NOAH - Noah Holdings Q2 non-GAAP earnings rise operating margin improves

Noah Holdings ( NYSE: NOAH ) Q2 non-GAAP net income increased to RMB 355.1M ($53.0M) from RMB 313.5M in Q1 and from RMB 337.0M in Q2 2021.

Operating margin for the quarter was 43.8%, up from 39.4% in Q1 2022 and from 37.3% in Q2 2021.

Total number of active wealth management clients, which excluded mutual fund-only clients during Q2 2022, was 2,272, a 19.4% decrease from Q1 and a 51% drop from Q2 2021. Including the mutual fund-only, clients the total number of clients who transacted with Noah ( NOAH ) during the quarter was 12,866, down 14% Q/Q and down ~37% Y/Y, mainly as a result of the volatile market environment.

The aggregate value of investment products distributed during Q2 2022 was RMB 19.3B ($3.0B), a 29% increase from Q1, mainly due to increases in the distribution of mutual fund products and private equity products. On a Y/Y basis, the value fell 23%.

Total assets under management as of June 30 in its asset management business was RMB 155.4B ($23.2B), a 0.4% decrease from March 31, 2022 and a 0.3% decline from June 30, 2021.

The company also estimated that FY2022 non-GAAP net income attributable to Noah ( NOAH ) shareholders will be RMB 1.45B-RMB 1.55B, unchanged from its previous guidance.

Conference call at 8:30 PM ET.

Earlier, Noah Holdings non-GAAP EPS of RMB 4.53, revenue of RMB 738.1M

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