Nubank Reports Strong Q2 Results

Nubank (NYSE:NU) reported a significant rebound in its financials for the second quarter, with a net income of $224.9 million. This represents a substantial improvement from the $29.9 million loss incurred in the corresponding period of the previous year. Analysts had projected a net income of $146.6 million.

The company's earnings per share (EPS) experienced a remarkable surge to 4.6 cents, compared to a loss of 0.64 cents in the previous year. Furthermore, Nubank's quarterly revenue reached $1.87 billion, exceeding the Street estimate of $1.78 billion.

Nubank also exhibited impressive growth in its total deposits, which amounted to $18 billion. This reflects a notable increase of 35% compared to the previous year and exceeded the projected amount of $17.21 billion.