Noah Holdings reports higher Q1 profit due to high income from opns., revenues down
On Thursday, Noah Holdings Ltd. (NOAH,6686.HK), a wealth management service provider, reported higher profit in the first quarter of 2025, despite lower revenue.
Net income attributable to Noah shareholders was RMB148.96 million or $20.53 million, compared to RMB131.49 million in the previous year. Earnings per ADS were RMB 2.11 or $0.29, higher than RMB 1.88 last year.
The adjusted net income attributable was RMB168.79 million or $23.3 million, a 4.7 percent increase from RMB161.17 million in 2024. Adjusted earnings per ADS were RMB 2.39, compared to RMB 2.31 last year.
The increase in income was attributable to higher income from operations, partially offset by a 29.0 percent decrease in interest income, a 42.0 percent increase in income tax expenses and a loss from equity in affiliates.
The income from operations in the first quarter climbed 53 percent to RMB 186.01 million or $25.63 million from RMB 121.49 million in the previous year. The increase was attributable to the 21.8 percent decrease in compensation and benefits.
Total revenues, meanwhile, declined 5.2 percent to RMB620.10 million or $85.45 million from last year's RMB654.27 million. Net revenues were down 5.4 percent year-over-year to RMB 614.59 million or $84.69 million mainly due to a decrease in distribution of insurance products.
On the HKSE, the shares closed 4.45 percent lower on Thursday, at HK$16.300.
In pre-market activity on the NYSE, the shares were trading at $10.16, 0.59 percent higher.
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