SHANGHAI, April 29 CITIC Securities Co Ltd
, China's biggest brokerage, posted a 34.4
percent rise in first-quarter earnings on strong brokerage
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)