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Everbright reports 19% jump in income

CHINA Everbright Securities Co's net income rose 19.18 percent in the first half of this year bolstered by the surge in China's stock market.

Profit for the Shanghai-based brokerage climbed to 1.22 billion yuan, or 0.42 yuan a share, in the first six months, and its revenue rose 16.44 percent to 2.62 billion yuan, it said in a statement to the Shanghai Stock Exchange yesterday.

Everbright, the 10th largest brokerage in China, attributed the profit increase to the recovering macro economy and surging stock market, which boosted its commissions and investment returns.

The Shanghai Composite Index surged by more than 60 percent from January to June, backed by the government's stance of maintaining a proactive fiscal policy and a relatively easy monetary policy.

Brokerage business generated 73.49 percent of Everbright's profit and investment business contributed 14.21 percent.

Everbright Securities said it would issue a pre-tax dividend of 5.80 yuan for each 10 shares held, or totally 1.98 billion yuan in cash.


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