Noah Holdings Expands Global Reach Amid Strong Q2 Financial Performance

Noah Holdings Limited reported strong unaudited financial results for the second quarter of 2024, driven by a 46.3% increase in overseas revenue contribution. Total net revenues reached RMB 616 million, with significant growth in the international client base. The company announced a share repurchase program to enhance shareholder returns.

Noah Holdings Limited, a leading wealth management service provider, announced robust unaudited financial results for Q2 2024. The company recorded total net revenues of RMB 616 million (US$85 million) driven by notable growth in its overseas business, which contributed RMB 279 million (US$38 million).

The company's operating profit rose to RMB 134 million (US$18 million), with the operating profit margin increasing to 21.8% from 18.7% in Q1 2024. The firm's pivot towards international markets marked a significant milestone in its strategic transformation, as it continues to expand its global client base with a 23.0% increase year-over-year in overseas registered clients.

In a move to enhance shareholder returns, Noah's board authorized a share repurchase program of up to US$50 million. CEO Mr. Zhe Yin emphasized Noah's focus on long-term value creation for clients and shareholders, while co-founder Ms. Jingbo Wang noted the company's confidence in its future growth amid industry transitions.

(With inputs from agencies.)