Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 187

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 187
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 our total operating costs and expenses remained at low base due to various pandemic control measures implemented in 2022.
Other Income. Our total other income increased by 82.2% from RMB61.1 million in 2022 to RMB111.3 million in 2023. The increase in other income was primarily attributable to increases in interest income.
Interest Income. The interest income increased by 163.7% from RMB61.4 million in 2022 to RMB161.9 million in 2023. The interest income from cash and cash equivalents denominated in Renminbi increased by 9.0% from RMB53.3 million to RMB58.1 million, mainly due to a 5.2% increase of cash balances denominated in Renminbi and weighted average interest rate is around 2.0% in 2022, and 2.1% in 2023. The interest income from cash and cash equivalents denominated in US dollars increased significantly from RMB8.1 million to RMB103.9 million due to the fact that (i) our cash balances denominated in US dollars increased by 58.4% from 2022 to 2023; and (ii) our weighted average interest rate for US dollars also increased from 0.6% in 2022 to 4.3% in 2023 benefiting from multiple interest rate raises by the US Federal Reserve.
Income Tax Expense. Income tax expense decreased slightly by 1.8% from RMB267.1 million in 2022 to RMB262.4 million in 2023, primarily due to a lower effective tax rate.
Net Income (Loss) Attributable to Noah’s Shareholders. Due to the foregoing, the net income attributable to Noah’s shareholders increased by 3.4% from RMB976.6 million in 2022 to RMB1,009.5 million in 2023.

114

Net Revenues and Operating Costs and Expenses Under Segmentation Adopted in Q4 2024
Noah Holdings Limited
Segment Condensed Income Statements
(Audited)
Twelve months ended December 31, 2024

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