CITIC Securities Co, China’s largest brokerage, on Friday posted a 1.4% fall in third–quarter profit.
Net profit for the three months to Sept. 30 fell to 5.37 billion yuan ($740 million) from 5.45 billion a year earlier, the company said in a stock exchange filing.
For the first nine months of the year, CITIC‘s brokerage business saw revenue fall by 19.2% to 8.8 billion yuan, while revenue from commission fees in the asset management businesses witnessed a decline of 5.8% in the same period, the filing showed.
However, revenue from commission fees in investment banking rose 11.1%.
China’s brokerage sector as a whole, which has 140 institutions, earned 81.2 billion yuan in net profit in the first half of this year, down 10.06% from a year earlier, while revenue fell by 11.4%, Reuters calculations based on data from the Securities Association of China showed.
Reuters