Nu Holdings Ltd. (NYSE: NU), a leading digital banking platform, announced its unaudited financial results for the third quarter ending September 30, 2024. The company reported significant growth, adding 5.2 million new customers in the quarter, resulting in a total of 109.7 million customers, a 23% increase from the previous year. Nu Holdings' net income saw a substantial rise to $553.4 million, up from $303.0 million in the same quarter of the previous year, while adjusted net income also grew to $592.2 million from $355.6 million. Revenue surged by 56% year-over-year on an FX-neutral basis, reaching a record $2.9 billion. The company's Monthly Average Revenue per Active Customer (ARPAC) increased by 25% year-over-year to $11.0. Deposits expanded by 60% to $28.3 billion, and the company's total receivables from...Show More

Nu Holdings Ltd. (NYSE: NU), a leading digital banking platform, announced its unaudited financial results for the third quarter ending September 30, 2024. The company reported significant growth, adding 5.2 million new customers in the quarter, resulting in a total of 109.7 million customers, a 23% increase from the previous year. Nu Holdings' net income saw a substantial rise to $553.4 million, up from $303.0 million in the same quarter of the previous year, while adjusted net income also grew to $592.2 million from $355.6 million. Revenue surged by 56% year-over-year on an FX-neutral basis, reaching a record $2.9 billion. The company's Monthly Average Revenue per Active Customer (ARPAC) increased by 25% year-over-year to $11.0. Deposits expanded by 60% to $28.3 billion, and the company's total receivables from credit card and lending portfolios grew by 47% year-over-year to $20.9 billion. Nu's asset quality indicators showed a 15-90 NPL ratio for the Brazil Consumer Credit Portfolio at 4.4%, with a 90+ NPL ratio at 7.2%, in line with expectations. The company's capital adequacy ratios remained well above regulatory minimums, and it continued to demonstrate strong operating leverage with a decrease in cost to serve per active customer to $0.7 in Q3'24. Nu Holdings emphasized its sustained growth and robust financial performance, reinforcing its position as a dominant digital financial services platform in Latin America.