Here's Why Nu Holdings Surged 55% in the First Half of 2024
Shares of the Brazilian fintech Nu Holdings (NYSE: NU) exploded 54.7% higher in the first half of 2024, according to data provided by S&P Global Market Intelligence. The company continues to build on its dominant position in the Brazilian banking market and has its sights set on an even bigger market opportunity across Latin America.
Over the past few years, Brazilians without bank accounts have gone from 16.3 million to 4.6 million, and Nu has been a big reason for this. Since 2020, Nu's customer count in Brazil has gone from 24 million to over 92 million, and the bank now serves over 54% of Brazil's total adult population.
After a rough couple of years, Nu is on the right track and has posted five quarters of net income growth. The bank's net income of $379 million in the first quarter was a record for the up-and-coming fintech and is one reason for the stock's stellar performance in 2024.
Source Fool.com
