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TheStreet Open House

Noah Holdings Limited Announces Financial Results For The Third Quarter Of 2011

Stocks in this article: NOAH

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 third quarter of 2011.

THIRD QUARTER 2011 FINANCIAL HIGHLIGHTS

  • Net revenues in the third quarter of 2011 were US$19.3 million, an 88.9% increase from the corresponding period in 2010.
  • Income from operations in the third quarter of 2011 was US$5.8 million, a 34.5% increase from the corresponding period in 2010.
  • Net income attributable to Noah shareholders in the third quarter of 2011 was US$5.7 million, an 82.6% increase from the corresponding period in 2010. Non-GAAP 1 net income attributable to Noah shareholders in the third quarter of 2011 was US$6.4 million, an 89.5% increase from the corresponding period in 2010.
  • Net income per basic and diluted ADS in the third quarter of 2011 were both US$0.10. Non-GAAP net income per diluted ADS in the third quarter of 2011 was US$0.11.

THIRD QUARTER 2011 OPERATIONAL HIGHLIGHTS

  • Total number of registered clients as of September 30, 2011 increased by 74.0% year-over-year to 24,746; this figure includes 24,009 registered individual clients, 648 registered enterprise clients and 89 wholesale clients that have entered into cooperation agreements with the Company.
  • Active clients 2 during the third quarter of 2011 were 1,200, a 112.0% increase from the corresponding period in 2010.
  • The aggregate value of wealth management products distributed by the Company during the third quarter of 2011 was RMB5.4 billion (approximately US$0.8 billion) 3, a 11.2% increase from the corresponding period in 2010. Of this aggregate value, fixed income products accounted for 45.9%, private equity fund products accounted for 41.0%, and securities investment funds and investment-linked insurance products accounted for 13.1%.
  • The average transaction value per client 4 in the third quarter of 2011 was RMB4.5 million (approximately US$0.7 million), a 47.6% decrease from the corresponding period in 2010 primarily due to changes in product mix mainly because the Company distributed more fixed income and securities investment fund products, which have lower minimum investment amount than private equity fund products.
  • Coverage network as of September 30, 2011 included 53 branches, up from 28 branches as of September 30, 2010. The number of relationship managers increased to 505 as of September 30, 2011, up 64.0% year-over-year.

Ms. Jingbo Wang, Co-founder, Chairwoman of the board of directors and Chief Executive Officer, commented, “We made significant progress in strategically broadening our client engagement in terms of the number of active clients as well as expanding our branch coverage network. We will continue to focus on client breadth by entering new markets and distributing quality products that meet the needs of our clients.”

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