Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), the leading independent service provider focusing on distributing wealth management products to the high net worth population in China, today announced its unaudited financial results for the first quarter 2011.
FIRST QUARTER 2011 FINANCIAL HIGHLIGHTS
- Net revenues in the first quarter of 2011 were US$15.1 million, a 158.2% increase from the corresponding period in 2010.
- Income from operations in the first quarter of 2011 was US$6.6 million, a 128.2% increase from the corresponding period in 2010.
- Net income attributable to Noah shareholders in the first quarter of 2011 was US$5.8 million, a 158.3% increase from the corresponding period in 2010. Non-GAAP 1 net income attributable to Noah shareholders in the first quarter of 2011 was US$6.1 million, a 162.1% increase from the corresponding period in 2010.
- Net income per basic and diluted ADS in the first quarter of 2011 were both US$0.10. Non-GAAP net income per diluted ADS in the first quarter of 2011 was US$0.11.
FIRST QUARTER 2011 OPERATIONAL HIGHLIGHTS
- As of March 31, 2011, the Company’s total number of registered clients increased by 76.4% year-over-year to 18,521; this figure includes 17,971 registered individual clients, 499 registered enterprise clients and 51 wholesale clients that have entered into cooperation agreements with the Company.
- The Company had 659 active clients 2 during the first quarter of 2011, a 30.2% increase from the corresponding period in 2010.
- The aggregate value of wealth management products distributed by the Company during the first quarter of 2011 was RMB5.0 billion (approximately US$764.8 million) 3, a 257.0% increase from the corresponding period in 2010. Of this aggregate value, fixed income products accounted for 33.7%, private equity fund products accounted for 50.1%, and securities investment funds and investment-linked insurance products accounted for 16.2%. The increase in securities investment funds and investment-linked insurance products was primarily due to a new securities investment fund launched in the quarter.
- The average transaction value per client 4 in the first quarter of 2011 was RMB7.6 million (approximately US$1.2 million), a 173.8% increase from the corresponding period in 2010.
- As of March 31, 2011, Noah’s coverage network included 39 branches, up from 20 branches as of March 31, 2010. The number of relationship managers increased to 364 as of March 31, 2011, up 64.0% year-over-year.
Ms. Jingbo Wang, Co-founder, Chairwoman of the board of directors and Chief Executive Officer, commented, “We had a strong start in 2011; our innovative, high-quality and diversified product mix resonated well with our client base. We remain focused on our initiatives to expand our client base and build our market share among the high net worth population in China.”
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