Noah Holdings (NOAH) Reports Q4 EPS of $0.63

Noah Holdings (NYSE: NOAH) reported Q4 EPS of $0.63. Revenue for the quarter came in at $146.1 million.

• Non-GAAP Net Income Attributable to Noah Shareholders - Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2020 was RMB262.5 million (US$40.2 million), a 121.1% increase from the corresponding period in 2019.- Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2020 was 27.5%, up from 15.1% for the corresponding period in 2019.- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2020 was RMB4.13 (US$0.63), up from RMB1.92 for the corresponding period in 2019.
• Net revenues for the fourth quarter of 2020 were RMB953.2 million (US$146.1 million), a 20.9% increase from the corresponding period in 2019, primarily driven by increased one-time commissions and performance-based income, and partially offset by decreased recurring service fees and other service fees.

Ms. Jingbo Wang, co-founder and CEO of Noah, said, "I am pleased to report a strong rebound of performances we delivered in 2020 - total transaction value rose 20.6% to RMB94.7 billion from RMB78.5 billion in 2019. Among which, the transaction value of public securities rose 177.3% year-on-year to RMB73.1 billion, representing a successful execution of our strategy to transform our product offerings to public securities. We continue to strengthen our capability in distributing private equity products, reporting a transaction value of RMB17.9 billion, up 25.2% year-on-year. Despite that we recorded net loss of RMB745.2 million in 2020 due to one-off settlement expense related to Camsing settlement, our non-GAAP net income for the full year exceeded RMB1.1 billion, up 25.3% from 2019. We are also glad to report that the number of black card clients grew from 883 as of December 31, 2019 to 985 as of December 31, 2020. Our management team has set growth target for 2021 and we look forward to sharing the developments with investors. As we picture the future Noah, digitalization will remain a very important strategy, and we are committed to further investing into the development and improvement of our IT infrastructure and technology to enhance our know-your-clients (KYC), know-your agent (KYA) and know-your-products (KYP) and better serve our clients in a new era."

For earnings history and earnings-related data on Noah Holdings (NOAH) click here.

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