Noah Holdings Limited Announces Strong Q2 2024 Financial Results Amid Global Expansion

Noah Holdings Limited, a foremost wealth management service provider, revealed its robust unaudited financial results for Q2 2024. The company has seen significant revenue from wealth and asset management, driven by successful global expansion and strategic initiatives, including a USD 50 million share repurchase program to enhance shareholder returns.

Noah Holdings Limited, a premier wealth management service provider, has reported strong unaudited financial results for the second quarter of 2024. Total net revenue was RMB 616 million, with RMB 416 million from wealth management and RMB 192 million from asset management.

The company's overseas expansion is proving to be fruitful, with a 46.3% contribution to net revenue and a 14.1% year-over-year increase in assets under management in the first half of 2024. Noah raised USD 338 million for private equity, private credit, and other primary market funds year-to-date, marking a 40.2% increase from the previous year.

Noah's share repurchase program, authorized to buy back up to USD 50 million of its shares, underscores its commitment to returning value to shareholders. The company also continues to strengthen its ESG principles, publishing its 10th annual ESG report and joining the Nature Responsible Management initiative by PRI.

(With inputs from agencies.)