Nubank announced this Monday (15) that one of its main executives will accumulate the new position of president, taking over part of the functions of founder and chief executive David Vélez, to whom he will report.
The digital bank said that Youssef Lahrech, the company’s chief operating officer for two years, “will directly manage the operation, budget and performance of key metrics for global products, global platforms, market operations and corporate functions.”
Other Nubank executives, including co-founder and president of Brazil, Cristina Junqueira, will report to Lahrech.
“David Vélez will continue to guide and maintain oversight of Nubank’s operational management, leadership, culture and reputation,” the company said. Vélez “will prioritize the long-term strategy, including product development, expansion into new markets and new acquisitions,” added the institution.
With this, the company will create the position of director of corporate development, who will report directly to Vélez.
The announcement, a week after the bank announced the departure of singer Anitta from its board of directors, came as Nubank released its second-quarter results, with adjusted net income of US$17 million. The average forecast of analysts consulted by Refinitiv was 23.3 million.
The group created in 2013, which debuted on the Nasdaq last December, has faced increasing scrutiny from analysts, as the combination of high interest rates and inflation have put pressure on household incomes in Brazil and dictated a more skeptical stance on the market with companies. high growth.
Nubank, however, presented a new round of expansion in the second quarter, both in terms of customer base and revenue. The bank ended June with 65.3 million users, including Brazil, Mexico and Colombia, an increase of 57% in 12 months.
Total revenue grew 230% to $1.2 billion. Average revenue per customer was up 105% year-over-year at $7.8, while average cost per customer was $0.80, flat.
In Brazil, its main market, Nubank reached 62.3 million customers at the end of June, up 51% over a year earlier. “This likely positions Nu as the fifth largest financial institution in Brazil in terms of number of customers,” the bank said in a statement. Although it did not mention names, Nubank surpasses Santander Brasil, which recently reported that it had 56.1 million customers at the end of June.
CREDIT
One of the main points of attention of investors regarding the balance sheets of Brazilian banks for the second quarter, the quality of Nubank’s credit portfolio also showed deterioration, with the delinquency ratio above 90 days rising from 3.5% to 4.1 %.
According to Vélez, however, as the 15 to 90-day index remained stable at 3.7%, the bank has room to continue expanding credit operations, even though it is observing this operation “very carefully”, given the interest rate scenario taller.
Without citing numbers, Vélez also said that Nubank has made good progress in raising funds, even after announcing last month that customer deposits would no longer yield during the first 30 days.
“It’s better for us and for the customers,” he told Reuters, claiming that much of the profitability of the first 30 days was driven by the incidence of IOF.
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