Nu Holdings Ltd released its financial results for the second quarter, announcing a robust performance with notable growth metrics. The company reported a second-quarter revenue of $2.8 billion, showcasing a 65% increase compared to the same period last year. In terms of adjusted net income, Nu Holdings saw a substantial rise from $263 million in the second quarter of 2023 to $563 million in the current quarter.
During the second quarter, Nu Holdings expanded its customer base by adding 5.2 million new customers, pushing the total number of customers to 104.5 million as of June 30. The company's monthly average revenue per active customer was reported at $11.20, indicating a steady stream of income from its customer base. Moreover, total deposits surged by 64% year-over-year to reach $25 billion, while net interest income witnessed a remarkable 77% increase, amounting to $1.7 billion, driven by growth in credit card and lending portfolios, ending the quarter with $9.8 billion in its interest-earning portfolio.
CEO David Vélez expressed confidence in the company's business model and credited the strong results to efficient execution and resilient credit underwriting. He emphasized Nu's focus on talent, technology investments, and brand loyalty, foreseeing the company's trajectory to become the leading consumer technology platform in Latin America. Additionally, Nu Holdings announced its continuous customer acquisition efforts, with an estimated 1.2 million new customers being added in Brazil monthly, achieving the largest active customer base in credit operations in the country. Moreover, the company reached significant milestones in Mexico and Colombia, surpassing one million customers in the Colombian market during the quarter. Nu also highlighted the growing popularity of its core products, including credit cards, NuAccounts, and unsecured personal loans, with millions of active customers utilizing these services.