SHANGHAI: CITIC Securities , China's biggest brokerage by assets, said on Saturday its 2011 net profit rose 11.1 percent to 12.6 billion yuan ($2 billion).
The firm's total operating revenue for 2011 reached 25 billion yuan, down 10 percent from the previous year, while its basic earnings per share was 1.23 yuan, CITIC Securities said in a filing to the Shanghai stock exchange.
Local media reported this week that CITIC Securities slashed its proprietary businesses amid trading losses, as brokerages braced themselves for a dismal earnings season ahead.
Chinese securities firms, which derive most of their revenues from brokerage commissions, suffered last year as a 22 percent drop in the benchmark stock index put many investors on the sidelines, causing a slump in trading volume. Turnover in 2011 was the worst since the global financial crisis of 2008.
They were also hit by lower returns from propriety trading, as well as reduced fee revenues from underwriting businesses due to a shrinking IPO market.
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