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China brokers’ profits drop as trading declines
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NET income of Chinese listed brokerages continued to drop last month due to the Spring Festival break and a fall in trading activity.
The combined net profits of China’s 20 listed securities firms plunged 40.5 percent from a month earlier to 5.12 billion yuan (US$817 million) in February, according to a calculation by the Sealand Securities. The decline accelerated from an 11 percent decrease in January.
Total revenue posted a 34.6 percent month-on-month decline to 13.78 billion yuan, data showed. All Chinese public brokerages except the newly-listed Dongxing Securities have disclosed their latest financial data as of today.
“Reduced trading volume and less trading days due to the weeklong Spring Festival holiday attributed to the decrease in earnings,” said Kong Lingfeng, an analyst with Sealand.
The decline came as average daily turnover on Shanghai and Shenzhen exchanges fell 22 percent from January, damping the commission income, one of brokerages’ major income generators, according to Sealand.
Margin trading and short selling businesses remained robust last month, offsetting slowdown in brokerage businesses. Outstanding margin trading and short selling balance totaled 1.1 trillion yuan by the end of February, a 4.5 percent growth from a month earlier, and continued to expand to a record high of 1.2 trillion yuan last week.
Haitong Securities was the most profitable brokerage with a net profit of 760 million yuan last month, trailed by 550 million yuan made by CITIC Securities and 540 million yuan earned by Guosen Securities.
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