Net profit drops for Guotai JunanBusiness | Winnie Lee 11 Aug 2020
Guotai Junan International (1788) said net profit in the first half dropped 5.2 percent year-on-year to HK$605.58 million.
It declared an interim dividend of 3.4 HK cents per share, a year-on-year decline of 19 percent. Basic earnings per share were 6.77 HK cents.
First-half revenue plunged 22.6 percent to HK$1.8 billion. Gains from financial products, market making and investments slumped 27 percent. Income from loans and financing fell 7.2 percent.
Among fee and commission income, brokerage income dived 46 percent but asset management income surged 134.3 percent. Overall fee and commission income was down 5.2 percent.
The group will continue to step up efforts to develop financial institutional and corporate clients. At the same time, it will optimize and upgrade its wealth management platform and improve its product and service lines, which will expand the high-net-worth client base and the assets under management.