CARRY OFF, November 27, 2024 /PRNewswire/ — Noah Holdings Limited (“Noah” or “the Company”) (NYSE: NOAH and HKEX: 6686), a leading and pioneering provider of wealth management services offering comprehensive global investment advisory and asset allocation services active mainly for mandarins. Speaking of high net worth investors, it announced its unaudited financial results for the third quarter of 2024 today.
The Company generated solid sequential growth in both foreign net income and operating income, highlighting the effectiveness of its international expansion. Noah unveiled its new brands to serve foreign Mandarin-speaking clients during the quarter, including its wealth management division, Ark Wealth Management; its asset management division, Olive Asset Management; and its full-service division, Glory Family Heritage. Additionally, Noah remains committed to prioritizing shareholder interests and generating sustained returns once the window for acquisition opens. 50 million dollars share buyback program it announced at the end of August.
Breakdown of financial results
In the third quarter of 2024, net income was 683.7 million RMB (97.4 million dollars), a sequential increase of 11.0%, driven primarily by growth in the Company’s overseas business.
Net income from abroad was 376.9 million RMB (53.7 million dollars), an increase of 28.9% year over year and 35.3% sequentially. Overseas revenue accounted for more than 55.1% of net income during the quarter, underscoring Noah’s growing global presence and unique competitive advantage in serving Mandarin-speaking high-net-worth investors.
Operating income was 240.8 million RMB ($34.3 million), effectively stable compared to the same period last year and a notable increase of 79.7% sequentially, mainly due to various cost control initiatives and continuous efforts to optimize its corporate structure, service quality and operational efficiency. Operating margin recovered to 35.2%, an increase of 13.5% sequentially.
Global strategy that drives sustainable growth
In the third quarter, and in response to evolving macroeconomic conditions, Noah accelerated its overseas expansion by gradually rolling out wealth management services targeting key markets such as Southeast Asia, Japan, Canada, the united statesand Europe. The Company also deepened its collaborations with leading global financial institutions, launching a series of innovative products and services, further boosting its competitiveness and influence in the global market.
This quarter, Noah also expanded its team of overseas relationship managers to 146, a significant year-over-year increase of 89.6%. This growing team significantly strengthens its overseas professional service capabilities and lays a solid foundation for sustainable growth in the future.
Share buyback program reflects confidence in the future
late August 2024, Noah Holdings (NYSE:)’ The Board of Directors authorized a 50 million dollars share repurchase program, which allows the Company to repurchase its American depositary shares or common shares over a period of two years. This underscores the Company’s commitment to enhancing shareholder value and confidence in its long-term growth prospects. Share buybacks are expected to begin when the next buyback window opens.
“Noah’s third quarter results highlight the progress our global expansion is making and our ability to adapt to changing market dynamics,” said Noah CEO Mr. Yin Zhe. “At the same time, we have been working to improve our overall global compliance framework and professional service capabilities. We believe that the offshore wealth management needs of Mandarin-speaking clients remain inadequately addressed. In response, we continue actively expanding our international business by increasing the number of local branches, strengthening our team of overseas relationship managers and improving our online services capabilities to improve the quality of our offerings. We believe that our shares remain undervalued and do not fully reflect our growth prospects, our strong balance sheet and our cash reserves, as well as the special bonus with high net worth investors who speak Mandarin around the world. This share buyback reflects our confidence in the future as we expand internationally and drive long-term sustainable growth. in the future”.
Perspective
Looking ahead, Noah remains committed to monitoring international market dynamics and changing client needs while optimizing its global asset allocation strategies and service models. The Company will also continue to strengthen compliance and risk management capabilities to ensure continued business growth.
By fostering innovation and professional expertise, Noah aims to provide comprehensive, high-quality wealth management services to global high-net-worth Mandarin-speaking clients, driving sustainable growth and maximizing long-term value.
EM. Wang Jingboco-founder and president of Noah, added: “The future of Noah presents opportunities and challenges. By adhering to our customer-centric philosophy, we will continue to refine our products and services to foster greater customer satisfaction and loyalty. At the same time, we will strengthen the collaborations with leading global financial institutions, driving innovation and development to ensure Noah remains at the forefront of the global wealth management industry.”
About Noah Holdings Limited
Noah Holdings Limited (NYSE: NOAH, HKEX: 6686) is a leading provider of wealth management services in Porcelainwhich offers comprehensive global investment advisory and asset allocation services to high net worth investors.
Noah’s wealth management business mainly distributes private equity, secondary market funds, mutual funds and other products denominated in RMB and other currencies. Through its extensive global network, the Company offers customized financial solutions and meets clients’ international investment needs through offices in Hong Kong RAE, Taiwan region, Japan, New York, silicon valleyand Singapore.
Through its subsidiary Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. Noah also offers additional services.
For more information, visit Noah’s official website at ir.noahgroup.com.
Noah Holdings: in_communication@noahgroup.com
