BEIJING/SHANGHAI (Reuters) -CITIC Securities Co Ltd, China’s biggest brokerage, reported a 29.8% rise in first-half profit on Thursday, driven by robust growth in brokerage and investment banking businesses amid stronger capital market performance.
Net profit for the six months to June 30 hit 13.719 billion yuan ($1.92 billion), up from 10.570 billion yuan in the same period last year, the company said in a stock exchange filing.
Investment income rose 126.9% year-on-year to 20.90 billion yuan in the first half of this year, while net fee and commission income grew 23.4%, the filing showed.
Hong Kong shares have gained 30% this year while the Shanghai composite index has risen more than 18%, touching a multi-decade high.
Equity issuance from Chinese firms revived in the first half of this year, as global investors are increasingly re-rating mainland China’s stock markets.
Fees and commissions earned from brokerage business jumped 31.2% in the first half of this year to 6.402 billion yuan, the filing showed.
Fees and commissions earned from investment banking business rose 20.9% to 2.098 billion yuan in the first six months of this year, while those earned from asset management business rose 10.8%.
($1 = 7.1529 Chinese yuan renminbi)
(Reporting by Ziyi Tang and Engen Tham; Editing by Toby Chopra and Louise Heavens)
