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:|section%3Asummary|section_asset%3Aall_news|first_level_url%3Asymbol|button%3ATitle|lock_status%3ANo|line%3A2

Here are the initial results:


  • 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