April 25, 2013 / 2:16 PM / in 5 years

China's CITIC Sec posts 13 pct rise in first-quarter profit

SHANGHAI (Reuters) - CITIC Securities Co (600030.SS) (6030.HK), China’s biggest brokerage, posted a 13 percent rise in first-quarter earnings on higher trading commission income.

Net profit in January through March rose to 975.3 million yuan ($157.9 million) from 863.3 million a year earlier, the company said in an exchange filing on Thursday.

    CITIC Securities benefited from an increase in trading as a rebound in share prices attracted more investors back to the market.

    According to the company’s monthly financial reports, net profit had been predicted to rise 15 percent during the quarter. ($1 = 6.1781 Chinese yuan)

    Reporting by Samuel Shen and Kazunori Takada; Editing by David Holmes

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