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Highlights
- Customer Growth: Added 4.5 million customers in Q4 and 20.4 million in FY 2024, reaching 114.2 million globally.
- Revenue: Increased 58% YoY to $11.51 billion for the full year and $2.99 billion in Q4.
- Net Income: $552.6 million in Q4 (85% YoY growth) and $1.97 billion for the year.
- Profitability: Adjusted Net Income rose 87% YoY in Q4 to $610.1 million, with a 32% annualized ROE.
- Brazil Market: Now the third-largest financial institution in the country.
Nu Holdings Ltd. (NYSE:NU), one of the world’s largest digital financial services platforms, has reported robust Q4 and full-year 2024 results, showcasing significant customer growth, revenue expansion, and record profitability.
Customer and Market Expansion
Nu's total customer base grew 22% YoY, reaching 114.2 million users by the end of 2024. The company is now the third-largest financial institution in Brazil by customer count. Additionally, Mexico surpassed 10 million customers, and Colombia reached 2.5 million, further solidifying Nu's presence in Latin America.
Financial Performance
The company's Q4 revenue hit $2.99 billion, contributing to a full-year revenue of $11.51 billion, up 58% YoY. Net income surged 85% YoY in Q4 to $552.6 million, while full-year net income nearly doubled to $1.97 billion.
Gross profit rose 44% YoY to $1.36 billion in Q4, with a gross profit margin of 45.6%.
Profitability and Efficiency
Nu demonstrated its strong operating leverage, keeping its monthly cost per active customer below $1 while maintaining a 29.9% efficiency ratio, an improvement of 610 basis points YoY.
The company also improved its credit quality, reducing its 15-90 NPL ratio to 4.1%, signaling a shift toward lower-risk lending.
Liquidity and Deposits
Nu’s total deposits jumped 55% YoY to $28.9 billion, with Brazil alone accounting for $23.1 billion. The lending portfolio more than doubled to $6.1 billion, and the credit card portfolio expanded 28% YoY to $14.6 billion.
