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Nubank posts $1bn full year net profit

Nubank posts $1bn full year net profit

Brazilian digital bank Nu swung from a net loss in 2022 to a $1 billion net profit in 2023 on revenues of more than $8 billion.

Nubank added nearly 20 million customers in 2023, reaching a total of 94 million, up from 54 million just two years ago.

Fourth quarter income was $360.9 million for an annualised return on equity of 23%, compared to a $58 million profit in Q4 2022.

Founded in 2013, Nubank has grown into a fintech juggernaut, expanding beyond Brazil to Mexico, where it has around five million customers, and Colombia, where it has just received approval from authorities to operate as a financing company.

In late 2021, it raised $2.6 billion in a New York Stock Exchange initial public offering that valued the digital lender at more than $40 billion.

David Vélez, CEO, Nubank, says: "As we work towards surpassing the 100 million customers milestone in 2024, we are investing heavily in new growth avenues to keep transforming potential into profit.

"We are unlocking the untapped opportunity of our secured and unsecured lending portfolio, gaining share in the upmarket segment in Brazil, and strengthening our presence in Mexico and Colombia with new products and features."

Comments: (1)

Pawel Stezycki
Pawel Stezycki - SpyroSoft - . 27 February, 2024, 09:03Be the first to give this comment the thumbs up 0 likes

Just to put that in context, top Fintechs from Europe, with global presence (Revolut, Klarna) are expected to report around 2 Bn in revenues for 2023. How was it possible for Nu bank to grow so much faster? Is Nu bank so much better or was Brazil such an opportunity?