Finance
Nubank Gains After Record Revenue, Profit Beats Expectations
- Revenue in quarter rose 64% from year ago to $2.7 billion
- Downside was increase in delinquency rates for loans
This article is for subscribers only.
Shares in Nu Holdings Ltd., the parent of Brazil-based digital bank Nubank, rallied Wednesday after the Brazilian fintech reported record revenue in the first quarter while acknowledging that its growth is coming with a higher delinquency rate.
Nubank, one of the world’s largest digital banks, had revenue of $2.7 billion in the three-month period through March, it said in a statement Tuesday. The firm reported $378.8 million in net income compared with an average estimate of $357.3 million in a Bloomberg survey of analysts. Earnings per share came in just short of estimates.