Nubank Hits Record Revenue and Income in Q3
Hey Digital Bank Fanatic!
Q3 brought big numbers for Nubank.
The company reported record revenues of $4.2 billion, a 39% year-over-year increase on a foreign exchange-neutral basis, and net income of $783 million.
Its customer base expanded to 127 million, with a strong presence in Brazil, Mexico, and Colombia, while its credit portfolio expanded 42% year-over-year, reaching $30.4 billion.
Speaking to Reuters, Nubank’s CFO, Guilherme Lago, said the profit growth was mainly driven by continued scale gains in Brazil, the bank’s core market, while in Mexico, the credit portfolio grew as deposit costs declined.
Net interest income (NII) rose 32%, hitting a new record of $2.3 billion. Meanwhile, the net interest margin (NIM) fell by 40 basis points, to 17.3%, while the risk-adjusted NIM increased by 70 basis points, to 9.9%.
Very few companies are executing at this level. Scroll down for the full line-up of today’s digital banking stories.
See you tomorrow!
Cheers,
INSIGHTS
📈 Nubank just dropped another monster quarter, and the numbers are on 🔥
NEWS
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