CITIC Securities 2007 net surges more than fivefold

CITIC Securities Co<600030>, China's largest listed brokerage by market value, booked audited 2007 net profit surged more than fivefold to hit RMB 12.4 billion (US$1.75 billion), compared with RMB 2.43 billion a year earlier, said the company on Sunday.

The Beijing-based company ascribed the robust growth to a stock boom last year, which boosted income from commission and stock underwriting fees, which advanced 404% and 132% from the previous year to RMB 13.38 billion and RMB 1.86 billion, respectively.

As a subsidiary of CITIC Group, CITIC Securities runs 166 branches across the country, covering businesses of securities brokerage, securities underwriting, proprietary trading and asset management.