CITIC reports 55% profit growth in 2021

China’s largest brokerage, CITIC Securities, posted a 55.01% increase in profit for last year thanks to strong gains in securities investments, reports Reuters. Net profit for the 12 months ended December rose to RMB 23.1 billion ($3.6 billion) from RMB 14.9 billion a year earlier, on the strength of investments, the company said in a stock exchange filing.

CITIC’s revenue generated from stock investment jumped by 37.14% to RMB 18.4 billion, while asset management fees rose by around 41.35% to RMB 13.5 billion, the annual report showed.

The net profit results are largely in line with the preliminary results released in January.