Nu Holdings Ltd. NU B3: NUBR33))), (“Nu” or the “Company”), one of the world’s largest digital financial services platforms, released today its Fourth Quarter & Full Year 2022 financial results. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards (IFRS). The full earnings release has been made available on the Company’s Investor Relations website at www.investors.nu, as well as the details of the Earnings Conference Call Nu will hold today at 5:00pm Eastern time/7:00pm Brasília time.
“Nu posted record results this quarter, with growth across all metrics and a meaningful increase in profits. Net Income grew to over $58 million in Q4’22 at holding level, excluding the one-time non-cash effects of the CSA termination announced last November. We reached a total of 75 million customers in Brazil, Mexico and Colombia, increasing engagement, cross-sell and up-sell –all to consolidate Nu’s position as Brazil’s fifth largest financial institution in terms of active customers. In Brazil specifically, we saw net income grow to $138 million in the last quarter, with an annualized ROE of 35% – among the highest in the industry, providing evidence for the profit potential of our business model. Despite the macroeconomic challenges of 2022, Nu was able to beat every key metric: maintained accelerated growth, gained share in products and markets, kept delinquency in check through superior credit underwriting, and improved operating leverage,” says David Vélez, founder and CEO.
Q4’22 & Full Year´22 Results Snapshot
Below are Q4’22 and FY’22 performance highlights of Nu Holdings Ltd.:
- Customer growth: Nu added 4.2 million customers in Q4’22 and 20.7 million in 2022, closing the year with a total of 74.6 million customers globally. This represents a 38% growth year-over-year (YoY), which solidifies Nu’s position as Brazil’s fifth largest financial institution and Latin…