Larger share in brokerage business and stock-market boom lift profit to 8.36b yuan
Citic Securities, the mainland's biggest listed brokerage, said net profit for the first three quarters jumped almost sevenfold, mainly driven by a larger market share in the brokerage business and a booming stock market.
Net income for the first nine months reached 8.36 billion yuan or 2.77 yuan a share, from 1.27 billion yuan or 48 fen a share a year earlier.
For the three months to September, net profit was 4.15 billion yuan or 1.34 yuan a share, up from 494.7 million yuan or 0.17 yuan a share, the Beijing-based company said in a statement to the Shanghai Stock Exchange.
'The brokerage business of Citic Securities and its three subsidiaries - China Securities, Citic-Kington Securities and Citic-Wantong - are growing faster than that of its peers in the third quarter in terms of total securities trading value,' a China Galaxy Securities report said.
'The market share of Citic and its subsidiaries in trading commissions increased to 7.66 per cent by the end of September from 7.47 per cent in the first half,' the report said.
Income from securities trading commissions accounted for 68 per cent of the total revenue by the end of September, compared with 62 per cent in the first half.
