For its part, Nu Holdings obtained a return on equity (ROE) of 23% --a notable result for financial institutions in Latin America-- despite the institution remains overcapitalized and its operations in Mexico and Colombia are still in the early stages of seeking profitability.

Nu, the digital banking platform, published its financial results for the first quarter of 2024.

The company reported revenue growth to US$ 2.7 billion and net profits to US$ 379 million.

Also, it kept the cost of service stable and low (at US$ 0.9), while increasing the average return per active customer (ARPAC) to US$ 11.4.

For its part, Nu Holdings obtained a return on equity (ROE) of 23% --a notable result for financial institutions in Latin America-- despite the institution remains overcapitalized and its operations in Mexico and Colombia are still in the early stages of seeking profitability.

Operations in the latter markets are showing faster results than in Brazil within a comparable time period, in terms of clients, deposits, income and share in the volume of credit card purchases.

NEW RATING

Finally, risk-rating agency S&P Global Ratings upgraded Nu Financiera, the platform's credit company, to 'BB' on the global scale and to 'brAAA', investment grade status at the national scale, above of the Brazilian sovereign rating.

This is the second rating assigned by S&P to Nu Financeira in less than a year. Additionally, Moody's upgraded the subsidiary's outlook to Positive from Stable and confirmed its Ba2 overall rating, as well as Nu Holdings' Ba3 rating.