Citic Securities operating income surges  

Net profit declines, but analysts say performance was in line with expectations 

by Nadeem Xu
Citic Securities’ total operating income in Q1 grows 22.1% year on year  

(ATF) Citic Securities' total operating income in the first quarter was 12.9 billion yuan ($1.8bn), up 22.1% year-on-year. Net profit reached 4.1bn, down 4.3%. Earnings per share is 0.32 yuan.

The company's net interest rate was 32.9%, down 8.5 percentage points.

Sina Finance and Economics said in an analysis released on Wednesday that Citic Securities' overall Q1 performance was in line with expectations.

Brokerage business income grew better than the industry, and investment income rose sharply against the market. Following the release of dividends from capital market reform, investment banking income is expected to exceed expectations.