HONG KONG Jan 21 CITIC Securities Co Ltd
, China's biggest brokerage, reported a
22.8 percent increase in net profit in 2013, its fastest rate of
growth in three years as an active domestic equity market
boosted its business.
The brokerage's net profit increased to 5.2 billion yuan
($859.1 million) from 4.2 billion yuan a year earlier, it said
in an exchange filing on Tuesday, reversing a fall in 2012, when
its net profit was down by two thirds.
The rise in 2013 marks the highest growth since 2010, when
net profit rose nearly 26 percent.
"The company's financial leverage ratio has improved and its
innovative businesses have been developing rapidly due to an
active domestic securities market in 2013," it said in
statements on the Shanghai and Hong Kong stock exchanges.
In 2013, CITIC Securities' total assets grew 60.87 percent
to 271 billion yuan after including China Asset Management Co
Ltd and CLSA BV's financials, it said.
China's brokerages are expected to fare better in 2014 after
authorities ended a 14-month freeze on the initial public
offerings (IPO) market late last year.
About 50 companies have received approval to list on the
Shanghai and Shenzhen stock exchanges and more than 700 are
looking to make their market debut, according to the regulator,
the China Securities Regulatory Commission
(Reporting by Meg Shen in HONG KONG and Lee Chyen Yee in
SINGAPORE; Editing by Mark Potter)