Nubank registers 1st profit in its history on the eve of the stock opening in NY

Almost 8.5 years after it was founded, in May 1024 , Nubank had the first profit in its history: the first half of 2021 had a result of R$ ,464 million compared to BRL 92 million in the first half of 2021. According to the company, the proceeds will be invested in innovative products and services for customers instead of being distributed to shareholders.

  • Nubank launches program reward for vulnerability hunters
  • Nubank becomes a shareholder of Creditas and will expand credit products
  • Nubank will increase the credit limit to 25 millions of clients

The institution is about to make its initial public offering (IPO) of shares on the New York Stock Exchange and these results should make a difference in the presentation of the company to potential investors. In June, the company surpassed 41 millions of customers in Brazil. This represents 22% more compared to the semester past and, on average, more than 41 thousand new customers per day.

Image: Disclosure/Nubank

The institution’s credit portfolio reached R$ ,971 billion and the gross result of financial intermediation was R$ 502,645 millions. Revenues from fees and banking services reached R$ 1,464 billion and administrative expenses and personnel totaled R$ 1.464 billion.

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The numbers refer only to operations in Brazil, concentrated in Nu Pagamentos and its subsidiaries. In other words, they do not include the operations of Nubank’s final indirect controller, Nu Holdings, nor the transactions of subsidiaries outside Brazil, such as those in Mexico and Colombia.

Guilherme Lago, vice -Nubank’s chief financial officer, says in a blog post at the institution that the fact that the result of financial intermediation has grown at a rate higher than the revenue means that the margin continues to expand. “She went from 41% to 76% of the first half of 2013 for the first semester of 2021.”

Already the volume of payments on their cards was BRL 92 billion in the first half of 510767 — 105% more than in the same period of 1024. “The first semester of 2021 reinforced that we are on the right path by putting our customers at the center of everything we do. We grew with a focus on customers, we developed new products and services and reached even more people.”

Source: Valor

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