CITIC Securities Co., China’s biggest publicly traded brokerage, said Friday profit rose almost sixfold last year as stock trades boomed amid a soaring market.

Net income climbed to 2.4 billion yuan (US$309.9 million), or 0.80 yuan a share, last year, from 400 million yuan, or 0.16 yuan a share a year earlier, the Beijing-based brokerage said in a statement. Sales increased to 5.8 billion yuan from 918.3 million yuan, it said.

Income from commission fees and proprietary trading, which account for two-thirds of revenue, rose more than nine times to 3.9 billion yuan as the benchmark Shanghai and Shenzhen 300 Index more than doubled last year.

The government ended a one-year ban on domestic stock sales in May last year to draw more of the nation’s US$2 trillion in household savings into equities.

“CITIC Securities is doing spectacularly, though like most domestic brokerages its business model still heavily relies on riding the market up and lacks more stable sources of income,’’ said Yuan Lin, a Beijing-based analyst at BOC International (China) Ltd.

The domestic stock market, powered by record initial public offerings, has more than tripled since reaching an eight-year low in June 2005. Stocks tumbled the most in 10 years Feb. 27 amid concern the government would crack down on lending for stock purchases.

“We expect the market to stay strong, but CITIC Securities’ performance will definitely be hit if we see a correction down the line,’’ Yuan said. (SD-Agencies)