CITIC Securities Q3 Profit Falls 20 Percent
Chinas CITIC Securities reported a 20 percent decline in third quarter net profit as weaker stock markets reduced investment income. The drop missed analyst estimates despite growth in brokerage and investment banking fees.
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China's CITIC SECURITIES CO LTD-H reported a 20.2% drop in third-quarter net profit to 7.68 billion yuan, missing the mean estimate of 10.05 billion yuan. The decline reflects weaker investment income amid a downturn in local equities. CITIC's results lag behind broader expectations as market volatility impacts brokerage earnings.
