Nu Holdings Banks More Than Half the Adults in Brazil
The digital bank just topped $1 billion in quarterly profit for the first time. So where does growth come from when most of a country already banks with you?
Overview
Brazil has about 213 million people. As of the end of the second quarter, about 118 million of them -- more than half the country, before even narrowing the count to adults -- were customers of Nu Holdings (NYSE: NU), the digital bank behind the Nubank brand.
The company reported second-quarter results after the closing bell on Thursday, and the headline number was profit. Net income surpassed $1 billion for the first time, rising 49% year over year on a currency-neutral basis, with a 33% return on equity.
Details
But the numbers that describe saturation may matter more for the long run. Nu's monthly activity rate in Brazil surpassed 86% for the first time, meaning the accounts aren't just open -- they're being used.
Source
Originally published at www.fool.com.