(Yicai Global) Sept. 2 -- Profits at China’s listed securities companies climbed nearly 33 percent in the first half from a year ago due to the country's rapid economic rebound after the virus-hit first quarter.

The mainland's 39 listed brokerages made a combined CNY74.3 billion (USD10.9 billion) in net profit over the first six months of this year, the Paper reported yesterday. Revenues climbed 19 percent to CNY213.7 billion (USD31.3 billion).

Earnings reports show that they benefited from the economy's V-shaped recovery, rising asset prices, the revised securities law, and the ChiNext board's new registration-based initial public offering system. 

The securities brokerage business was their largest revenue stream, making up about 22 percent of the total. 

More than 25 firms had revenue growth. Operating income at eight exceeded CNY10 billion, as China Merchants Securities and China Galaxy Securities joined their ranks.

The top 10 brokers accounted for about 70 percent of total revenues and profits, with Citic Securities retaining its No. 1 spot on both counts. The firm, which is China’s biggest brokerage, logged a 38.5 percent gain in first-half profit, the largest increase in five years.

But there is still room for small and medium-sized brokerages that know how to make good use of online and wealth management services. For example, Hongta Securities and Nanjing Securities doubled their proprietary trading revenues to make up about half of their total sums.

Some of the firms set aside money for asset impairment, which could signal a weaker outlook. TF Securities put CNY108 million (USD15.8 million) into its asset impairment reserves, which equaled more than 10 percent of its net profit logged during the entire 12 months of last year. 

Editor: Emmi Laine