Yesterday, Nu Holdings Ltd. (NYSE:NU) reported financial results for the second quarter.
According to Benzinga Pro, NU stock has gained over 60% in the past year. Investors can gain exposure to the stock via Renaissance IPO ETF (NYSE:IPO) and FMQQ The Next Frontier Internet ETF (NYSE:FMQQ).
Nu added 5.2 million customers in the second quarter, reaching a total of 104.5 million customers globally by June 30, 2024, marking a 25% increase YoY.
It achieved a 28% return on equity and saw an increase in deposits in its expanding markets of Mexico and Colombia.
"The recent launch of checking accounts in Mexico and Colombia has ushered deposits of $3.3 billion and $220 million in those countries, respectively, and fuels our growth expectations in those operations," said David Vélez, founder and CEO of Nubank.
The biggest headwind in the quarter came from weaker currencies in Brazil, Mexico, and Colombia. The Brazilian real, Mexican peso, and Colombian peso led downfalls in Latin America, diluting more than 7% each, reported Bloomberg.
It's worth noting that billionaire investor Warren Buffett maintains a stake in Nu Holdings. As of March 31, Berkshire held more than 107 million shares of Nu Holdings.
Price Action: NU shares are trading higher by 0.98% to $12.84 at last check Wednesday.
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