August 29, 2013 / 9:58 AM / 5 years ago

CITIC Securities says H1 net profit down 6 pct

SHANGHAI, Aug 29 (Reuters) - CITIC Securities Co Ltd , China’s largest brokerage, posted a 6.2 percent fall in net profit for the six months to June, as an IPO freeze and economic slowdown in China weigh on the country’s brokers.

Net profit fell to 2.11 billion yuan ($343.13 million) from 2.2 billion yuan a year earlier, CITIC Securities said in an exchange filing on Thursday. This was in line with preliminary results released in July.

Chinese authorities have frozen the country’s initial public offering market since October last year as part of a crackdown on fraud in the equity market, creating a business lull for China’s brokers.

China’s annual economic growth is also a concern. China’s economic growth has slowed for 12 of the last 14 quarters, and 2013 is likely to be the slowest full-year growth since 1990. The official 7.5 percent target is seen as ambitious and double-digit growth rates now considered firmly a thing of the past.

Earlier in August, rival Haitong Securities posted a 32 percent rise in first half net profit. ($1 = 6.1202 Chinese yuan) (Reporting by Adam Jourdan; Editing by Kazunori Takada)

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