Shares of the Brazilian digital bank Nu Holdings (NYSE: NU) traded roughly 7.3% higher as of 11:56 a.m. ET today after the company reported earnings results for the fourth quarter of 2022.

Nu reported a record profit of $58 million on record revenue of $1.45 billion. The company added 4.2 million customers and now has 74.6 million, including 61.2 million active customers. Nu now banks 44% of the Brazilian adult population.

It also continued to grow monthly average revenue per active customer (ARPAC), a key profitability metric at the bank. ARPAC across the bank grew to $8.20, while the bank's most-mature cohorts saw ARPAC reach $23.

Continue reading

Source Fool.com