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28.08.2017 23:05
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Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2017
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PR Newswire
SHANGHAI, Aug. 28, 2017
SHANGHAI, Aug. 28, 2017 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced its unaudited financial results for the second quarter of 2017.
SECOND QUARTER 2017 FINANCIAL HIGHLIGHTS
- Net revenues for the second quarter of 2017 were RMB707.3 million (US$104.3 million), an 8.5% increase from the corresponding period in 2016.
| (RMB millions, except percentages) | Q2 2016 | | | Q2 2017 | | | YoY Change |
| Wealth management | 505.2 | | | 550.6 | | | 9.0% |
| Asset management | 135.2 | | | 130.3 | | | (3.6%) |
| Internet financial services | 11.3 | | | 26.4 | | | 133.0% |
| Total net revenues | 651.7 | | | 707.3 | | | 8.5% |
- Income from operations for the second quarter of 2017 was RMB224.3 million (US$33.1 million), a 15.5% increase from the corresponding period in 2016.
| (RMB millions, except percentages) | Q2 2016 | | | Q2 2017 | | | YoY Change |
| Wealth management | 167.4 | | | 185.2 | | | 10.7% |
| Asset management | 68.8 | | | 69.8 | | | 1.4% |
| Internet financial services | (42.1) | | | (30.8) | | | (26.9%) |
| Total income from operations | 194.1 | | | 224.3 | | | 15.5% |
- Net income attributable to Noah shareholders for the second quarter of 2017 was RMB207.0 million (US$30.5 million), a 13.6% increase from the corresponding period in 2016.
- Non-GAAP[1] net income attributable to Noah shareholders for the second quarter of 2017 was RMB226.5 million (US$33.4 million), a 14.4% increase from the corresponding period in 2016.
SECOND QUARTER 2017 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business offers wealth management products and provides comprehensive financial services to high net worth individuals, enterprise and institutional clients. Through its wealth management business, Noah primarily distributes onshore and offshore fixed income products, private equity products, secondary market products and insurance products.
- Total number of registered clients as of June 30, 2017 was 164,728, a 43.4% increase from June 30, 2016.
- Total number of active clients[2] during the second quarter of 2017 was 4,484, a 9.0% decrease from June 30, 2016.
- Aggregate value of wealth management products distributed during the second quarter of 2017 was RMB33.0 billion (US$4.9 billion), an 18.8% increase from the second quarter of 2016.
| Product type | Three months ended June 30, | |||
| | 2016 | 2017 | ||
| | (RMB in billions, except percentages) | |||
| Fixed income | 17.0 | 61.2% | 23.5 | 71.3% |
| Private equity | 7.6 | 27.3% | 8.3 | 25.0% |
| Secondary market equity | 2.8 | 10.1% | 1.1 | 3.4% |
| Other products | 0.4 | 1.4% | 0.1 | 0.3% |
| All products | 27.7 | 100.0% | 33.0 | 100.0% |
- Average transaction value per client[3] for the second quarter of 2017 was RMB7.4 million (US$1.1 million), a 30.5% increase from the corresponding period in 2016.
- Coverage network included 205 branches and sub-branches covering 76 cities as of June 30, 2017, up from 199 branches and sub-branches covering 74 cities as of March 31, 2017, and 175 branches and sub-branches covering 68 cities as of June 30, 2016.
- Number of relationship managers was 1,259 as of June 30, 2017, relatively flat from March 31, 2017 and a 15.2% increase from June 30, 2016.
| [1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures as adjusted by excluding the effects of all forms of share-based compensation. |
| [2] "Active clients" refers to registered clients who purchased wealth management products distributed by Noah during the period specified. |
| [3] "Average transaction value per client" refers to the average value of wealth management products distributed by Noah that were purchased by active clients during the period specified. |
Asset Management Business
Gopher Asset Management ("Gopher"), a subsidiary of the Company, is a leading alternative asset manager in China. Gopher develops and manages private equity, real estate, secondary market， credit and other investments denominated in both Renminbi and foreign currencies.
- Total assets under management as of June 30, 2017 were RMB138.7 billion (US$20.5 billion), a 7.0% increase from March 31, 2017 and a 37.1% increase from June 30, 2016.
| Investment type | As of March 31, | Asset | Asset | As of June 30, | |||
| | (RMB billions, except percentages) | | |||||
| Real estate | 19.8 | 15.3% | 1.6 | 6.0 | 15.4 | 11.1% | |
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