Nubank Profit Falls Short of Estimates as Costs Increase

Nu Holdings Ltd. posted profit that fell short of analysts’ estimates, as the company had to set aside more money due to growth in its credit portfolio.

Nubank, as the firm is known, said net income was $871 million in the first quarter, up 41% from the same period last year, according to a statement Thursday. That was below the average estimate of $936 million from analysts surveyed by Bloomberg.