Nu Holdings, the Brazilian digital financial group, reported a near-doubling of full-year net income to $1.97 billion for 2024, a 91% increase on the prior year. The results were disclosed in a statement published on the company's website after the US market close on 20 February 2025.
Adjusted net income for the year came in at $2.2 billion. Total revenue reached $11.5 billion, up 43.4% from the prior year, driven in large part by growth in interest income.
CUSTOMER NUMBERS
Nu ended 2024 with 114.2 million customers, a 22% increase on the year-earlier figure, after the addition of 20.4 million new account holders during the twelve-month period.
PROFITABILITY AND MARGIN PRESSURE
The fourth quarter produced an annualised return on equity of 29%, or 32% on an adjusted basis. However, the net interest margin contracted by 70 basis points quarter-on-quarter to 17.7% in the final three months of the year, a move the company attributed mostly to FX volatility and its deposit strategy in Mexico and Colombia.