Nubank registers 1st profit in its history on the eve of the stock opening in NY

Almost 8.5 years after being founded, in May 2013, Nubank had the first profit in its history: the first half of 2021 had a result of BRL 76.294 million compared to BRL 95 million in the first half of 2020 According to the company, the income will be invested in innovative products and services for customers rather than being distributed to shareholders.

The institution is about to make its initial public offering (IPO) of shares on the New York Stock Exchange and these results should make a difference in the presentation of the company to potential investors. In June, the company surpassed 41 million customers in Brazil. This represents 25% more compared to last semester and, on average, more than 40 thousand new customers per day.

Image: Disclosure/Nubank

The institution’s credit portfolio reached R$22.971 billion and gross income from financial intermediation was R$502.645 million. Revenues from fees and banking services reached R$1.464 billion and administrative and personnel expenses totaled R$1.492 billion.

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The numbers refer only to operations in Brazil, concentrated in Nu Pagamentos and its subsidiaries. In other words, they do not include the operations of Nubank’s final indirect controller, Nu Holdings, nor the transactions of subsidiaries outside Brazil, such as those in Mexico and Colombia.

Guilherme Lago, Nubank’s financial vice president, says in a blog post at the institution that the fact that the result of financial intermediation has grown at a faster rate than the revenue means that the margin continues to expand. “It went from 45% to 47% in the first half of 2020 to the first half of 2021.”

The volume of payments on their cards was R$ 92 billion in the first half of 2021 — 105% more than in the same period of 2020. “The first half of 2021 was a reinforcement that we are on the right path when placing our customers at the heart of everything we do. We’ve grown with a focus on customers, we’ve developed new products and services, and we’ve reached even more people.”

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