Noah Holdings Ltd (NOAH) has released an update.
Noah Holdings Limited reported a mixed financial performance with a 9.4% decrease in net revenues for Q4 2023 compared to the same period in 2022, mainly due to lower performance-based income and recurring service fees, despite a rise in insurance product commissions. For the full year, the company saw a 6.3% revenue increase from 2022, driven by higher one-time commissions from insurance product distributions, albeit with a significant drop in performance-based income. Net income for shareholders rose by 54.8% in Q4 and 3.4% for the year, largely owing to a one-off litigation expense in the previous year.
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