Wealth management service provider in China, Noah Holdings Ltd. (NYSE: NOAH), announced its unaudited financial results for the third quarter of 2019 on Monday.
Noah stated its revenues for the third quarter of 2019 were $117.8 million, down 3.4% quarter-over-quarter, but 0.4% increase from the same period year-over-year. Primarily driven by increased recurring service fee revenues and other service fees and offset by decreased one-time commissions. Wealth management was still the major part of the company's business, which was $75.9 million among the total revenue — followed by asset management and lending and other businesses.
The number of black card clients reached 875, up around 20% year-over-year, which indicates that the ultra-high net worth clients are increasingly loyal to the company's service. Besides that, the company's overseas business maintained strong growth momentum in the first three quarters, the total revenues of it increased by 33.7% year-over-year, accounting for 27.2% of the Group's net revenues.
Net income attributable to Noah shareholders for the third quarter of 2019 was $26.8 million, a 7.8% decrease from the corresponding period in 2018, Noah said in the statement.
The company also announced on Monday that Grant Pan has been appointed as a chief financial officer, succeeding Shang Chuang, who has decided to depart Noah for new professional pursuits, effective November 30, 2019.
Yi Zhao, Group President of Noah, said in the earnings call," Going forward, we will remain devoted to building up a diversified high-quality open platform. In addition, we will also focus on expanding our presence in the overseas market, as well as developing a complete process of comprehensive financial service. Although we faced challenges ahead, our determination to maintain market leadership and become a reliable platform for global Chinese high net worth clients will remain unchanged."
The stock of Noah decreased 5% to $31.25 per American depositary share to press time after the company released its results.