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CITIC Securities FY'17 profit rises YOY on higher investment income

China's CITIC Securities Co. Ltd. reported a year-over-year increase in net profit for the year ended Dec. 31, 2017, on the back of higher investment income.

The company said net profit attributable to its owners increased to 11.43 billion yuan, or 94 fen per share, from 10.37 billion yuan, or 86 fen per share, for 2016.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the company's Hong Kong-listed shares were 1.10 yuan, while the GAAP and normalized EPS estimates for the Shanghai-listed shares were 90 fen and 91 fen, respectively.

While the company's fee and commission income fell to 22.67 billion yuan from 25.78 billion yuan, investment income jumped year over year to 12.71 billion yuan from 8.27 billion yuan. Interest income increased to 12.81 billion yuan from 11.23 billion yuan.

As a result, the company reported total revenue and other income of 56.96 billion yuan, up from 50.07 billion yuan for 2016.

Fee and commission expenses inched up to 3.71 billion yuan from 3.33 billion yuan. The company's impairment losses fell to 1.72 billion yuan from 1.94 billion yuan.

Further, the company proposed a final dividend of 40 fen per share for 2017, up from the prior year's dividend of 35 fen per share.

As of March 21, US$1 was equivalent to 6.33 Chinese yuan.