this year.

Its net fee and commission income fell 10.8 per cent to 7.3 billion yuan, the filing showed.

Citic shares in Hong Kong closed flat on Thursday at HK$16.28 prior to the results being announced, compared with a 0.42 per cent rise in the broader market. REUTERS