SAO PAULO, May 14 (Reuters) - Brazilian digital lender Nubank said on Tuesday its adjusted net profit increased more than twofold in the first quarter from a year earlier, though its loans overdue rate increased.
Nubank posted a $442.7 million adjusted net profit for the first quarter, up 143% from a year earlier. Analysts polled by LSEG expected a $404.8 million adjusted profit.
Revenue rose 69% to $2.74 billion, above analysts' estimates of $2.49 billion.
Nubank, which earlier this month said it has exceeded 100 million customers in Latin America, the vast majority of them in Brazil, reported return on equity (ROE) - a measure of financial performance - at 23%, stable from the fourth quarter, but up from 11% year-on-year.
The firm's loans overdue by 15 to 90 days in Brazil increased 0.6 percentage point in 12 months to 5%. Loans overdue by more than 90 days were at 6.3% from 5.5%. (Reporting by Andre Romani and Patricia Vilas Boas in Sao Paulo Editing by Valentine Hilaire and Matthew Lewis)
