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Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2017

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PR Newswire

SHANGHAI, March 6, 2018 /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 preliminary[1] financial results for the fourth quarter of 2017 and the full year ended December 31, 2017.

FOURTH QUARTER 2017 FINANCIAL HIGHLIGHTS

  • Net revenues for the fourth quarter of 2017 were RMB722.1 million (US$111.0 million), an 11.7% increase from the corresponding period in 2016.

(RMB millions,
except percentages)

Q4 2016



Q4 2017



YoY Change

Wealth management


ARIVA.DE Börsen-Geflüster

Kurse

11,00
-0,90%
Noah Holdings Ltd Chart

488.2



524.8



7.5%

Asset management

136.4



166.8



22.3%

Internet financial services

21.6



30.5



41.2%

Total net revenues

646.2



722.1



11.7%

  • Income from operations for the fourth quarter of 2017 was RMB135.7 million (US$20.9 million), a 62.7% increase from the corresponding period in 2016.

(RMB millions,
except percentages)

Q4 2016



Q4 2017



YoY Change

Wealth management

82.4



79.7



(3.3)%

Asset management

43.5



76.9



76.9%

Internet financial services

(42.5)



(20.9)



(50.8%)

Total income from operations

83.4



135.7



62.7%

  • Net income attributable to Noah shareholders for the fourth quarter of 2017 was RMB160.3 million (US$24.6 million), a 49.3% increase from the corresponding period in 2016.
  • Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2017 was RMB184.7 million (US$28.4 million), a 40.5% increase from the corresponding period in 2016.

FULL YEAR 2017 FINANCIAL HIGHLIGHTS

  • Net revenues in the full year 2017 were RMB2,826.9 million (US$434.5 million), a 12.5% increase from the full year 2016.

(RMB millions,
except percentages)

FY 2016



FY 2017



YoY Change

Wealth management

1,931.7



2,126.3



10.1%

Asset management

531.8



588.0



10.6%

Internet financial services

50.1



112.6



124.7%

Total net revenues

2,513.6



2,826.9



12.5%

  • Income from operations in the full year 2017 was RMB777.0 million (US$119.4 million), a 16.4% increase from the full year 2016.

(RMB millions,
except percentages)

FY 2016



FY 2017



YoY Change

Wealth management

526.0



580.9



10.4%

Asset management

321.3



302.9



(5.7%)

Internet financial services

(180.0)



(106.8)



(40.7%)

Total income from operations

667.3



777.0



16.4%

  • Net income attributable to Noah shareholders in the full year 2017 was RMB770.2 million (US$118.4 million), a 19.6% increase from the full year 2016.
  • Non-GAAP net income attributable to Noah shareholders in the full year 2017 was RMB863.8million (US$132.8 million), a 19.5% increase from the full year 2016.

FOURTH QUARTER AND FULL YEAR 2017 OPERATIONAL UPDATES

Wealth Management Business

The Company's wealth management business offers financial products and provides comprehensive financial services to high net worth individuals, enterprises and institutional clients. 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 December 31, 2017 was 186,918, a 38.1% increase from December 31, 2016.
  • Total number of active clients[3] during the fourth quarter of 2017 was 6,276, a 38.5% increase from December 31, 2016, due to our promotion events during the fourth quarter of 2017. The total number of active clients during the full year 2017 was 12,720, a 5.8% increase from the full year 2016.
  • Aggregate value of financial products distributed during the fourth quarter of 2017 was RMB28.2 billion (US$4.3 billion), a 13.1% increase from the fourth quarter of 2016.

Product type

Three months ended December 31,


2016


2017




(RMB in billions, except percentages)

Fixed income

14.3


57.5%


15.4


54.5%

Private equity

8.5

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