Nubank reported a third-quarter profit that surpassed analysts’ estimates, as the digital bank accelerated deposits and its lending activity in Latin America.
Net profit for the three months ended September 30 totaled US$553.4 million, the company said in a statement released Wednesday night (13). That beat analysts’ $495 million average estimate in a Bloomberg survey.
Return on equity (ROE) was a record 30%, also exceeding expectations, while revenue totaled US$2.9 billion.
The bank, which operates in Brazil, Mexico and Colombia, added 5.3 million customers in the quarter, increasing its total in the three countries to almost 110 million at the end of September. Last week, this number had already surpassed the 100 million in Brazil alone.
Deposits rose 60% to $28.3 billion.
“Our expansionism in Mexico and Colombia continues to generate impressive results, with almost 9 million customers in Mexico and more than 2 million in Colombia,” said founder and chief executive David Vélez in the statement.
“We are preparing to consolidate Nu as the world’s leading digital services platform, going beyond financial services.”
David Vélez, CEO of Nubank
At the beginning of this year, Nubank surpassed Itau as the most valuable financial institution in Latin America, with a market value of around US$75 billion, when trading closed this Wednesday.
Loans 15 to 90 days past due fell 10 basis points to 4.4%, while those more than 90 days past due increased 20 basis points to 7.2%.
Nubank recorded a one-time expense of US$48 million, associated with changes to its Nucoin program in Brazil.
