SHANGHAI Aug 28 CITIC Securities Co Ltd
, China's biggest brokerage, posted its
fastest earnings growth for any first-half period in eight years
due to a surge in fees from IPOs which resumed in January after
a year-long freeze.
Net profit for the six months to June jumped 93.2 percent to
4.1 billion yuan ($667.38 million) from 2.11 billion yuan a year
earlier, the company said on Thursday. That matched preliminary
results released in July.
CITIC is enjoying a sharp turnaround from its fortunes last
year, when net profit fell 6.2 percent in the first half of 2013
mainly due to a lack of initial public offerings since late
Haitong Securities Co Ltd posted a more
modest 7.7 percent rise in half-year earnings to 2.9 billion
Small brokerages reported soaring profits in the first half,
with one doubling its year-on-year return, on the resumption of
IPOs and successfully adding new areas of business.
(1 US dollar = 6.1434 Chinese yuan)
(Reporting by Engen Tham; Editing by Ryan Woo)