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Nu Holdings Ltd (NYSE:NU) reported financial results for the second quarter after the market close on Tuesday. Here’s a rundown of the report.
Q2 Earnings: Nu Holdings reported second-quarter revenue of $2.8 billion. The Brazilian bank’s top-line results were up 65% on a year-over-year basis.
Nu reported second-quarter adjusted net income of $563 million, up from $263 million in the second quarter of 2023.
Nu Holdings said it added 5.2 million customers in the second quarter, bringing total customers up to 104.5 million as of June 30. Monthly average revenue per active customer came in at $11.20.
Total deposits increased 64% year-over-year to $25 billion. Net interest income surged 77% year-over-year to $1.7 billion, driven by expanding credit card and lending portfolios. The company ended the quarter with $9.8 billion in its interest-earning portfolio.
"Our second quarter 2024 results reaffirm the strength of our business model, efficiency in our execution, and resilience of our credit underwriting,” said David Vélez, founder and CEO of Nu.
“We believe that this business formula, propelled by exceptional talent, technology investments, and brand love will pave the way for Nu to become the largest consumer technology platform in Latin America.”
Nu said it’s adding an estimated 1.2 million new customers in Brazil on a monthly basis. Nu now has the largest number of active customers in credit operations in Brazil, the company said, citing Central Bank data.
Nu added 1.2 million new customers in Mexico and reached a milestone in Colombia, surpassing one million customers in the region during the quarter. Nu said its core products, mainly credit cards, NuAccounts and unsecured personal loans reached approximately 42 million, 78 million, and 9 million active customers, respectively in the quarter.
It's worth noting that Berkshire Hathaway chairman and CEO Warren Buffett maintains a stake in Nu Holdings. Berkshire held more than 107 million shares of Nu Holdings as of March 31.
Management will hold a conference call to discuss these results at 6 p.m. E.T.
NU Price Action: Nu Holdings shares were up 6.81% in after-hours, trading at $13.58 at the time of publication Tuesday, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.
Posted In: NU
