BEIJING/SHANGHAI (Reuters) – CITIC Securities Co, China’s biggest brokerage, reported a 3.6% rise in first-quarter profit on Thursday, thanks to stronger investment returns as the economy recovers.
Net profit in the January-March period rose to 5.4 billion yuan ($780.22 million), the company said in a stock exchange filing.
The company’s investment income surged 89.6% year-on-year to 5.82 billion yuan in the first quarter this year.
Its net fee and commission income fell 10.8% to 7.3 billion yuan, the filing showed.
CITIC shares in Hong Kong closed flat on Thursday at HK$16.28 prior to the results being announced, compared with a 0.42% rise in the broader market.
($1 = 6.9211 Chinese yuan renminbi)
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(Reporting by Ziyi Tang and Engen Tham; Editing by David Goodman and Bernadette Baum)