Nu Holdings Reports Strong Q3 2024 Financial Results

Nu Holdings Ltd. Class A ( (NU) ) has released its Q3 earnings. Here is a breakdown of the information Nu Holdings Ltd. Class A presented to its investors.

Nu Holdings Ltd., a leading digital financial services platform, operates across Brazil, Mexico, and Colombia, offering innovative financial products and services to over 110 million customers worldwide. In its third quarter of 2024, Nu Holdings reported robust financial performance with significant revenue and profitability growth. The company achieved $2.9 billion in revenue, a 56% year-over-year increase, and net income more than doubled to $553 million, reflecting a strong return on equity of 30%. Customer growth also continued, reaching nearly 110 million globally, with notable expansions in Mexico and Colombia.

Key financial highlights include a gross profit of $1.348 billion, a 67% year-over-year increase, and a liquidity position with total deposits rising to $28.3 billion, up 60% year-over-year. The company’s operating efficiency remained strong, with a low average cost to serve per active customer and an improved efficiency ratio. Additionally, Nu Holdings’ asset quality showed resilience with a reduction in the 15-90 non-performing loan ratio.

Strategically, Nu Holdings has maintained its focus on international expansion and customer engagement, with successful growth in Brazil, where it surpassed 100 million customers, and continued expansion in Mexico and Colombia. These efforts are supported by its scalable business model and data-driven approach to product development.

Looking ahead, Nu Holdings aims to solidify its position as a leading digital services platform globally, expanding beyond financial services while maintaining its commitment to responsible lending and transparency. With its strategic initiatives and financial strength, the company is well-positioned to continue its growth trajectory.