According to Zhitong Finance APP, Noah Holdings (06686) released its third quarter results for the three months ending September 30, 2024, with total revenue of 0.689 billion yuan (RMB, the same below); net income 0.683 billion yuan; net income attributable to Noah shareholders of 0.134 billion yuan; earnings per American Depositary Share of 1.91 yuan.

In the third quarter of 2024, net income from overseas amounted to 0.3769 billion yuan, an increase of 28.9% compared to the same period in 2023, mainly due to a 42.5% increase in revenue from overseas investment products and a 42.4% increase in insurance product revenue, which was partially offset by a 38.8% decrease in revenue from other services provided to high-net-worth investors overseas.

Ms. Wang Jingbo, co-founder and director of Noah, stated: “I am pleased to report that with the acceleration of overseas expansion, customer demand for global asset allocation has strengthened, leading to a significant rebound in net income, operating profit margin, and net profits. Due to ongoing investments to expand the global business footprint, overseas net income increased by 28.9% year-on-year. The number of financial advisors directly supporting the expansion has increased to 146 experts, a year-on-year increase of 89.6% and a quarter-on-quarter increase of 29.2%. Leveraging the momentum of expansion, we also opened an office in Japan this quarter to attract local Chinese-speaking clients and are actively evaluating opportunities in other major potential markets such as Canada, Australia, Southeast Asia, and Europe. Despite the continued challenges from a sluggish domestic market, preliminary signs of recovery have emerged, driven by newly introduced policies to support the overall economy, which have improved customer confidence and encouraged us. The services currently provided by local financial institutions are insufficient to meet the needs of many investors; thus, we remain highly confident in the tremendous potential of tailored financial services for high-net-worth Chinese-speaking investors worldwide. This presents us with significant opportunities to acquire new clients through competitive global investment solutions and renowned service standards.”