Most Nubank investors stuck to a grace period to sell shares signaled that they intend to keep the papers after the expiration of the post-IPO lock-up period, which expires on Tuesday (17), he said on Monday ( 16) the co-founder and chief executive of the digital bank, David Vélez.
“Most investors are not interested in selling,” Velez told Reuters in a telephone interview.
In recent weeks, shares of Nubank have fallen sharply on the stock market, amid fears that the market would be doused with shares of the bank after the lock-up, within the rules of the initial public offering (IPO), in December. This year, the stock has already lost more than half its value.
Nu Holdings, parent company of Nubank, announced on Monday that it had adjusted profit of US$ 10.1 million in the first quarter, compared to a loss of US$ 13.1 million in the same period in 2021.
According to Vélez, shareholders are aware of the bank’s growth opportunities, which has managed to expand its customer base and revenues at a faster pace than the country’s large retail banks, as it advances in the sale of products such as insurance, credit and investments.
At the end of March, Nubank reached 59.6 million customers. In Brazil, the number of Brazilian customers increased by 55% in 12 months, to 57.3 million, now having as customers one in every 3 adults in the country.
“Despite strong year-over-year revenue growth, we still make six times less revenue per customer than large retail banks,” said Vélez. “Our cross-selling is still small.”
Nu Holdings posted record revenue of $877.2 million in the quarter, up 226% from a year earlier.
The average monthly cost of service per active customer totaled US$0.70, down 30% year-on-year.
But the delinquency of operations overdue for more than 90 days grew 0.70 points on a sequential basis, to 4.2%. According to the bank, the rate remained below the levels recorded before Covid, the company’s historical average and the market average for this time of year and rose in line with expectations.
The executive stated that, with around R$ 16 billion in cash, Nubank is ready to carry out its growth plan, including through mergers and acquisitions.
Source: CNN Brasil
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