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CITIC Securities FY'18 net profit falls 17.87% YOY

CITIC Securities Co. Ltd. reported a 17.87% year-over-year decline in net profit for the 2018 full year as revenue dropped due to a fall in fee and commission income, as well as investment income.

The company on March 21 reported consolidated full-year net profit attributable to owners of 9.39 billion Chinese yuan, down from 11.43 billion yuan in the prior year period. EPS declined to 77 fen from 94 fen.

The S&P Global Market Intelligence consensus normalized EPS estimate for the full year was 89 fen, while the GAAP EPS estimate was 87 fen.

Fee and commission income fell to 20.29 billion yuan from 22.66 billion yuan, while interest income rose to 13.65 billion yuan from 12.81 billion yuan. Investment income dropped to 8.05 billion yuan from 12.71 billion yuan.

Net interest income inched down year over year to 2.42 billion yuan from 2.41 billion yuan.

Total revenue and other income fell to 51.06 billion yuan from 56.96 billion yuan, while operating expenses dropped to 39.33 billion yuan from 41.39 billion yuan. Operating profit declined to 11.73 billion yuan from 15.57 billion yuan.

The company's board proposed a dividend of 35 fen per share for 2018, down from 40 fen per share in 2017. The dividend is subject to shareholder approval.

As of March 21, US$1 was equivalent to 6.70 Chinese yuan.