NU Holdings Reports Q1 2024

Nu Holdings - the Fintech digital banking platform for South America, Mexico and some other area I forgot, that calls home Sao Paulo, Brazil, reported Q1 2024 this afternoon.

Prior to the report here was a SA Earnings Preview:

https://seekingalpha.com/news/4105289-nu-holdings-q1-2024-earnings-preview?source=content_type%3Areact|section%3Asummary|section_asset%3Aall_news|first_level_url%3Asymbol|button%3ATitle|lock_status%3ANo|line%3A2

Here are the initial results:

https://seekingalpha.com/pr/19725431-nu-holdings-ltd-reports-first-quarter-2024-financial-results?hasComeFromMpArticle=false&source=content_type%253Areact%257Csection%253Amain_content%257Cbutton%253Abody_link%257Cfirst_level_url%253Anews

Highlights:

  • Revenue of $2.7B (+66.7% Y/Y) beats by $170M.

  • Net Income for Q1’24 of $378.8 million and an annualized ROE of 23%, compared to a $141.8 million profit in Q1’23.

  • Gross Profit: Nu’s gross profit reached another quarterly record high of $1.18 billion, a 76% increase YoY FXN. Gross profit margin stood at 43.2%, from 40.2% in Q1’23.

Fan Reaction: Initially the stock sold off a bit but has since recovered and is up a little over 1% during After Hours trading.

The portfolio has a a marginally extended 3.5% Scout Team position in NU.

All the Best,
BDH Investing

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