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Dec 31, 2024
Nu Q4 2024 Earnings Report
Nu reported strong growth with significant revenue and profitability improvements in Q4 2024.
Key Takeaways
Nu Holdings Ltd. delivered strong Q4 2024 financial results, achieving $2.99 billion in revenue, an 85% YoY increase in net income, and an 87% increase in adjusted net income. Customer base reached 114.2 million, with significant expansion in Mexico and Colombia. Operating efficiency improved with a 29.9% efficiency ratio, and the company continued strengthening its market position in Brazil. Interest-earning portfolio and total deposits saw substantial growth, reinforcing the company’s financial health.
Revenue reached $2.99 billion, maintaining a strong growth trajectory.
Net income rose 85% YoY to $552.6 million, with adjusted net income up 87%.
Customer base expanded to 114.2 million, with strong momentum in Mexico and Colombia.
Total deposits increased 55% YoY to $28.9 billion, reinforcing financial stability.
Forward Guidance
Nu Holdings remains focused on expansion and sustainable growth, particularly in Mexico and Brazil, while improving operating efficiency and maintaining strong financial performance.
Positive Outlook
- Continued customer growth across Latin America.
- Strengthened presence in Mexico with 10 million customers.
- Expansion of secured lending portfolio by 615% YoY.
- Improved efficiency ratio by 150 basis points QoQ.
- Strong performance in high-income banking segment.
Challenges Ahead
- Net interest margin declined due to FX volatility.
- Initial lower activity levels in Mexico and Colombia impacted consolidated activity rates.
- Higher funding costs in new geographical expansions.
- Credit risk remains a challenge despite improved NPL ratios.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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