Nubank's Spectacular Growth: A Look at Q1 2024 Earnings Report

Nubank's Spectacular Growth: A Look at Q1 2024 Earnings Report
Nubank's Spectacular Growth: A Look at Q1 2024 Earnings Report

Hey FinTech Fanatic!

Last week, Nubank celebrated a significant milestone by crossing 100 million customers. Today, the neobank released its latest earnings report for Q1 2024, showcasing impressive growth and financial performance.

Key Q1 Metrics and Highlights:

  • Customer Growth:
    • Nubank now serves 99.3 million customers, marking an increase of 20.2 million year-over-year (YoY) and 5.4 million quarter-over-quarter (QoQ).
    • The number of active customers stands at 82.6 million, up by 17.7 million YoY and 4.6 million QoQ.
    • The activity rate is at 83.2%, showing a slight increase of 0.1 percentage points (pp) QoQ and 1.1 pp YoY.
  • Revenue and Profit:
    • Nubank's revenue reached $2.7 billion, a 64% YoY increase when adjusted for currency fluctuations (FXN).
    • Gross profit surged to $1.2 billion, up 76% FXN YoY, with a gross profit margin of 43%.
    • Net income skyrocketed to $378.8 million, a 160% FXN YoY increase, up from $141.8 million the previous year. The annualized return on equity (ROE) stands at 23%.
    • Adjusted net income was $442.7 million, reflecting a 136% FXN YoY increase, with an adjusted annualized ROE of 27%.

Additionally, Nubank's efficiency ratio, which measures operating expenses as a percentage of net revenue, improved to 30% in Q1 2024.

Meanwhile, in Amsterdam, another neobank, bunq, presented its quarterly update with notable advancements. Bunq introduced its fully conversational GenAI Assistant, Finn, and expanded into the insurance market.

The neobank's user base has grown to over 12.5 million, with deposits exceeding €8 billion.

You can check the complete presentation by Founder, and CEO, Ali Niknam here:

Have a great day and I'll be back in your inbox with more FinTech industry news tomorrow!




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