Nubank Overtakes Petrobras โขto Become Brazil’s Most Valuable Company
Sรฃo Paulo, Brazil โ- โคNubank, the digital bank, โachieved a market capitalization of US$76.97 billion as of Tuesday, November 28th, surpassing Petrobras’ US$74.50 billion andโ claiming the title of Brazil’s most valuable company. The ascent marks โa significant โshift in the Brazilianโ financial landscape,with Nubankโ also โexceeding Itaรบ (US$72.54 billion), Vale (US$49.60 โbillion)โฃ and โคBTG โคPactual โ(US$49.60 billion) in market value.
Data from Companies Market Capโ indicates Nubank currently ranksโฃ second in Latin America, behindโค Mercado Livre (US$116.10 billion), โฃand 40th globally within the financial sector, ahead of established institutions like BNYโ Mellon (US$75.62 โbillion), Barclays (US$75.05 billion) and US Bancorp (US$73.55 billion).
nubank’s shares have increased by 53.7% this year, closing at US$15.93 on Tuesday, nearing its record โhigh of US$16.30 set on September 22nd. A recent J.P. Morgan report suggests โขNubank’s valuation could reach US$140 billion โ if valued at multiples comparable to U.S. competitors suchโค as Chime, SoFi, and Affirm.
Analysts project Nubankโค will โขreport a profit of US$723โฃ million (approximately R$3.887 billion) for โคthe third quarter, to be announced on november 13th, anticipating controlled default ratesโ and improved financial marginsโ alongsideโข portfolio growth.
Key discussion points โanticipated in the bank’s upcoming conferenceโฃ call includeโค its expansion into the U.S. market, โthe timeline for achieving profitability in Mexico, and projectionsโ for asset quality through 2026.
