Nubank exceeds profit projection in the 3rd quarter with jump in revenue; stocks skyrocket

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Nubank beat third-quarter profit forecasts as it expanded its customer base and revenues, while expenses were flat.

The largest digital bank in Latin America announced this Monday that its adjusted net profit from July to September amounted to US$ 63.1 million, compared to a loss of US$ 1.3 million in the same stage of 2021.

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The number also came in above the average forecast of analysts consulted by Refinitiv, of 27.56 million dollars.

Nubank shares soared 13.3% in the aftermarket in New York at $4.93 apiece.

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Nubank’s gross profit margin was 33%, after four quarters of compression.

The last line of the result benefited from the continued expansion of the customer base, which closed September at 70.4 million, adding Brazil, Mexico and Colombia, growth of 46% in 12 months. That helped the bank’s revenues jump 171% year-on-year to $1.3 billion. Average revenue per active customer increased 61% year-on-year to $7.9.

Despite this expansion, the average monthly cost of service per active customer was US$0.80 each, stable compared to the second quarter.

Source: CNN Brasil

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