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Brokers' profits dwindle
By Winny Wang |
July 23, 2010, Friday
|
Online Edition
Online Edition
FALLING commissions and business hit domestic brokerages in the first half of this year, with only seven out of 57 brokerages having reported a profit growth.
Among the brokerages which had reported first-half results by Wednesday, four firms reported a loss, according to data compiled by Shanghai Securities News.
The companies earned a combined 17 billion yuan (US$2.5 billion) in the period, dropping 27 percent from a year earlier, and their revenue dropped 9 percent to 45.92 billion yuan, according to the newspaper.
Guotai Jun'an Securities earned 1.4 billion yuan in net income in the period, dropping 40 percent from a year earlier, and earnings at Shenyin Wanguo Securities fell 39 percent to 972 million yuan.
"The slumping commission rate was the key factor that eroded brokerages' income in the first half, and weak proprietary business also affected their performance in the period when the stock index suffered a bearish move," said China Securities Research in a note.
The benchmark CSI300 Index has slumped nearly 25 percent this year to become one of the worst performers in Asia after the central government stepped up measures to curb inflation and property speculation.
Among the brokerages which had reported first-half results by Wednesday, four firms reported a loss, according to data compiled by Shanghai Securities News.
The companies earned a combined 17 billion yuan (US$2.5 billion) in the period, dropping 27 percent from a year earlier, and their revenue dropped 9 percent to 45.92 billion yuan, according to the newspaper.
Guotai Jun'an Securities earned 1.4 billion yuan in net income in the period, dropping 40 percent from a year earlier, and earnings at Shenyin Wanguo Securities fell 39 percent to 972 million yuan.
"The slumping commission rate was the key factor that eroded brokerages' income in the first half, and weak proprietary business also affected their performance in the period when the stock index suffered a bearish move," said China Securities Research in a note.
The benchmark CSI300 Index has slumped nearly 25 percent this year to become one of the worst performers in Asia after the central government stepped up measures to curb inflation and property speculation.
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