SÃO PAULO – Nu Holdings Ltd. (NYSE: NU), a leading digital banking platform, announced its first-quarter financial results, showing a substantial increase in net income and revenue.

The company reported an earnings per share (EPS) of $0.08, which was in line with analyst estimates. However, revenue for the quarter significantly exceeded expectations, coming in at $2.7 billion against the consensus estimate of $2.16 billion. The company’s stock fell by 3.4% following the announcement.

The first quarter of 2024 marked a period of robust growth for Nu Holdings, with a 64% increase in revenue compared to the same quarter last year. This growth is attributed to the company’s expanding customer base, which reached 99.3 million globally by the end of March 2024, and a 30% year-over-year (YoY) increase in Monthly Average Revenue per Active Customer (ARPAC). The company’s efficient business model was further highlighted by its stable cost to serve per active customer, which remained below $1.

David Vélez, founder and CEO of Nubank, expressed pride in the company’s performance. “Our results for the first quarter of 2024 show how our business model is also fueled by expanding revenue and stable cost per customer, generating growth in revenue to $2.7 billion and in net income to $379 million,” said Vélez. He also noted the company’s strong return-on-equity of 23% and the promising developments in Mexico and Colombia.

In terms of profitability, Nu Holdings reported a net income of $378.8 million, a significant increase from the $141.8 million profit in the first quarter of the previous year. The adjusted net income reached $442.7 million, with an annualized adjusted return on equity of 27%, up from $182.4 million in the first quarter of 2023.

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Nu Holdings continues to focus on growth and innovation, aiming to build the largest consumer platform in Latin America. With a strong capital position and a multi-product platform that serves a diverse customer base, the company is well-positioned to maintain its momentum in the digital banking sector.

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