The full version of this article, along with thousands like it, can be found here: Shares in Nubank rise as it narrows loss, boosts revenue

Shares in Nubank rose nearly 8% in after-hours trading as investors welcomed a narrower fourth-quarter loss at Latin America's most valuable fintech, which added new clients and sold more products.

The digital bank, which listed its shares in New York in December, posted a net loss of $66.2 million, down from a $107.1 million a year earlier.

Nubank, backed by Warren Buffett's Berkshire Hathaway Inc, said its revenue more than tripled to $635.9 million from a year earlier, well above a Refinitiv consensus of $393.76 million.

Its monthly revenue per active client reached $5.60, up $2.30 from the previous quarter, boosted by new products. Costs per client fell to 90 cents a month from $1.10.

Despite a more challenging economic environment in Brazil in the fourth quarter, Nubank's consumer lending delinquency rate remained roughly stable at 3.5%, up 0.1 percentage point from the previous quarter.

CEO David Velez told analysts in a conference the company, which has 53.9 million clients, will continue to execute its strategic plan, but added that it is able to pull back if the macro environment deteriorates.

Analysts are paying close attention to Nubank's performance as its default rate is seen as likely to deteriorate as inflation and interest rates rise.

Velez said in an interview earlier this month that Brazil's economic downturn may represent an opportunity for Nubank to gain market share, as some players are likely to retreat amid a riskier environment.

The team at Platform Executive hope you have enjoyed the '[post_title]' article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Carolina Mandl in Sao Paulo and Noor Zainab Hussain in Bengaluru. Editing by Maju Samuel, Marguerita Choy and Richard Pullin.

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