A-share listed brokerages report profit growth in Q1

Updated: 2013-05-02 16:13

By Wu Yiyao in Shanghai (chinadaily.com.cn)

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An overwhelming majority of A-share listed brokerages reported net profit growth in the first quarter of 2013.

The profitable performance posted by 16 out of 19 brokerages are positive indicators for the economy, analysts said of the findings by Wind Information Co Ltd, a financial information services provider.

Small-and-medium-sized brokerages reported faster growth than bigger players in the sector, with Shenzhen-listed Northeast Securities reporting a 180 million yuan ($29.24 million) net profit, representing 280 percent year-on-year growth in Q1.

Changjiang Securities, Founder Securitie, and Everbright Securities posted more than 50 percent year-on-year net profit growth in Q1.

Some brokerages have been hit by the suspended approvals for initial public offerings, said analysts.

China has 114 brokerages, which posted combined net profits in 2012 of 37.6 billion yuan, representing an 18.7 percent year-on-year decrease.