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CITIC Securities net profit up 6.66% in Q3

(Xinhua)
Updated: 2009-10-31 13:27

CITIC Securities Co, China's largest listed brokerage, posted a 6.66 percent increase in net profit in the third quarter this year on broking business rise and the restart of initial public offerings.

Net profit in the third quarter stood at 2.46 billion yuan ($360.18 million), the company said in its Q3 report released on Saturday.

Broking business revenue rose to 3.39 billion yuan in the third quarter from a year earlier's 1.31 billion yuan. The figure for the first nine months stood at 8.29 billion yuan, up 39.89 percent from a year earlier, resulting from the upbeat stock market this year, said the report.

Net profit of securities underwriting business added up to 449 million yuan in the third quarter from last year's 315 million yuan, taking up nearly half of the number for the first nine months, which was 1.03 billion yuan.

The rebound in securities underwriting business in Q3 was boosted by June's lift of a 10-month suspension of initial public offerings, said the report.

However, investment gains tumbled 57.81 percent year-on-year to 2.53 billion yuan in the first nine months, resulting from declining profit in financial assets disposal, according to the report.