China's CITIC Securities 2024 profit rises 10%, driven by investment gains

Adds details, context in paragraphs 4-9

BEIJING/SHANGHAI, March 26 (Reuters) - China's biggest brokerage CITIC Securities Co 600030.SS, 6030.HK reported a 10% rise in net profit in 2024, driven by growing investment gains as domestic stock markets rebounded.

Profit was 21.704 billion yuan ($2.99 billion) last year，compared to 19.721 billion yuan in 2023, the filing showed.

The 2024 net profit was above the median estimate of 21.531 billion yuan, according to LSEG data.

Investment gains grew 71.8% year-on-year to 32.49 billion yuan, according to the filing, as recovered market confidence boosted a rebound in domestic stock markets late last year.

Chinese stocks registered their first annual gain last year following an unprecedented three-year decline set off by the COVID-19 pandemic, as Chinese authorities have implemented some of the boldest measures since September to revive the economy.

Fees and commissions earned from brokerage business rose 4.8% to 10.7 billion yuan, the filing showed.

Fees and commissions from investment banking business dropped by 33.9% year-on-year to 4.16 billion yuan, as equity issuance dropped more than 70% in the A-share market last year, according to the filing.

Global investors are now increasingly re-rating mainland China's stock markets after two years of sitting on the sidelines, thanks to easing government scrutiny of technology majors, which bankers said will help drive renewed activity.

CITIC shares in Hong Kong closed up 1.17% at HK$21.6 ($2.78) prior to the results being announced, compared with a 0.6% rise in the broader market .HSI.

($1 = 7.7754 Hong Kong dollars)

($1 = 7.2652 Chinese yuan renminbi)

(Reporting by Ziyi Tang and Engen Tham; Editing by Jan Harvey and David Evans)

((Ziyi.Tang@thomsonreuters.com;))