Nubank quarterly net profit beats estimates, topping $1 billion for first time

Brazilian digital lender Nubank reported a quarterly net profit of $1.06 billion for the April-June period, surpassing $1 billion for the first time and exceeding analysts' estimates. The lender's shares surged after the market close on Thursday. Nubank's revenue increased 39% to $5.88 billion, while the risk-adjusted net interest margin rose to 12.4% from 9.9% a year earlier.

Chief Financial Officer Rob Livingston attributed the profit boost to higher revenue and improved risk-adjusted net interest margin. The company's credit portfolio grew 37% year-on-year to $39.4 billion. Early delinquency rates were 4.8%, up 0.3 percentage points year-on-year but down from the 5% in the first quarter.