Noah Holdings reports strong Q2 2024 results with accelerated overseas expansion and a new share repurchase program.

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Noah Holdings Limited (NYSE: NOAH and HKEX: 6686), a pioneer in wealth management services for Mandarin-speaking high-net-worth individuals, has reported impressive financial results for the second quarter of 2024.

The company showcased robust growth driven by its strategic global expansion and commitment to shareholder returns.

Financial Highlights

In the second quarter of 2024, Noah recorded total net revenue of RMB 616 million, with its wealth management business contributing RMB 416 million and the asset management division bringing in RMB 192 million.

The company’s operating income reached RMB 134 million, reflecting a 10.3% increase from the previous quarter, with an operating margin of 21.8%—up from 18.7% in Q1 2024.

These results underscore the early success of Noah’s strategic transformation, including cost control measures and accelerated overseas expansion.

Strategic Overseas Expansion

Noah’s overseas growth is gaining momentum as client demand for global asset allocation strengthens.

In the first half of 2024, overseas net revenue contributed 46.3% of the total, with assets under management (AUM) increasing 14.1% year-over-year.

Notably, Noah raised US$338 million for overseas private equity, private credit, and other primary market funds—marking a significant 40.2% increase compared to the previous year.

Zhe Yin, CEO of Noah Holdings, highlighted the significance of this expansion:

“The pace of our overseas growth is accelerating. Our team of overseas relationship managers grew by 101.8% year-over-year, reflecting our commitment to serving high-net-worth clients globally.”

Overseas registered clients rose by 6.7% sequentially and 23.0% year-over-year to 16,786, with a 14.2% increase in overseas diamond and black card clients.

Focus on Shareholder Returns

In a show of confidence in the company’s future, Noah’s board of directors has authorized a US$50 million share repurchase program, effective immediately.

This program reflects Noah’s commitment to enhancing shareholder value and complements the company’s capital management and shareholder return policy.

Jingbo Wang, co-founder and chairwoman of Noah, stated:

“This share repurchase program and our recent dividend payout demonstrate our dedication to prioritizing shareholder interests. Despite the challenges in China’s wealth management industry, we are confident in Noah’s unique position and growth potential.”

Commitment to ESG Principles

In the first half of 2024, Noah published its 10th Annual Environmental, Social, and Governance (ESG) report, reaffirming its decade-long commitment to corporate responsibility.

Additionally, Noah’s asset management arm, Gopher Asset Management, joined the Nature Responsible Management initiative, Spring, launched by the Principles for Responsible Investment (PRI).

This move underscores Noah’s dedication to integrating ESG factors into its investment processes and promoting sustainable practices.

Looking Ahead

As Noah Holdings navigates a complex market environment, its strategic focus on global expansion, technological innovation, and sustainable practices is beginning to yield significant results.

With a strong foundation, the company is well-positioned for continued success in the coming years.