Nubank's Profits Surge Amid Expansion in Brazil and Mexico

Nu Holdings, which operates Nubank, reported a significant rise in third-quarter net income, driven by growth in Brazil and Mexico. The company achieved $783 million in net income, surpassing analysts' expectations. Nubank's revenues rose to $4.2 billion, supported by a record 31% return on equity.

Nu Holdings, which manages the Brazilian digital lender Nubank, announced a significant increase in third-quarter net income. The growth, surpassing analysts' expectations, was primarily driven by the company's operations in Brazil and Mexico.

According to Guilherme Lago, Nubank's CFO, the profit surge was attributed to operational growth in Brazil and the expansion of the credit portfolio in Mexico, coupled with cost management strategies.

Nubank's revenues increased by 39%, reaching $4.2 billion, with a record return on equity of 31%. The company's client base reached 127 million, as it plans to expand into the United States.

(With inputs from agencies.)