Haitong Securities profits grow 17pc

Haitong Securities reported a 17 per cent increase in profits for the first quarter, benefiting from regulatory efforts to set a floor for brokerage trading commissions. The Shanghai firm posted net income of 571 million yuan (HK$677.62 million) in March. Profits for the first three months were 1.1 billion yuan, up from 946 million yuan a year ago. Revenue grew 19.8 per cent to 2.2 billion yuan. Analysts said securities regulators had increased oversight on brokerage commissions, which helped boost profits.