Nubank reported net income of US$ 7.8 million (R$ 41.3 million) in the third quarter of 2022, reversing the loss of US$ 34.5 million (R$ 182.8 million) in the same period of the previous year. , according to results released this Monday (14).
According to Nubank, with the numbers reached from July to September, the company reached the balance point of the operation between expenses and income, considered the holding as a whole, a phenomenon known in the market as “break even”.
According to fintech, the result reflects the continuous growth in the number of active customers and the increase in their engagement, with an impact on the expansion of revenue, combined with the increase in gross margin [rentabilidade da operação] and greater cost dilution.
Nubank’s shares soared in post-market closing trading and rose by around 15% on the New York Stock Exchange (NYSE), in the United States, reflecting investors’ positive perception of the numbers presented by fintech.
At the end of September, Nubank reached the mark of 70.4 million customers, an increase of 46% in the annual comparison.
In Brazil, the fintech customer base reached 66.9 million, an increase of 41% in the annual comparison, with emphasis on the number of customers formed by SMEs (small and medium-sized companies), which was 1.2 million in September 2021 to 2.3 million in September this year, an increase of 114%.
The portfolio subject to interest earning, comprising personal loans and credit cards, reached US$ 3.5 billion (R$ 18.5 billion) at the end of the third quarter, an increase of 145% (without considering the effects exchange rates) compared to the same period in 2021.
This growth mainly reflects the evolution of personal credit, which increased 111% in the annual comparison, reaching US$ 1.9 billion (R$ 10.1 billion).
Default over 90 days increased to 4.7%, against 3.2% in the third quarter of last year and 4.1% in June this year.
“While we had an increase in delinquencies in the quarter, consistent with market trends, our risk-adjusted margins [colchão para absorção de perdas] increased by 100 basis points, which shows that we are managing to price risk correctly. Nu is well capitalized and ready to generate long-term growth at scale,” said David Vélez, founder and CEO of Nubank in a note.
Average revenue per active customer (ARPAC) increased to US$7.9 (R$41.87), an increase of 61% on an annual basis, reflecting a consolidation of the base, with increased engagement and launch of products.
Credit cards, NuConta and personal credit, the company’s three main products, reached approximately 32 million, 50 million and 5 million active customers, respectively.
Insurance, a product launched last year, surpassed the mark of 850 thousand active policies, while NuInvest, a direct-to-consumer investment platform, totaled more than 6 million active customers and NuCripto, aimed at trading cryptocurrencies, reached 1. .3 million customers since its launch in July 2022.
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