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Nubank's Q2 Earnings Surge 65% as Customer Base Hits 104.5 Million

Wednesday, 14/08/2024 | 08:16 GMT by Damian Chmiel
  • The fintech reported record Q2 2024 results, with net income doubling to $487 million and revenue reaching $2.8 billion.
  • The customer base surpassed the 100 million milestone mainly due to growth in Brazil and Colombia.
David Vélez, the CEO of Nubank
David Vélez, the CEO of Nubank

The fintech giant Nubank, which primarily operates in Brazil but has been expanding its presence in Mexico and Colombia, reported a net income of $487 million for the quarter ending June 30, more than doubling its profit from the same period last year. This figure surpassed the $418 million forecast by analysts surveyed by Bloomberg.

Nubank Doubles Q2 Profit

Revenue for the quarter reached a record $2.8 billion, outperforming the median estimate of $2.66 billion. The company's customer base expanded to 104.5 million, with 95.5 million in Brazil, 7.8 million in Mexico, and 1.3 million in Colombia.

“Revenues were up 65% YoY on an FX neutral basis (FXN) to a new record high of $2.8 billion. Monthly Average Revenue per Active Customer (ARPAC) increased 30% YoY and 6% quarter-over-quarter (QoQ) FXN, respectively, to $11.2,” the company commented in the newest report.

Source: Nubank
Source: Nubank

The bank's return on equity reached 28%, showcasing its profitability. However, the company faced challenges with loan delinquencies. While the rate for loans 15 to 90 days overdue decreased to 4.5%, those exceeding 90 days rose to 7% from 6.3% in the previous quarter.

Nubank's growth in Mexico and Colombia is gaining momentum, with deposits reaching $3.3 billion and $220 million respectively. However, currency fluctuations in these markets posed a significant headwind during the quarter.

Shares Up

Following the earnings announcement, Nubank's shares rose as much as 8% in after-hours trading. The company's stock has already gained over 50% year-to-date, cementing its position as Latin America's most valuable publicly traded bank with a market capitalization of $60 billion.

At the beginning of this year, valued at over $40 billion, the fintech company claimed that it had ambitious plans to become the biggest financial services provider in Latin America, according to an interview with the company's CEO, David Vélez.

Source: Google Finance
Source: Google Finance

In 2023, the fintech company added 19.3 million customers. For the full year, Nubank generated $8 billion in total revenue. Thanks to this rapid growth, Nubank earned $1 billion in net profit and $1.2 billion in adjusted net profit for 2023, a significant turnaround from the $9.1 million net loss in 2022.

As recently reported by Finance Magnates, Nubank has announced a strategic partnership with Lightspark to integrate the Bitcoin Lightning Network into its platform. The collaboration aims to leverage Lightspark’s capabilities to enhance financial services offered by Nu Holdings, initially focusing on integrating, mapping, and potentially developing new products.

The fintech giant Nubank, which primarily operates in Brazil but has been expanding its presence in Mexico and Colombia, reported a net income of $487 million for the quarter ending June 30, more than doubling its profit from the same period last year. This figure surpassed the $418 million forecast by analysts surveyed by Bloomberg.

Nubank Doubles Q2 Profit

Revenue for the quarter reached a record $2.8 billion, outperforming the median estimate of $2.66 billion. The company's customer base expanded to 104.5 million, with 95.5 million in Brazil, 7.8 million in Mexico, and 1.3 million in Colombia.

“Revenues were up 65% YoY on an FX neutral basis (FXN) to a new record high of $2.8 billion. Monthly Average Revenue per Active Customer (ARPAC) increased 30% YoY and 6% quarter-over-quarter (QoQ) FXN, respectively, to $11.2,” the company commented in the newest report.

Source: Nubank
Source: Nubank

The bank's return on equity reached 28%, showcasing its profitability. However, the company faced challenges with loan delinquencies. While the rate for loans 15 to 90 days overdue decreased to 4.5%, those exceeding 90 days rose to 7% from 6.3% in the previous quarter.

Nubank's growth in Mexico and Colombia is gaining momentum, with deposits reaching $3.3 billion and $220 million respectively. However, currency fluctuations in these markets posed a significant headwind during the quarter.

Shares Up

Following the earnings announcement, Nubank's shares rose as much as 8% in after-hours trading. The company's stock has already gained over 50% year-to-date, cementing its position as Latin America's most valuable publicly traded bank with a market capitalization of $60 billion.

At the beginning of this year, valued at over $40 billion, the fintech company claimed that it had ambitious plans to become the biggest financial services provider in Latin America, according to an interview with the company's CEO, David Vélez.

Source: Google Finance
Source: Google Finance

In 2023, the fintech company added 19.3 million customers. For the full year, Nubank generated $8 billion in total revenue. Thanks to this rapid growth, Nubank earned $1 billion in net profit and $1.2 billion in adjusted net profit for 2023, a significant turnaround from the $9.1 million net loss in 2022.

As recently reported by Finance Magnates, Nubank has announced a strategic partnership with Lightspark to integrate the Bitcoin Lightning Network into its platform. The collaboration aims to leverage Lightspark’s capabilities to enhance financial services offered by Nu Holdings, initially focusing on integrating, mapping, and potentially developing new products.

Topics
Q2 results
fintech
Nubank
About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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