Bank ended March with 59.6 million customers in Brazil, Mexico and Colombia; up 61% over the same period in 2021
Nubank reported, on Monday (May 16, 2022), a net loss of US$ 45.1 million in the 1st quarter of 2022. The value corresponds to an improvement of 9% compared to the loss of US$ 49, 4 million in January, February and March of the previous year. Here’s the intact of the report, in English (6 MB).
In terms of number of customers, the bank recorded growth of 5.7 million in the quarter and ended the period with a record number: 59.6 million customers in Brazil, Mexico and Colombia. This represents a growth of 61% compared to the same period last year.
“This was the strongest quarter in Nu’s history. We reached around 60 million customers and a record 78% activity rate. Our revenue-generating formula helped drive the quarterly result to a record $887 million [crescimento de 226% comparado ao 1º trimestre de 2021]with low cost of customer acquisition, increased revenue per customer and reduced cost of service”, celebrated David Vélez, founder and CEO of the company.
The digital bank also reported gross profit of US$ 294.1 million in the period, up 131% compared to the 3 months of 2021.
Adjusted income (net income less legal and contingency reserves) was US$ 10.1 million in the first 3 months of the year, compared to an adjusted net loss of US$ 11.9 million in the 1st quarter of 2021. % in personal loans, Nubank’s loan portfolio ended March at US$ 3.1 billion, up 343% in 12 months, according to the balance sheet.
Average revenue per active customer reached $6.7, an increase of 63%. The activity rate rose 78% and the number of active customers totaled 46.5 million.
“Our loan portfolio expanded significantly more than the market and maintained healthy quality levels. This result is the result of our advanced risk model and our disciplined and resilient credit portfolio, especially considering the current macroeconomic conditions.”, added Velez.
Nubank’s default rate (delays of more than 90 days) stood at 4.2%. The increase is 0.7 percentage point compared to the 4th quarter of 2021 and 1.5 percentage points compared to the 1st quarter of the previous year. Given this scenario, the bank reinforced the forecast for bad debts by 35%, to US$ 921 million in the first 3 months of the year.
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