Citic Securities Net Profit Fell on Weak Operating and Investment Activities
By Amanda Lee
Citic Securities' net profit fell last year due to weak operating and investment activities.
The Chinese brokerage said net profit dropped 7.5% to 19.72 billion yuan (US$2.73 billion) in 2023 from CNY21.3 billion the previous year.
It saw a net decrease in cash and cash equivalents of CNY4.05 billion, excluding the impact of changes in customer brokerage deposits, compared with a net increase of CNY12.60 billion in 2022.
This was mainly due to a decrease in net cash inflow from operating and investment activities, the brokerage said in a filing late Tuesday.
Its total revenue and other income slipped 2.6% to CNY83.7 million from CNY85.9 million.
The brokerage said it will continue to "provide customers with comprehensive services" across its entire business chain.
It also said global economic risks and challenges have increased.
"With changes in the internal and external environment, the growth of derivatives, bulk commodities, foreign exchange and other new businesses comes with noteworthy market risks," it said.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
March 26, 2024 21:08 ET (01:08 GMT)
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