Revenue from investment gains up 47.9% in first nine months
Brokerage business fee income down 8.7% on year
Investment banking fee income down 52% on year
Writes through to add details
BEIJING/SHANGHAI, Oct 29 (Reuters) - CITIC Securities Co 600030.SS6030.HK, China's biggest brokerage, reported a 21.9% rise in third-quarter profit on Tuesday, driven by growing investment gains.
Net profit for the three months to Sept. 30 rose to 6.23 billion yuan ($872.8 million), the company said in a stock exchange filing.
Revenue from investment gains grew 47.9% year-on-year to 6.296 billion yuan in the first nine months of the year, the filing showed.
CITIC's brokerage business saw fees and commission revenue fall by 8.7% year-on-year to 7.154 billion yuan in the same period, while fees and commission income earned from its investment banking business fell 52% to 2.372 billion yuan.
Sluggish listing and dealmaking activities have weighed on major Chinese securities firms that have implemented major salary cuts and workforce reductions to reduce costs.
China's stock markets roared back after Beijing late last month announced the most aggressive stimulus measures since the pandemic, intended to revive the economy.
CITIC shares in Hong Kong closed up 0.79% at HK$20.55 prior to the results being announced, compared with a 0.49% rise in the broader market .HSI.
($1 = 7.1379 Chinese yuan renminbi)
(Reporting by Ziyi Tang and Engen Tham; Editing by Jan Harvey)
((Ziyi.Tang@thomsonreuters.com;))