BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Nu Holdings Ltd. Reports Q1 2024 Financial Results, Stock Price Rises 3.46% in After-Hours Trading
São Paulo – May 14, 2024 – Nu Holdings Ltd. (“Nu”, “Nu Holdings” or “the Company”) (NYSE: NU), one of the world’s largest digital banking platforms, announced its unaudited financial results for the first quarter ending March 31, 2024. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards (IFRS), unless otherwise noted.
Key Financial Highlights
- Customer Growth: Nu added 5.5 million new customers in Q1 2024, reaching a total of 99.3 million customers, marking a year-over-year increase of 20.2 million customers. Nu is now the fourth-largest financial institution in Latin America by number of customers.
- Revenue: Achieved a record high of $2.7 billion, up 64% year-over-year (YoY) on a foreign exchange (FX) neutral basis. Monthly Average Revenue per Active Customer (ARPAC) increased 30% YoY to $11.4.
- Net Income: Increased to $378.8 million from $141.8 million in Q1 2023, with Adjusted Net Income reaching $442.7 million, up from $182.4 million in the same period last year.
- Deposits and Loan Portfolio: Deposits grew 53% YoY to $24.3 billion, while the Loan-to-Deposit Ratio (LDR) increased to 40%. Total receivables from credit card and personal loan portfolios rose 52% YoY to $19.6 billion.
Operating Metrics
- Active Customers: The number of active customers increased to 82.6 million, with an activity rate of 83%.
- Purchase Volume: Total purchase volume reached $31.1 billion, growing 33% YoY.
- Cost Efficiency: Monthly Average Cost to Serve per Active Customer remained stable at $0.9.
Credit Performance
- Non-Performing Loans (NPLs): The 15-90 day NPL ratio stood at 5.0%, while the 90+ day NPL ratio was 6.3%, aligning with the company's expectations.
Strategic Highlights
- Market Expansion: Nu continues to expand its footprint in Mexico and Colombia, with significant customer growth in these markets.
- Product Diversification: The company’s core products, including credit cards, digital accounts, and personal loans, have seen robust adoption among its customer base.
Capital and Liquidity
- Capital Adequacy: Nu remains well-capitalized, with strong margins above regulatory minimums in all operating countries. The company's capital adequacy ratios (CARs) are comfortably above the required levels.
Stock Performance
Following the announcement of these strong financial results, Nu Holdings' stock price rose by 3.46% in after-hours trading, reflecting investor confidence in the company's continued growth and profitability.
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