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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nu Holdings Ltd | NYSE:NU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.26 | 2.30% | 11.54 | 11.60 | 11.32 | 11.47 | 25,197,609 | 00:57:30 |
Nu Holdings Ltd. (NYSE: NU | B3: NUBR33), (“Nu” or the “Company”), one of the world’s largest digital financial services platforms, released today its First Quarter 2023 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 6:00pm Eastern time/7:00pm Brasília time.
"Nu continues to build on its growth and profitability trajectory, posting a net income of $142 million. Revenue has nearly doubled year over year, reaching $1.6 billion. We have surpassed 80 million customers in Latin America, and, in Brazil, 46% of the adult population is a Nubank customer, a figure that has doubled in only two years. With an efficiency ratio of 39%, we are one of the most efficient players in Latin America. We have an exceptional capital position and excess liquidity, operate a low-cost platform, and continue to increase our product portfolio and customer engagement. Our Brazil operation has consistently showcased the compounding effects of our business model, now reaching a net income of $171 million and an ROE of 37% for the quarter,” said David Vélez, founder and CEO of Nubank.
Q1’23 Results Snapshot
Below are the Q1’23 performance highlights of Nu Holdings Ltd.:
Operating Highlights:
Financial Highlights:
Business highlights:
Footnotes
1 FX neutral measures were calculated to present what such measures in preceding periods/years would have been had exchange rates remained stable from these preceding periods/years until the date of the Company’s more recent financial information. 2 Activity rate is defined as monthly active customers divided by the total number of customers as of a specific date. 3 Adjusted Net Income (Loss) is a non-IFRS measure calculated using Net Income adjusted for expenses related to Nu's share-based compensation as well as the tax effects related to these items, among others. For more information, please see “Non-IFRS Financial Measures and Reconciliations – Adjusted Net Income Reconciliation".
CONFERENCE EARNINGS CALL DETAILS Nu will hold a Conference Earnings Call today at 6:00 pm Eastern time/7:00 pm Brasília time with simultaneous translation in Portuguese and English. To pre-register for this call, please click here A replay of the webcast will be made available after the call on the Investor Relations page: click here.
Note on forward-looking statements and non-IFRS financial measures
This release speaks at the date hereof and the Company is under no obligation to update or keep current the information contained in this release. Any information expressed herein is subject to change without notice. Any market or other third-party data included in this release has been obtained by the Company from third-party sources. While the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and takes no responsibility for such data.
This release contains forward-looking statements. All statements other than statements of historical fact contained in this release may be forward-looking statements and include, but are not limited to, statements regarding the Company’s intent, belief, or current expectations. These forward-looking statements are subject to risks and uncertainties and may include, among others, financial forecasts and estimates based on assumptions or statements regarding plans, objectives, and expectations. Although the Company believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of the information currently available, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our prospectus dated December 8, 2021, filed with the Securities, Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, in our Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on April 20, 2023, and the Reference Form for the year ended December 31, 2021 filed with the Brazilian Securities and Exchange Commission on April 20, 2022. The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company’s view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law. The forward-looking statements can be identified, in certain cases, through the use of words such as “believe,” “may,” “might,” “can,” “could,” “is designed to,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “forecast”, “plan”, “predict”, “potential”, “aspiration,” “should,” “purpose,” “belief,” and similar, or variations of, or the negative of such words and expressions.
The financial information in this document includes forecasts, projections and other predictive statements that represent the Company’s assumptions and expectations in light of currently available information. These forecasts, projections and other predictive statements are based on the Company’s expectations and are subject to variables and uncertainties. The Company’s actual performance results may differ. Consequently, no guarantee is presented or implied as to the accuracy of specific forecasts, projections or predictive statements contained herein, and undue reliance should not be placed on the forward-looking statements in this press release, which are inherently uncertain.
In addition to IFRS financials, this release includes certain summarized, non-audited or non-IFRS financial information. These summarized, non-audited or non-IFRS financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. References in this presentation to “R$” refer to the Brazilian real, the official currency of Brazil.
About Nu
Nu is one of the world’s largest digital financial services platforms, serving around 80 million customers across Brazil, Mexico and Colombia. As one of the leading technology companies in the world, Nu leverages proprietary technologies and innovative business practices to create new financial solutions and experiences for individuals and SMEs that are simple, intuitive, convenient, low-cost, empowering and human. Guided by a mission to fight complexity and empower people, Nu is fostering the access to financial services across Latin America, connecting profit and purpose to create value for its stakeholders and have a positive impact on the communities it serves. For more information, please visit www.nubank.com.br
View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005781/en/
Investors Relations Jorg Friedemann investors@nubank.com.br
Media Relations Leila Suwwan press@nubank.com.br
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