Nu Holdings Ltd. · NYSE:NU
Nu — Q4 2022 Earnings Presentation
57 slides from Nu's earnings presentation, Feb 14, 2023
Slide 1: Q4 2022 Earnings Presentation
Q4 2022 Earnings Presentation February 14, 2023
Slide 2: Disclaimer
Disclaimer This presentation speaks at the date hereof and the Company is under no obligation to update or keep current the information contained in this presentation. Any information expressed herein is subject to change without notice. Any market or other third-party data included in this presenta
Slide 3: Successfully Growing Through a Challenging 2022
Successfully Growing Through a Challenging 2022 Nu Holdings Consolidated Nu Brazil Customers Revenues Revenues (MM) (US$ MM) (US$ MM) Activity Rate 110% 38% 74.6 1,351 112% FXN FXN 1,451 53.9 82% 598 636 76% Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Gross Profit Adj. Net Income Adj. Net Income (US$ MM) (U
Slide 4: A Business Model That Cuts Through Multiple Products
A Business Model That Cuts Through Multiple Products 49% 51% 36% 111% 126% 75% +1MM 100% 61.2 52.5 33.5 7.4 1.4 1.3 5.2 1.0 MM MM MM MM MM MM 24.6 MM MM 41.1 34.7 MM MM MM 3.5 0.8 0.5 2.3 MM MM MM MM 0.0 MM Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'
Slide 5: Our Product Portfolio is Still in the Early Stages of the S-Curve
Our Product Portfolio is Still in the Early Stages of the S-Curve Maturity Product Development Lifecycle 86% 2% Cross-sell NuAccount Crypto Rate1 55% 2% Growth Credit Cards Marketplace 2% 12% Insurance Investments 2% 8% SMEs Personal Loans Introduction Time Note 1: ‘Cross-sell rate’ refers to the nu
Slide 6: Our Geo Portfolio is Still in the Early Stages of the S-curve
Our Geo Portfolio is Still in the Early Stages of the S- curve Maturity Geo Development Lifecycle Percentage of Adult Population 44% Growth Brazil 3% 2% Mexico Colombia Introduction Time Fourth Quarter 2022 Results 6 Note 1: Adult population is defined as 18+ years for Brazil and Colombia and 15+ ye
Slide 7: Nu Brazil
Nu Brazil A geo at growth stage and at a profitability inflection point
Slide 8: Nu Brazil - A Geo At Growth Stage
Nu Brazil - A Geo At Growth Stage Customer Acquisition & Engagement Customers (MM) Activity Rate NM6 61% 66% 76% 82% (%) CAGR: 70.9 Percentage of Adult 85% Population 52.4 44% 33% 33.2 21% 20.1 13% 6.0 4% 2018 2019 2020 2021 2022 Note 1: Adult population is defined as 18+ years for Brazil. Note 2: ‘
Slide 9: Nu Brazil - A Geo At Growth Stage
Nu Brazil - A Geo At Growth Stage Sequential top-line growth Revenues (US$MM) Gross Profit Margin (%) YoY: 110% FXN 1,350.8 1,227.2 1,114.9 44% 813.3 598.3 36% 35% 35% 33% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Fourth Quarter 2022 Results 9 Note 1: Amounts are presented in US dollars and growth rates on an F
Slide 10: Nu Brazil - A Geo At Growth Stage
Nu Brazil - A Geo At Growth Stage Sequential bottom-line growth Adj. Net Income (US$MM) Annualized Adj. ROTE (%) (2)% 16% 42% 33% 58% Annualized Adj. ROE (%) (2)% 6% 20% 20% 40% 157.7 12% Adj. Net Income Margin (%) 5% 4% 64.1 2% 47.6 -1% (3.8) 12.6 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: ‘Annualized A
Slide 11: Nu Brazil - A Geo At Growth Stage
Nu Brazil - A Geo At Growth Stage Financial Performance US$ million Metrics Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 FY21 FY22 598 813 1,115 1,227 1,351 1,647 4,506 Revenues 205% 205% 281% 158% 110% 132% 159% YoY FXN 636 877 1,158 1,307 1,451 1,698 4,792 224% 226% 230% 171% 112% 138% 168% 214 271 389 427 589 7
Slide 12: Q4 2022 Results
Q4 2022 Results
Slide 13: Our Model Powers Our Earnings Generating Formula
Our Model Powers Our Earnings Generating Formula Rapidly Growing Increasing Revenue Low Cost Substantial Customer Base Per Customer Operating Platform Earnings Power ACTIVE CUSTOMERS ARPAC COST TO SERVE Fourth Quarter 2022 Results 13
Slide 14: Strong Customer Acquisition and Activity Rate Improvement Continue
Strong Customer Acquisition and Activity Rate Improvement Continue Total Customers (MM) Active Customers 41.1 46.5 52.3 57.4 61.2 (MM) Activity YoY: 38% Rate (%) Active Customers YoY: 49% 74.6 70.4 65.3 81.9% 59.6 81.6% 53.9 80.2% 78.0% 76.3% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Fourth Quarter 2022 Results
Slide 15: Compounding Effect of More Engagement And More Cross-sell Driving ARPAC Expansion
Compounding Effect of More Engagement And More Cross-sell Driving ARPAC Expansion Active Customers Using NuAccount as their Monthly ARPAC by Quarterly Cohort Primary Banking Account (%) Number of Products Per Active Customer US$ (US$ | FX Neutral) month/ 70% Jan-22 Jan-21 Jan-20 Jan-19 Jan-18 Jan-17
Slide 16: Triple-digit Revenue Growth Sustained by Customer Growth and ARPAC Expansion
Triple-digit Revenue Growth Sustained by Customer Growth and ARPAC Expansion ARPAC (US$) Revenues (US$MM) YoY: 37% YoY: 112% FXN FXN 8.2 1,451 7.8 7.9 1,307 6.7 1,158 5.6 877 636 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: Amounts are presented in US dollars and growth rates
Slide 17: Compounding Effect of Customer Addition and Maturing Limits Driving Up Purchase Volume
Compounding Effect of Customer Addition and Maturing Limits Driving Up Purchase Volume Purchase Volume (US$Bn) Purchase Volume per Customer FXN US$ month/ customer YoY: 54% $350 FXN Credit Card: 48% FXN 23.8 Prepaid Card: 67% FXN $300 21.2 20.0 $250 8.7 15.9 7.6 14.4 6.9 $200 5.3 15.1 4.8 13.1 13.6
Slide 18: Loan Growth Driven Mostly by Strong Performance of Credit Cards
Loan Growth Driven Mostly by Strong Performance of Credit Cards Total Portfolio (US$Bn) Total Portfolio (%) Cre dit Ca rd YoY: 62% 11.3 Personal Loans FXN Credit Card: 69% FXN 21% 21% 20% 18% Personal Loans: 33% FXN 9.7 2.0 23% 9.1 8.8 1.9 2.0 6.6 2.0 1.4 79% 79% 80% 82% 9.3 77% 7.8 6.8 7.2 5.2 Q4'2
Slide 19: Gap to the Market on Interest Earning Portfolio (IEP) Narrows as Nu Expands Financing Features
Gap to the Market on Interest Earning Portfolio (IEP) Narrows as Nu Expands Financing Features Credit Card IEP Evolution (as % of Receivables) Nu Interest Earning Installments Balance Nu Revolving Balance Nu Non-Interest Earning Balance Market Interest Earning Installments Balance Market Revolving B
Slide 20: Personal Loan Growth Gradually Rebounding as Conditions Normalize
Personal Loan Growth Gradually Rebounding as Conditions Normalize Origination (R$Bn) Credit Yield YoY: 2% BRL 4.9 4.8 5.0 4.5 4.6 5.6% 5.5% 5.3% 3.9% 4.0% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: Amounts are presented in BRL. Note 2: Credit Yield is the average rate of the loans originated in the last
Slide 21: Funding Cost Reflects New Pricing Policy, While Deposits Continue to Expand
Funding Cost Reflects New Pricing Policy, While Deposits Continue to Expand Deposits (US$Bn) Cost of Funding as Percentage of CDI (%) YoY: 55% FXN 15.8 14.0 13.3 12.6 9.7 98% 98% 98% 95% 78% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Fourth Quarter 2022 Results 21 Note 1: Amounts are presented in US dollars. Not
Slide 22: NIM Expanded Sequentially as Loans Outpace Deposits and Funding Cost is Optimized
NIM Expanded Sequentially as Loans Outpace Deposits and Funding Cost is Optimized NII & NIM NII (US$ MM) NIM (%) 13.5% 11.1% 9.7% 8.3% 8.5% 688.0 527.3 445.5 346.4 262.6 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: ‘NII’ (Net Interest Income) is calculated as Interest income and gains (losses) on financial
Slide 23: Cost to Serve Remains Stable Underscoring Scale Benefits and Operating Leverage Potential
Cost to Serve Remains Stable Underscoring Scale Benefits and Operating Leverage Potential Cost to Serve per Active Customer (US$) YoY: 0% FXN 0.9 0.9 0.8 0.8 0.7 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: Amounts are presented in US dollars and growth rates on an FX Neutral basis. For additional detail o
Slide 24: Gross Profit Growth Accelerates Sequentially and Margin Recovery Continues
Gross Profit Growth Accelerates Sequentially and Margin Recovery Continues Gross Profit (US$MM) Gross Profit 36% 34% 31% 33% 40% Margin YoY: 137% FXN 578.3 427.0 363.5 294.1 226.9 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Fourth Quarter 2022 Results 24 Note 1: Amounts are presented in US dollars and growth rate
Slide 25: Improving Operating Leverage as Business Scales
Improving Operating Leverage as Business Scales Efficiency NII + F&C (US$MM) Costs (US$MM) Efficiency Ratio Efficiency Ratio Ex. SBC 91.6% 1,043.0 847.0 750.0 75.8% 604.2 72.7% 72.3% 68.6% 459.0 379.5 65.6% 278.9 213.3 60.7% 58.2% 57.4% 56.1% 55.1% 52.7% 50.2% (195.3) (202.7) 45.8% 47.4% (274.3) (34
Slide 26: Sequential Improvement in Both Net Income and Adjusted Net Income
Sequential Improvement in Both Net Income and Adjusted Net Income Adj. Net Income (US$MM) Net Income (Loss) (66.3) (45.1) (29.9) 7.8 58.01 113.8 63.0 3.2 17.0 10.1 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: Net Income excludes the effect of the one-time non-cash recognition of the 2021 CSA termination. R
Slide 27: Best-In-Class Cost Structure Lays Foundation For Sustainable Long-term Differentiation
Best-In-Class Cost Structure Lays Foundation For Sustainable Long-term Differentiation The Four Cost Pillars of Retail Financial Services COST TO ACQUIRE COST TO SERVE COST OF RISK COST OF FUNDING $6.5 <$1 5.2% $15.8Bn per Customer Monthly Avg. per Active Consumer Finance Deposits Customer Delinquen
Slide 28: Q4 2022 Credit Underwriting
Q4 2022 Credit Underwriting
Slide 29: Delinquency Largely Followed Seasonal Patterns in Q4'22
Delinquency Largely Followed Seasonal Patterns in Q4’22 15-90 NPLs 90+ NPLs 6.2% 5.6% 5.3% 5.0%6.2% 5.1% 4.2% 3.7% 3.7% 3.7% 5.6% 4.4% 3.4% 5.2%3.9% 3.9% 5.2% 3.1%3.0% 5.0%4.9%5.1% 5.1%5.1%5.1%5.0% 5.0% 3.6% 3.0% 3.6% 4.7% 2.6%2.5% 4.5% 3.1%3.2% 2.5% 2.6% 2.4% 2.6% 4.1% 2.3% 2.2% 2.2% 2.2%2.3% 3.4%
Slide 30: Nu Has Shown Superior Credit Underwriting Across All Income Bands For Credit Cards
Nu Has Shown Superior Credit Underwriting Across All Income Bands For Credit Cards NPL 90+ By Income Band Defined by Minimum Wage (MW) <1x MW 35% 1x to 2x MW 33% 2x to 3x MW 15% 13.9% 12.4% 10.2% 8.3% 8.8% 6.7% 7.0% 6.5% 5.5% 5.8% 5.3% 5.6% Jan-19 Jan-19 Jan-20 Jan-21 Jan-22 Dec-22 Jan-19 Jan-19 Jan
Slide 31: Sequential Risk-Adjusted NIM Improvement Shows Effective Pricing for Risk
Sequential Risk-Adjusted NIM Improvement Shows Effective Pricing for Risk CLA & Risk Adj. NIM CLA (US $ MM) Risk Adj NIM (%) 5.4% 3.2% 2.6% 2.3% 415.2 2.1% 2.0% 375.2 1.7% 338.5 1.3% 275.7 199.7 127.0 71.3 82.7 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: ‘CLA’ stands for Credit Loss Allo
Slide 32: Wrapping-Up…
Wrapping-Up… Maturity Business Cycle Inflecting A business portfolio at the early S-curve inflection that has just begun to exhibit Best-in-Class its strong earnings momentum. Growth Cost Structure We believe the continuous deepening of our cost moats has laid the foundations for long-term different
Slide 33: Q&A
Q&A
Slide 34: Appendix
MU Appendix
Slide 35: Strong Capital and Liquidity Positions to Navigate the Cycle
Strong Capital and Liquidity Positions to Navigate the Cycle Capital Position (US$Bn) Liquidity Position (US$Bn) Nu Holdings Cash & Equivalents Capital Excess Capital Requirement 3.8 LDR 25% ~3x ~3x 2.4 15.8 1.4 1.1 0.4 0.4 0.4 1.0 1.0 4.0 0.7 NuFIN Capital Position Prudential Conglomerate Nu Holdin
Slide 36: NPL and Stage 3 Formation Ratios Continue Under Control Aligned With Seasonal Patterns
NPL and Stage 3 Formation Ratios Continue Under Control Aligned With Seasonal Patterns NPL Formation Stage 3 Formation 3.2% 3.0% 3.4% 3.2% 3.1% 2.9% 2.9% 2.9%2.7% 2.5% 2.6% 2.0% 2.6% 2.5% 2.6% 1.7% 2.1% 1.9% 2.3% 1.9% 1.9% 1.6% 1.8% 1.6% 2.0% 1.9% 2.0% 2.0% 1.6% 1.6% 1.7% 2.4% 2.6% 1.1% 1.1% 0.9% 0.
Slide 37: Coverage Ratios Evolving With Credit Mix, But Still Above Pre-Pandemic Levels
Coverage Ratios Evolving With Credit Mix, But Still Above Pre-Pandemic Levels Coverage Ratio Over Total Balance Coverage Ratio Over NPL 90+ 263% 264% 10.9% 257% 10.6% 242% 238% 235% 9.7% 223% 9.0% 9.1% 209% 8.8%8.7% 8.6% 199% 8.1% 9.9% 7.7% 7.9% 7.8% 180% 7.4% 7.5% 173% 175% 170% 6.6% 7.2% 151% 6.2%
Slide 38: Nu Has Shown Superior Credit Underwriting Across All Income Bands For Consumer Finance
Nu Has Shown Superior Credit Underwriting Across All Income Bands For Consumer Finance NPL 90+ By Income Band BASED ON INTERNAL ESTIMATES Defined by Minimum Wage (MW) <1x MW 35% 1x to 2x MW 33% 2x to 3x MW 15% 13.9% 14.4% 11.6% 8.3% 8.8% 6.7% 9.6% 9.2% 7.8% 5.5% 5.8% 5.3% Jan-19 Dec-22 Jan-19 Dec-22
Slide 39: Credit Card: Superior Asset Quality Even Adjusted by Growth
Credit Card: Superior Asset Quality Even Adjusted by Growth LAGGED NPL 90+ By Income Band Defined by Minimum Wage (MW) <1x MW 35% 1x to 2x MW 33% 2x to 3x MW 15% 16.4% 15.4% 12.17% 11.7% 11.4% 8.5% 12.1% 9.5% 8.7% 8.2% 7.7% 5.9% Jan-20 Dec-22 Jan-20 Dec-22 Jan-20 Dec-22 43831 44197 44562 43831 44197
Slide 40: Consumer Finance: Superior Asset Quality Even Adjusted by Growth
Consumer Finance: Superior Asset Quality Even Adjusted by Growth LAGGED NPL 90+ By Income Band BASED ON INTERNAL ESTIMATES Defined by Minimum Wage (MW) <1x MW 35% 1x to 2x MW 33% 2x to 3x MW 15% 18.4% 16.3% 12.2% 13.2% 11.7% 8.5% 12.3% 12.2% 11.7% 10.4% 8.4% 5.8% Jan-20 Dec-22 Jan-20 Dec-22 Jan-20 D
Slide 41: Strong Credit Growth on an FX Neutral Basis
Strong Credit Growth on an FX Neutral Basis Total Portfolio (US$Bn, FX Neutral) Credit Card YoY: 62% Personal Loans FXN 11.3 Credit Cards: 69% FXN Personal Loans: 33% FXN 10.0 2.0 9.1 7.9 2.0 1.9 6.9 1.8 1.5 9.3 8.0 7.1 6.1 5.5 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Fourth Quarter 2022 Results 41 Note 1: All
Slide 42: Strong Unit Economics Across All Credit Portfolios
Strong Unit Economics Across All Credit Portfolios Credit Cards Cumulative Gross Profit Margin Personal Loans Cumulative Gross Profit Margin (as % of Revenues minus cost of funding) (as % of Revenues minus cost of funding) 100% 100% Based on actual cohort data, Based on actual cohort data, 80% this
Slide 43: Triple-digit Revenue Growth Sustained by Customer Growth and ARPAC Expansion
Triple-digit Revenue Growth Sustained by Customer Growth and ARPAC Expansion ARPAC (US$, FX Neutral) Revenues (US$MM, FX Neutral) YoY: 37% YoY: 112% FXN FXN 8.0 8.2 1,451 7.5 1,317 6.5 1,107 6.0 852 684 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: Amounts and growth rates are
Slide 44: Compounding Effect of Customer Addition and Maturing Limits Driving Up Purchase Volume
Compounding Effect of Customer Addition and Maturing Limits Driving Up Purchase Volume Purchase Volume (US$Bn, FX Neutral) YoY: 54% 23.8 FXN Credit Card: 48% FXN 21.3 Prepaid Card: 67% FXN 19.2 8.7 15.5 15.5 7.6 6.7 15.1 5.2 5.2 13.7 12.5 10.3 10.3 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: Amounts and g
Slide 45: NIM Expanded Sequentially as Loans Outpace Deposits and Funding Cost is Optimized
NIM Expanded Sequentially as Loans Outpace Deposits and Funding Cost is Optimized NII & NIM (US$ MM, FX Neutral) NII (US$ MM) NIM (%) 13.5% 11.1% 9.3% 9.5% 8.6% 688.0 531.5 426.0 336.5 282.5 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: ‘NII’ (Net Interest Income) is calculated as Interest income and gains
Slide 46: Cost to Serve Remains Stable Underscoring Scale Benefits and Operating Leverage Potential
Cost to Serve Remains Stable Underscoring Scale Benefits and Operating Leverage Potential Cost to Serve per Active Customer (US$, FX Neutral) YoY: 0% FXN 0.9 0.9 0.8 0.8 0.7 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note 1: Amounts and growth rates are presented on an FX Neutral basis. For additional detail on
Slide 47: Gross Profit Growth Accelerates Sequentially and Margin Recovery Continues
Gross Profit Growth Accelerates Sequentially and Margin Recovery Continues Gross Profit (US$MM, FX Neutral) Gross Margin 36% 34% 31% 33% 40% YoY: 136% FXN 578.3 430.3 347.6 285.7 244.1 Q4'21 Q1'22 Q2'22 Q3'22 Q422 Fourth Quarter 2022 Results 47 Note 1: Amounts and growth rates are presented on an FX
Slide 48: Portfolio Growth Continues to be the Main Driver of Provision Balance Increase
Portfolio Growth Continues to be the Main Driver of Provision Balance Increase Provision Balance Bridge (US$MM, FX Neutral) 20 175 1,330 1,350 1,155 Q3 ECL Growth Other Q4 ECL Note 1: The information presented is for Nu Holdings and includes both credit card and personal loans provision balance. Not
Slide 49: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Adjusted Net Income (Loss) is defined as profit (loss) attributable to shareholders of the parent company for the period, adjusted for the expenses and allocated tax effects on share-based compensation, the expenses (revenue deduction) and allocated ta
Slide 50: Non-IFRS Reconciliations
Non-IFRS Reconciliations Adjusted Net Income For the year ended Nu Holdings - Consolidated For the three months ended December, 31 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Dec 31, 2022 2021 2022 Adjusted Net Income (Loss) (US$ million) Profit (Loss) attributable to shareholders of the par
Slide 51: Non-IFRS Reconciliations
Non-IFRS Reconciliations Metrics adjusted by the CSA cancellation Nu Holdings - Consolidated December 31, 2022 As presented in the CSA termination As presented in the US$ million financial statements adjustment earnings presentation Net income (loss) – for the three-month period ended (297.6) 355.6
Slide 52: Non-IFRS Reconciliations
Non-IFRS Reconciliations Tangible Equity, Annualized ROE and Annualized ROTE US$ million Reconciliation - Tangible Equity, ROE and ROTE Brazil - Consolidated Q4'20 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 FY21 FY22 Total equity at the end of the period 277.4 772.8 756.7 822.4 1,037.5 1,482.5 1,694.5 756.
Slide 53: Non-IFRS Reconciliations
Non-IFRS Reconciliations Tangible Equity, Annualized ROE and Annualized ROTE US$ million Reconciliation - Tangible Equity, ROE and ROTE Nu Holdings - Consolidated Q4'20 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 FY21 FY22 Total equity at the end of the period 438.1 1,937.1 4,442.5 4,790.6 4,738.2 4,752.7 4
Slide 54: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations FX Neutral measures are prepared and presented to eliminate the effect of foreign exchange, or “FX,” volatility between the comparison periods, allowing management and investors to evaluate our financial performance despite variations in foreign curren
Slide 55: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations FX Rates - On a monthly basis, Nu translates its subsidiaries figures from their individual functional currency into Nu Holdings functional currency, the U.S. Dollars ("US$"), following the requirements of IAS 21 "The Effects of Changes in Foreign Exch
Slide 56: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations As of September 30, 2022, income statement figures were divided by the average FX Rate of the month (R$ 5.2357, MXN 20.0617 and COP 4,448.6386 to US$ 1.00) and balance sheet figures were divided by the last price FX Rate of the month (R$ 5.4155, MXN 20
Slide 57: investors.nu investors@nubank.com.br
investors.nu investors@nubank.com.br