) are trading higher on Wednesday as the company beat analysts' expectations for revenue and earnings in the first quarter. David Velez, the CEO of Brazil-based Nubank, joins Market Domination Overtime to discuss the company's results.
Addressing the recent flooding tragedy in Brazil, Velez states,"We've been very forthcoming in trying to make it easy for our customers there."It's the parent company of the Brazilian Digital Bank, New Bank.Um And what's remarkable to me is the growth that you guys have been seeing in Mexico. Um And David, as I mentioned, one of the reasons you've been doing that is, is offering folks yields to, to get them um from unbanked to bank in some cases or to take market share from your competitors.Sure, we're following actually the same uh playbook we used in Brazil.
However, our goal is to have the very best deposit and savings account in the market for that we need high yield and a number of different functionalities as we add new fund functionalities to our bank account, we're gonna be able to decrease those yields while maintaining the value proposition. Uh And David, I do wanna get your, your take on one metric I saw here, I I was reading David, your Q one did show an increase in delinquencies.So we just announced or Q one result has been really record across all the different uh numbers.We had over 40% return on equity.
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