Nubank earned US$141.8 million in the first quarter of 2023

The Latin American digital bank Nubank has 79.1 million clients, of which 31% are in Brazil. In Colombia the number of clients doubled in the last twelve months

Nubank, the largest digital bank in Latin America, reported on Monday that it obtained US$141.8 million (about 130.3 million euros) in profits in the first quarter of the year, contrasting with losses of US$45.1 million in the same period of the previous year.

The billing of the Brazilian bank, which also operates in Mexico and Colombia, was US$1,618.7 million, which represents an increase of 85% compared to the first quarter of 2022.

The bank highlighted that it reached a record number of 79.1 million clients, of which 75.3 million are in Brazil, representing an annual increase of 31%.

Nubank’s customer base in Mexico jumped 52% in one year, reaching 3.2 million, while in Colombia it reached 635,000, with a year-on-year increase of 200%.

The credit portfolio expanded 54% year-on-year, reaching US$12.8 billion, and deposits increased 34%, reaching US$15.8 billion.

In Brazil, the delinquency rate for credit up to 90 days increased 80 basis points, reaching 4.4%, and the long-term rate climbed to 5.5%, at a time when the country has the highest interest rates since 2016 ( 13.75%).

The company highlighted that it strengthened its capital position, reaching a Basel ratio of 18.7%, while maintaining high liquidity, with a loan-deposit ratio of 33%.