Nu Holdings, the parent of Brazilian digital bank Nubank, reported record second-quarter results, with net income of $1.1 billion, up 49% year over year, and revenue of $5.9 billion, up 39%. The bank now serves 139 million customers across Brazil, Mexico, and Colombia, adding 4 million in the quarter, and has received conditional approval from the U.S. Office of the Comptroller of the Currency to launch a national digital bank in the United States. Its efficiency ratio stands at 19.5%, and return on equity rose to 33%. Non-performing loans improved to 4.8% from 5% in the prior quarter. Despite the strong performance, Nu's stock is down about 13% year to date, trading at 20 times earnings with a PEG ratio of about 0.9.
Nu Holdings LtdRecord net income and revenue growth, with improved efficiency and ROE.
NVIDIA Corporation
