Everbright Securities (601788) posted a 29.8 percent year-on-year drop in 2011 net profit to 1.54 billion yuan on an 11 percent fall in revenue to 4.5 billion yuan, reports stcn.com, citing a company filing. Earnings per share hit 0.45 yuan.

The value of the brokerage's total transactions of stocks, mutual funds and debt hit 2.3 trillion yuan.

The brokerage underwrote 15 initial public offerings and six debt issues, and launched six wealth management products last year.

The brokerage, investment banking and asset management businesses respectively accounted for 40 percent, 14 percent, and six percent of total revenue.

Revenue from commissions and fees dropped 32 percent from 2010 to 1.81 billion yuan due to fierce competition resulting in a fall in commission charges.

According to the Securities Association of China, Everbright Securities was the second-ranked brokerage in terms of net income  earned from the brokerage business.

The value of the initial public offerings underwritten by Everbright Securities totaled 12.07 billion yuan, and it was the 14th-ranked brokerage in this sector.

Revenue from the investment banking business was up 54 percent form 2010 to 640 million yuan.

Revenue from the asset management business fell five percent to 273 million yuan, and earnings from this business dropped 13 percent to 200 million yuan.

Source:capitalvue.com