Nubank reports Q2 Net Interest Income $1.7B, up 77% y/y

Reports Q2 revenue $2.8B, consensus $2.9B. “Our second quarter 2024 results reaffirm the strength of our business model, efficiency in our execution, and resilience of our credit underwriting. Net income has more than doubled year over year, reaching US$ 487 million this quarter, with expanding risk adjusted margins and one of the highest ROEs in the industry at 28%. Our customer base grew to 105 million customers. The recent launch of checking accounts in Mexico and Colombia has ushered deposits of US$ 3.3 billion and US$ 220 million in those countries, respectively, and fuels our growth expectations in those operations. We believe that this business formula, propelled by exceptional talent, technology investments, and brand love will pave the way for Nu to become the largest consumer technology platform in Latin America”, said David Velez, founder and CEO of Nubank.