Nu Holdings (NU) is Surging by Double Digits. Here’s What’s Driving the Rally

Nu Holdings Ltd. (NYSE:NU) is one of the 10 Stocks Defying Tech Market Turmoil.

Nu Holdings grew its share price by 11.75 percent on Friday to close at $13.22 apiece after reporting strong earnings performance in the third quarter of the year, thanks to solid net interest income across its global businesses.

In an updated report, Nu Holdings Ltd. said that it netted $1.09 billion in the third quarter of the year, or a jump of 39 percent from the same period last year. Total revenues grew by 45 percent to $6.2 billion from $4.3 billion, thanks to higher contributions from credit income, float income, and fee income.

Photo by Tima Miroshnichenko on Pexels

Credit income alone soared by 52 percent to $3.795 billion from $2.489 billion, while float income increased by 26 percent to $1.55 billion from $1.225 billion.

Fee income stood at $913 million, higher by 51 percent to $913 million from $602.8 million.

Nu Holdings Ltd. also added 3.7 million customers during the quarter, reaching 143 million globally.

Brazil remained its largest market, with nearly 120 million customers, followed by Mexico with 16.6 million, and Colombia with 6.1 million.

Activity rate rose by 83.6 percent versus 83 percent year-on-year and 83.5 percent quarter-on-quarter.

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