During this period, the Brazilian neobank added 5.2 million customers, making a total of 109.7 million

Brazilian neobank Nubank reported that in the third quarter of 2024 its net profit increased to US$ 553.4 million, from US$ 303 million in the same period of the previous year. Meanwhile, adjusted net profit increased to US$ 592.2 million, from S$ 355.6 million in the third quarter of 2023.

In this way, the firm of Colombian David Velz surpassed the estimates of the analysts surveyed by LSEG, who expected an adjusted net profit of US$ 559 million, with record returns.

Warren Buffett-backed Nubank reported adjusted net profit for the quarter ended September of $592 million, above the $559 million expected by analysts polled by LSEG.

Nubank's unadjusted annualized return on equity, a gauge of profitability, stood at a record 30%.

Revenues increased 56% year-over-year to a new record of $2.9 billion. Average monthly revenue per active customer (ARPAC) increased 25% year-over-year to $11.

In this period Nu added 5.2 million new customers, marking a year-over-year increase of 20.7 million and
reaching a total of 109.7 million customers. "This growth further strengthens Nu's position as one of the largest and fastest-growing digital financial services companies worldwide and is one of the largest financial institutions in Latin America by number of customers," it said in a statement.

In Brazil, Nu has become the institution with the largest number of active clients in credit operations.

Nubank's loan portfolio increased 47% year-on-year to US$20.9 billion, while the 90-day delinquency rate for loans in Brazil, its main business, was 7.2%, compared with 6.1% a year earlier and 7% in the second quarter.