Noah Holding (NOAH) Q1 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Melo Xi

Good morning, everyone, and welcome to Noah's 2023 First Quarter Earnings Call. I'm Melo Xi, Director of Investor Relations at Noah Group. Presenters joining us today are Ms. Wang Jingbo, our Co-Founder, Chair Lady and CEO; and Mr. Grant Pan, our CFO. I'd also like to inform you that we're currently live from our new headquarters, Noah Wealth Center located at Hongqiao, Shanghai.

Before we start, we would like to kindly remind you that during today's call, we may make forward-looking statements based on our current expectation of the business. Please keep in mind that these statements are subject to risks and uncertainties that may cause Noah's actual results to differ from these statements. We do not undertake any duty to update these statements. For discussions of some of the risks that could affect results, please see the safe harbor statement section of our 6-K filing.

We'll also refer to certain non-GAAP measures, and you'll find reconciliations in our 6-K report made available on the Financial Reports section of Noah's Investor Relations website. Also, please note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any interest in any Noah or Noah-affiliated products. This call is copyrighted material of Noah, and may not be duplicated without consent.

With that, I would like to welcome our Chair Lady and CEO, Ms. Wang Jingbo.

Wang Jingbo

[Foreign Language]

Melo Xi

For the agenda of today's conference call, I'd like to first talk about the macroeconomic environment, Noah's global expansion progress and then report on the overall performance of the first quarter as well as our various business segments. Then Grant Pan, our group CFO, will present the financial information for the quarter. And lastly, we'll end with a Q&A session.

After an extremely complex macro invent in 2022, the macro challenges still persist in 2023. We heightened interest rate levels and a tight credit environment in the U.S., not only limited the recovery in economic activities, but also significantly impact the stability of the European and financial systems.

The loss of depositor confidence in small- and medium-sized banks and regional banks spell into an accelerated withdraw of savings and bank drafts, also causing shareholders of these banks suffering significant losses. While the U.S. regulators provided timely protection for client deposit in these banks, the restoration of investor confidence in the capital markets was inevitably delayed again.