**Nu Holdings Reports Record Growth in Q2 2023**
Nu Holdings (NYSE: NU), a Brazil-based digital bank, added over 5 million customers in Q2 2023, exceeding 100 million total customers for the first time, now at 104.5 million. The bank’s customer engagement hit 83.4%, with average revenue per active user increasing by 30% year-over-year. Notably, deposits in Mexico tripled following the launch of a high-interest savings account, emphasizing strong growth in newer markets.
Financially, Nu saw a 134% increase in total net income to $487 million, with a corresponding net interest income (NII) rise of 77% year-over-year. Despite ongoing losses in its Mexican and Colombian operations, the company maintains profitability and a low acquisition cost, which is approximately 85% less than traditional banks. Its forward P/E ratio is currently at 23, suggesting a reasonable valuation compared to its rapid growth and profit potential.
