SAO PAULO – Nu Holdings Ltd. (NYSE: NU), a leading digital banking platform, announced financial results for the first quarter, demonstrating significant growth in net income and revenue.
The company reported earnings per share (EPS) of $0.08, in line with analyst estimates. However, revenue for the quarter came in well ahead of expectations, coming in at $2.7 billion versus the consensus estimate of $2.16 billion. The company’s shares fell 3.4% following the announcement.
The first quarter of 2024 marked a period of strong growth for Nu Holdings, with revenue up 64% compared to the same quarter last year. This growth is driven by the company’s expanding customer base, which reached 99.3 million worldwide by the end of March 2024, as well as a 30% year-over-year increase in average revenue per active customer (ARPAC). The company’s efficient business model was highlighted by its stable cost per active customer, which remained below $1.
David Velez, founder and CEO of Nubank, expressed pride in the company’s work. “Our results for the first quarter of 2024 show that our business model is also fueled by revenue growth and stable costs per customer, driving revenue growth to $2.7 billion and net income to $379 million,” Velez said. He also noted the company’s high return on equity (23%) and promising developments in Mexico and Colombia.
In terms of profitability, Nu Holdings reported net income of $378.8 million, up significantly from the $141.8 million profit in the previous year’s first quarter. Adjusted net income reached $442.7 million with an annual adjusted return on equity of 27%, compared with $182.4 million in the first quarter of 2023.
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Nu Holdings continues to focus on growth and innovation as it strives to create the largest consumer platform in Latin America. With a strong capital position and a multi-product platform serving a diverse customer base, the company is well positioned to maintain its position in the digital banking sector.
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