Brazilian fintech Nubank records first profits ahead of IPO

Brazilian fintech Nubank records first profits ahead of IPO
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Brazilian digital bank Nubank will have good results to present to its investors ahead of its initial public offering (IPO) in New York. The fintech recorded its first profit in history in the first half of this year, BRL 76 million (USD 13.79 million). In the same period of 2020, the company had a negative balance sheet of BRL 95 million. 

In addition, the bank also announced it ended June with more than 41 million customers in Brazil, an increase of 25 percent compared to the previous six months and 60 percent over 12 months.

Besides that, the institution’s credit portfolio reached BRL 22.971 billion, while the gross value of financial intermediation was BRL 502.645 million. Administrative and personnel expenses totaled BRL 1.492 billion and fee and banking service revenues reached BRL 1.464 billion.

Moreover, according to the fintech, its total volume of card payments BRL 92 billion in the first six months of this year, 105 percent more than the same period last year.

“In summary, the first half of 2021 was yet another reinforcement that we are on the right path by putting our customers at the center of everything we do. We have grown with a focus on customers, developed new products and services, and reached even more people,” said financial vice-president of Nubank, Guilherme Lago, on the company’s blog.