Financial PerformanceNubank reported GAAP net income of US$553 million, up 14% q/q and 83% y/y, coming in 7% above our estimate of US$518 million, 9% above sell-side consensus of US$507 million, and 11% above buy-side consensus of US$500 million.
Growth PotentialNubank could reach a US$100 billion valuation by 2026, according to proprietary unit economics and TAM work for Brazil and Mexico.
Market PositionNubank is considered well-positioned to build one of the most valuable banking franchises in Latam with superior technology, best-in-class customer satisfaction, and strong cohort performance and unit economics.