$NU (+2.83%) | Nubank Q3'24 Earnings Highlights:

🔹 Revenue: $2.94B (Est. $2.95B) 😐

🔹 EPS: $0.11 (Est. $0.10) 😐

🔹 Adjusted Net Income: $592.2M (Est. $554.1M) 🟢

🔹 Net Income: $553.4M, up from $303.0M in Q3'23; UP +82.7% YoY

🔹 Gross Profit: $1.35B, up +67% YoY FXN

🔹 Gross Profit Margin: 46%, up from 43% in Q3'23

Operating Metrics:

🔹 Total Customers: 109.7M, up +23% YoY

🔹 Active Customers: 91.7M (Activity Rate: 84%)

🔹 Monthly Average Revenue per Active Customer (ARPAC): $11.0, up +25% YoY FXN

🔹 Monthly Average Cost to Serve per Active Customer: $0.7, up 2% YoY (adjusted for FX one-offs)

Portfolio Metrics:

🔹 Total Credit Card and Lending Portfolio: $20.9B, up +47% YoY FXN

🔹 Interest-Earning Portfolio (IEP): $11.2B, up +81% YoY FXN

🔹 Deposits: $28.3B, up +60% YoY FXN

Asset Quality:

🔹 15-90 NPL Ratio (Brazil Consumer Credit): 4.4%, down 10 bps QoQ

🔹 90+ NPL Ratio: 7.2%, up 20 bps QoQ

Net Interest Metrics:

🔹 Net Interest Income (NII): $1.7B, up +63% YoY FXN

🔹 Risk-Adjusted Net Interest Margin (NIM): 10.1%, up +110 bps YoY

Cost Structure:

🔹 Cost of Financial and Transactional Services: $1.59B, representing 54% of revenue (down from 57% in Q3'23)

🔹 Operating Expenses: $624.8M, representing 21% of revenue (down from 24% in Q3'23)

Regional Highlights:

🔸 Brazil: Customer base increased 18% YoY to 98.8M, representing 56% of Brazil’s adult population. 60% of monthly active customers identify Nubank as their primary banking account.

🔸 Mexico: Added 1.2M net new customers, reaching 8.9M total customers.

🔸 Colombia: Reached 2.0M customers, supported by the growth of the Nu Cuenta product.