Noah Holdings Reports Strong International Growth in Q3 2024 Earnings

Noah Holdings Limited, a renowned leader in wealth management services, revealed robust financial results for the third quarter of 2024. The company showcased notable growth in its overseas business, indicating the effectiveness of its strategic international expansion.

During the quarter, Noah generated net revenues reaching RMB 683.7 million (approximately USD 97.4 million), marking an impressive sequential increase of 11.0%. Much of this growth can be attributed to Noah's aggressive push into international markets, particularly targeting Mandarin-speaking high-net-worth individuals. This focus is clearly reflected in the company’s overseas revenue figures, which amounted to RMB 376.9 million (USD 53.7 million), representing a staggering 28.9% growth year-over-year and a 35.3% increase compared to the previous quarter.

Expansion of Services

As part of its continued commitment to meet the burgeoning needs of its clientele, Noah introduced new brands tailored specifically for Mandarin-speaking clients abroad. These include Ark Wealth Management, Olive Asset Management, and Glory Family Heritage, each designed to cater to various aspects of wealth management and investment needs.

Additionally, Noah's income from operations totaled RMB 240.8 million (USD 34.3 million), nearly flat compared to the same period last year but showcasing a remarkable sequential increase of 79.7%. This improvement in operational income reflects Noah's stringent cost control measures and ongoing enhancements to its service quality and corporate structure.

Strategic Global Initiatives

Going forward, Noah is strategically positioning itself to expand its wealth management services to crucial markets such as Southeast Asia, Japan, Canada, the United States, and Europe. The company is not just rolling out services, but is also strengthening collaborations with leading financial institutions globally, which will further enhance its market competitiveness.

In a bid to bolster its professional capabilities overseas, Noah expanded its team of relationship managers to 146, representing a substantial 89.6% year-over-year increase. This expansion is expected to solidify the company's presence in international markets and enhance service delivery to clients.

Shareholder Confidence and Future Outlook

In a move that underscores its commitment to enhancing shareholder value, Noah announced a US$50 million share repurchase program back in August 2024. This program reflects the company's confidence in its long-term growth trajectory and is set to commence as soon as the buyback window opens.

CEO Yin Zhe highlighted the importance of this financial quarter in terms of adapting to changing market dynamics, improving international compliance frameworks, and expanding service capabilities. He stated, "Noah's third quarter results highlight the progress our global expansion is making and our ability to adapt to evolving market dynamics."

As Noah continues to adapt and evolve, it remains dedicated to monitoring international market trends and aligning its strategies with client needs. The company is committed to optimizing global asset allocations and risk management processes to ensure sustained growth and superior service delivery.

Wang Jingbo, Co-Founder and Chairwoman, emphasized the dual nature of future opportunities and challenges in the wealth management landscape. She reiterated the company's philosophy of focusing on client satisfaction and loyalty, and strengthening partnerships with global financial institutions for sustained innovation and development.

Conclusion

Noah Holdings Limited's third-quarter results reveal a promising snapshot of its international growth and service expansion strategies. By adhering to its core values and maintaining a client-centric approach, Noah is well-positioned to capitalize on emerging opportunities in the global wealth management arena, thereby maximizing long-term value for shareholders and clients alike.