CITIC Securities, China's largest listed brokerage, said on Monday its net profit more than quintupled last year.
CITIC, which in October agreed with U.S. investment bank Bear Stearns for the companies to buy $1 billion stakes in each other, was making a preliminary statement on its 2007 earnings. A detailed earnings report will be made in coming weeks.
The brokerage made a net profit of 2.37 billion yuan ($326 million) in 2006. In the first nine months of 2007 it posted a net profit of 8.36 billion yuan, against 1.27 billion a year earlier.
Earnings of Chinese brokerages soared last year because of a bull run in the stock market, which nearly doubled the main Shanghai stock index .SSEC and more than tripled daily trading turnover. ($1 = 7.26 yuan)
(Reporting by Andrew Torchia; Editing by David Holmes)