China's CITIC Securities posts 23 pct fall in Q3 profit
SHANGHAI, Oct 28 (Reuters) - China's biggest brokerage, CITIC Securities Co Ltd , posted a 23 percent drop in third-quarter earnings, hurt by falling fee and commission income. Net profit for July through September fell to 2.70 billion yuan ($398.27 million) from 3.52 billion yuan a year earlier, the company said in a statement to the Shanghai stock exchange. Brokerages are more subdued about prospects for this year after the stock market slump last year, with many cutting costs to boost capital and expecting to take a hit from tougher margin finance rules. ($1 = 6.3573 Chinese yuan renminbi) (Reporting by Engen Tham; Editing by Muralikumar Anantharaman)
