Noah's Stock Down 5% on Third Quarter Results
Wealth management company Noah Holdings Ltd. (NYSE: NOAH) saw its stock decrease 5% to $31.25 per American depositary share on Tuesday after posting a decrease in revenue and profit for the third quarter.
Noah said in a statement after markets closed on Monday that its revenue was $117.8 million in the three months through September, down 3% quarter-over-quarter and nearly flat from a year ago. The company said its wealth management services brought in the majority of its revenue, which was $75.9 million.
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, according to the report.
Net income attributable to Noah's shareholders for the third quarter 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 its 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 call with analysts on Tuesday, " 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."
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