Assets managed by trust firms reach $1.1 trillion

The assets managed by Chinese trust companies were likely worth about 7 trillion yuan ($1.1 trillion) at the end of 2012, the Securities Times reported on Jan 15.

The paper said that the profits of Chinese trust companies in the first three quarters of last year were 28.8 billion yuan, up 57 percent year-on-year.

The profits of the Chinese trust industry last year were larger than those of the securities industry, it added.

The net profit of Citic Trust Co Ltd last year was estimated to reach 3 billion yuan.