Nu Holdings Ltd. (NYSE: NU | B3: NUBR33), (“Nu” or the
“Company”), one of the world’s largest digital banking platforms,
released today its Second Quarter 2022 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.
"We had another very strong quarter, with growth and
profitability in our core business. We registered record revenues
and are making huge strides towards becoming a multi-product and
multi-country platform. Our largest operation -Brazil- is now
profitable, having registered a net profit of US$ 13 million in the
first half of 2022, driven by customer growth to 65 million and
ability to offer and cross-sell new products. We are the fourth
largest card player in Brazil, almost a quarter of all PIX
operations pass through Nu's accounts, and we are a leader in the
digital-direct investment space with 5 million active customers. We
are diversifying and scaling with Crypto, Insurance, SME and
Personal Loans. Moving internationally, we are now the #1 issuer of
new credit cards in both Mexico and Colombia –where we have just
received a license approval to continue our expansion”, said David
Vélez, founder and CEO.
Q2’22 Results Snapshot
Below are Q2’22 performance highlights of Nu Holdings Ltd.:
Operating Highlights:
- Customer growth: Nu added 5.7 million customers in the
quarter reaching a total of 65.3 million customers in Brazil,
Mexico and Colombia. This represents a 57% growth year-over-year
(YoY), reinforcing Nu’s positioning as one of the largest digital
banking platforms globally.
- Engagement and activity rates: Average Revenue per
Active Customer (ARPAC) expanded to $7.8, growing by 105% on a FX
neutral basis (FXN)1. Activity rate hit a new historical-high mark
growing to 80%. Nu has become the primary bank for over 55% of the
monthly active customers that have been with Nu for over a
year.
- Low-cost operating platform: Monthly Average Cost to
Serve Per Active Customer reached $0.8, remaining flat YoY and
FXN.
- Asset Quality: lead indicators have remained stable and
asset quality followed its normalization post pandemic: Nu’s NPL
15-90 remained stable at 3.7%, while 90+ reached 4.1% in line with
expectations.
Financial Highlights:
- Revenue: total revenue for Q2´22 reached a new record
high of $1,2 billion, increasing 230% YoY on a FXN, as Nu continues
effectively upselling and cross-selling its expanding portfolio of
financial products.
- Gross Profit: totaled $363.5 million in Q2´22,
increasing 109% YoY FXN. The gross profit margin was 31% in
Q2´22.
- Adjusted Net income3: Nu reported Adjusted Net
Income of $17 million in Q2´22.
- Capital: As of June 30, 2022, Nu continued to show a
strong capital position with NuFin’s adjusted capital reaching
$3.9 billion, of which 79% was cash and cash
equivalents.
- Liquidity: Nu reported an interest-earning portfolio of
$3.2 billion, while total deposits reached over four times this
value at $13.3 billion.
Business highlights
- Customer Base Growth: Brazilian customers increased 51%
YoY to 62.3 million, representing now 36% of the country’s adult
population, with our SMEs customer base going up 150% YoY, growing
to 2.0 million. This likely positions Nu as the fifth largest
financial institution in Brazil in terms of numbers of
customers. Purchase volume reached $20 billion in Q2´22,
expanding 94% YoY FXN, placing Nu as the #4 cards player in
Brazil this quarter (in terms of Purchase Volume).
- Multi-Product Platform: during the quarter, the core
products - Credit Cards, NuConta and Personal Loans - reached 29
million, 45 million and 4 million active customers, respectively.
Insurance, launched last year, has reached over 700,000 active
customers, NuInvest has reached over 5 million active customers,
and NuCripto reached 1 million customers in July 2022, only 3 weeks
after launch.
- Profitability in Brazil: NuBrazil, the Company’s core
market, achieved accounting net income in H1´22 of US$13.0
million, a major milestone. Profitability in our core products
- Credit Cards, personal loans and NuConta - has enabled us to
reinvest those gains in penetrating adjacent verticals in Brazil,
while supporting our expansion in Mexico and Colombia.
- International Expansion: In Mexico, our second largest
market, Nu’s customer base increased over 6x YoY to 2.7
million. In Colombia, we reached 314,000 customers. In
both markets, we believe to be position as the #1 issuer of new
credit cards in the country and together these two countries
added 700,000 unique customers, while maintaining an NPS around 90
in both markets.
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 our share-based compensation as well as the
tax effects applicable to these items. For more information, please
see “Non-IFRS Financial Measures - Reconciliation of Adjusted Net
Income section" of our financial statements.
CONFERENCE EARNINGS CALL
DETAILS
Nu will hold a Conference Earnings Call
today at 6:00pm Eastern time/7:00pm 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 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 and
Exchange Commission pursuant to Rule 424(b) under the Securities
Act of 1933, as amended, and in our Annual Report on Form 20-F for
the year ended December 31, 2021, which was filed with the
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 presentation 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 banking platforms,
serving over 65 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
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version on businesswire.com: https://www.businesswire.com/news/home/20220815005654/en/
Investors Relations Guilherme Lago
investors@nubank.com.br
Media Relations Leila Suwwan press@nubank.com.br
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