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Brazil's Nubank doubles second-quarter profits as client base booms
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Brazil's Nubank doubles second-quarter profits as client base booms
Aug 13, 2024 1:52 PM

SAO PAULO, Aug 13 (Reuters) -

Brazilian digital lender Nubank saw its adjusted net profits

more than double in the second quarter, it reported on Tuesday,

as it added more than 5 million new clients to its customer

base.

Nubank reported an adjusted net profit of $563 million,

up from the $263 million figure seen a year earlier and topping

the $472.5 million estimate from analysts polled by LSEG.

Shares rose some 6% in after-market trading following

the release of the results.

The firm also saw its net revenues grow 65% to $2.8

billion, under the LSEG estimate of $2.92 billion.

The bank hit a total of 104.5 million clients at the end

of the quarter, with the vast majority of those in Brazil.

Nubank also reached 7.8 million clients in Mexico and 1.3

million clients in Colombia.

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