Nubank Hits 105M Customers and Doubles Income in Q2 2024
Hey FinTech Fanatic!
Nubank has once again delivered outstanding results in Q2 2024, reinforcing its position as a leading global digital financial platform.
The company reached an impressive milestone of 105 million customers by June 30, 2024, adding 5.2 million new users in the quarter alone.
This represents a 25% year-over-year increase, surpassing the customer growth of the top five Brazilian banks combined 🤯
Efficiency and Profitability at New Heights
Nubank’s efficiency ratio improved to 32%, making it one of the most efficient financial services companies globally. The company reported a net income of $487 million, with an adjusted net income of $563 million, achieving an annualized ROE of 28% and 33%, respectively.
This was accomplished while maintaining $2.4 billion in excess capital and continuing to invest in growth and innovation.
Record-Breaking Revenue and Gross Profit
Nubank's revenue soared 65% YoY to $2.8 billion, with gross profit up 88% to $1.4 billion, reflecting a 48% gross profit margin.
Net interest income surged 77% to $1.7 billion, driven by the expansion of credit card and lending portfolios, with the net interest margin improving to 19.8%.
Dominance in Brazil and International Expansion
In Brazil, Nubank’s customer base reached 95.5 million, making it the fourth-largest financial institution by customer count.
Internationally, Nubank continued to expand, with 7.8 million customers in Mexico and nearly 1.3 million in Colombia by the end of Q2 2024.
Multi-Product Platform Success
Nubank’s core products saw substantial engagement, with 42 million credit card users, 78 million NuAccount users, and 9 million active personal loan customers.
Its insurance and investment products also gained traction, with nearly 2 million active insurance policies and over 18 million investment users.
Conclusion: A Stellar Quarter
Nubank's Q2 2024 results showcase its exceptional growth, efficiency, and profitability. As the company continues to expand its global footprint, its trajectory points to even more significant achievements ahead.
Nubank is not just leading in digital banking; it’s redefining the financial services landscape.
Cheers,
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