China's CITIC Securities posts 34.4 pct rise in Q1 profit
SHANGHAI, April 29
SHANGHAI, April 29 (Reuters) - CITIC Securities Co Ltd , China's biggest brokerage, posted a 34.4 percent rise in first-quarter earnings on strong brokerage profits.
Net profit in January through March rose to 1.31 billion yuan ($209.50 million) from 975.3 million yuan a year earlier, the company said in an unaudited exchange filing on Tuesday.
CITIC Securities benefited from the resumption of the initial public offerings (IPO) market in January and February of this year, with brokerage earnings up 110.4 percent to 3.1 billion yuan from 1.5 billion in the same period last year.
The company reported a 25 percent rise in 2013 net profit on March 27, a sharp turnaround from the previous year when profit fell by two thirds, and a sign that its shift to new lending business such as margin and stock-repo financing more than made up for its falling investment banking revenue.
CITIC's shares jumped on April 10 after Beijing's securities regulator said it would allow cross-border stock investment between Hong Kong and Shanghai.
($1 = 6.2530 Chinese Yuan) (Reporting by Shanghai Newsroom; Editing by Mark Potter)