Nu Holdings Ltd ( NU ) shares are trading higher Wednesday on the heels of the company’s first-quarter financial results. Here’s what you need to know.

What To Know: Nu Holdings ( NU ) reported first-quarter revenue of $2.7 billion, which beat the consensus estimate of $2.49 billion, according to estimates from Benzinga Pro. The company reported quarterly net income of $379 million.

“We printed a 23% return-on-equity for Nu Holdings ( NU ), among best-in-class financial institutions in Latin America, even though our holding company continues to be over-capitalized and our operations in Mexico and Colombia are still in the early phases of getting to profitability,” said David Vélez, founder and CEO of Nubank.

“The operations of these new markets are showing more accelerated results in number of customers, deposits, revenue and market share of credit card purchase volume than Brazil in a comparable time frame.”

Nu said it added 5.5 million customers in the first quarter, bringing its total customer count up to 99.3 million globally. Monthly Average Revenue per Active Customer grew 30% year-over-year to $11.40 in the first quarter.

Total deposits increased to $24.3 billion, while Nu’s loan-to-deposit ratio climbed to 40%, versus 34% in the previous quarter. Nu had an interest-earning portfolio of $9.7 billion as of March 31, as well as $2.4 billion in excess cash.

Following the company’s quarterly results, Susquehanna analyst James Friedman maintained Nu with a Positive rating and raised the price target from $12 to $14.

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NU Price Action: Nu Holdings ( NU ) shares were up 4.16% at $12.03 at the time of publication, according to Benzinga Pro.