: Nu Holdings sees ‘sustained increase’ in customers; shares jump

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Shares of Nu Holdings Ltd. NU, -2.03% jumped 14.7% after hours on Monday after the Brazil-based digital banking platform reported a surprise third-quarter profit and revenue that beat expectations, helped by a boost in active customers. The company reported net income of $7.8 million, compared with a net loss of $34.4 million in the same quarter last year, boosted by a “sustained increase in the number of active customers and higher customer engagement,” executives said. The company reported sales of $1.3 billion, compared with $480.9 million in the prior-year period. Analysts polled by FactSet expected Nu to lose $8.9 million during the quarter, on sales of $1.23 billion. Net interest margins increased to 11.1% during the quarter. The company added 5.1 million customers during the quarter. However, executives noted “increased delinquency in the quarter, consistent with the market.”

This article was originally published by Marketwatch.com. Read the original article here.

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