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The Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) said on Monday its revenue more than tripled to $877.2 million, driven by a record-high activity rate.
This is Nubank’s second set of results since listing in December.
According to analysts, the digital bank is well-positioned to weather an ongoing deterioration in credit quality in Brazil as its portfolio skews heavily toward low-risk, low-yielding credit card receivables.
The company added 5.7 million new clients and said its average revenue per active client grew to $6.7, up 63% from the previous quarter.
It posted an adjusted net income of $10 million for the quarter, compared with an adjusted loss of $11.9 million a year earlier.
