March 22, 2018 / 11:15 AM / 8 months ago

China's CITIC Securities reports 10.3 pct rise in 2017 profit

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

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