** charts before earnings **
** after earnings **
ÃO PAULO, November 14, 2022--(BUSINESS WIRE)--Nu Holdings Ltd. (NYSE: NU | B3: NUBR33), ("Nu" or the "Company"), one of the world’s largest digital financial services platforms, released today its Third Quarter 2022 financial results.
"Nu reported a net profit of $7.8 million in the third quarter, breaking even at the holding level with record revenues of $1.3 billion and year-on-year growth of 171%. Our customer base grew to over 70 million with a record high activity rate of 82% and a leading customer satisfaction score in our industry. We continue to launch and cross sell best-in-class products, while keeping a low-cost tech platform with low cost of funding and a widening profit margin. While we saw increased delinquency in the quarter, consistent with the market trend, our risk-adjusted margins expanded by 100bps, showing we are being able to price increased risk appropriately. Nu is well capitalized and is positioned to deliver growth at scale in the long term," said David Vélez, founder and CEO.
Operating Highlights:
Customer growth: Nu added 5.1 million customers in the quarter reaching a total of 70.4 million customers in Brazil, Mexico and Colombia. This represents a 46% growth year-over-year (YoY) and positions Nu as one of the largest and fastest-growing digital financial services platforms worldwide, as well as the sixth largest financial institution in Latin America by number of active customers.
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