PROFITS of China’s 120 brokerages surged 119 percent in 2014 as booming stock markets sparked a surge in new clients and trading activity, according to figures released by the Securities Association of China (SAC).

    With 119 firms profitable and only one making a loss, combined net earnings reached 96.55 billion yuan (US$15.57 billion) in 2014, the SAC statistics published late Tuesday said. The brokerages made a combined profit of 44 billion yuan in 2013.

    Chinese stocks jumped more than 50 percent in 2014 to close the year near five-year highs, the best annual performance by a major global stock market, mainly driven by a slew of market and economic reforms.

    By the end of 2014, the total assets of domestic brokerages had doubled to 4.09 trillion yuan from 2.08 trillion yuan at end-2013, with net assets rising to 920.52 billion yuan from 753.86 billion yuan, the SAC statistics showed.

    Operational income rose to 260.28 billion yuan compared with 159.24 billion yuan, with a 140 percent leap in interest earnings from margin trading.

    The 2014 figures are unaudited, the association said. Securities houses will publish audited results in the reporting season ending April 30.

    Last week, the China Securities Regulatory Commission said it had barred three major brokerages, CITIC Securities, Haitong Securities and Guotai Junan Securities, from opening new margin trading accounts for clients for three months after they were found to have broken rules covering such high-risk trades. (SD-Agencies)