Nu (NU) Q4 2024 earnings summary

Executive summary

• Ended 2024 with 114.2 million customers, adding 20.4 million year-over-year, representing 58% of Brazil's adult population, with strong growth in Mexico (10 million, +91% YoY) and Colombia.

• Consolidated position as the third-largest financial institution in Brazil by customer count and reached 2.5 million customers in Colombia.

• Total deposits surged 55% FX-neutral to $28.9 billion, supporting lending expansion and strengthening the deposit franchise.

• Net income for 2024 nearly doubled to $1.97 billion, with annualized ROE at 28% and adjusted ROE at 31%.

• Expanded product offerings with NuTravel, Nu Marketplace, and NuCel (MVNO), diversifying revenue streams.

Financial highlights

• Full-year 2024 revenues reached $11.5 billion, up 58% year-over-year FX-neutral, with Q4 revenues at $2.99 billion (+50% YoY FXN).

• Gross profit for Q4 was $1.36 billion, with a margin of 45.6%.

• Adjusted net income for Q4 was $610 million, up 87% year-over-year.

• Total credit portfolio grew 45% YoY FX-neutral to $20.7 billion; lending portfolio reached $6.1 billion (+110% YoY FXN).

• Monthly ARPAC increased 23% YoY FXN to $10.7; cost to serve per active customer was $0.80.

Outlook and guidance

• Focus for 2025 is on deepening presence in Brazil, Mexico, and Colombia, expanding the product portfolio, and building a global AI-driven digital banking model.

• Management expects continued scaling of the Money Platform, innovation, and expansion of financial inclusion.

• Continued investment in technology, responsible growth, and long-term value creation, with further optimization of the balance sheet.