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Buffett-backed Nubank swings to profit on strong client base, loan volumes -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A banner featuring Nubank (the Brazilian FinTech startup) hangs from the New York Stock Exchange’s facade to mark the company’s IPO. This was done in celebration of the New York Stock Exchange’s December 9th, 2021. REUTERS/Brendan McDermid

(Reuters] Nubank posted record revenues for its first quarter. It reported a net profit of $1.6 million and was Latin America’s most valued fintech. This is due to strong client and loan growth.

A record-high level of activity drove the Brazilian digital bank, Berkshire Hathaway’s Warren Buffett’s Berkshire Hathaway (NYSE :), to announce Monday that it has tripled its revenue to $877.2million.

Nubank is pleased to announce the release of its second results set since December, when it was listed.

Analysts believe that the bank’s digital portfolio is optimized to handle any deterioration of credit quality in Brazil.

According to the company, it added 5.7million new clients. It also reported that its average revenue per client was $6.7. This is 63% more than in the quarter before.

This quarter saw an adjusted net profit of $10million, up from an adjusted loss $11.9million a year ago.

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