BEIJING, March 22 (Reuters) - China’s biggest brokerage, CITIC Securities Co Ltd , reported on Thursday a 10.3 percent rise in 2017 net profit to 11.43 billion yuan ($1.81 billion), in line with preliminary results released in January.
Net profit for October through December rose to 3.5 billion yuan from 2.4 billion yuan a year earlier, the company said in a stock exchange filing.
CITIC Securities has a strong service culture which has allowed it to maintain its market share of brokerage services, despite tough price competition, said analysts.
The strong growth compares to a sharp 47.6 percent drop in 2016 net profit, as lacklustre stock market activity pushed down net fee and commission income by almost a quarter. ($1 = 6.3300 Chinese yuan renminbi)
Reporting by Shu Zhang and Engen Tham; Editing by Jon Boyle