Summary by Moomoo AI
Nu Holdings Ltd. (Nu), a leading digital banking platform, announced its financial results for the first quarter of 2024 on May 14, 2024. The company reported significant growth, with a net income of $379 million and revenue reaching $2.7 billion, marking a 23% return-on-equity. Nu's customer base grew to 99.3 million globally, with substantial growth in Mexico and Colombia. The company's efficiency ratio stood at 32.1%, reflecting its position as one of the most efficient financial institutions in Latin America. Nu's asset quality remained stable, with a consumer credit portfolio's NPL ratio in line with expectations. The company continues to invest in product innovation and geographic expansion, maintaining a strong capital position with $2.4 billion in excess cash. The full earnings release and details of the earnings conference call are available on Nu's Investor Relations website.