© Reuters. FILE PHOTO: A banner for Nubank, the Brazilian FinTech startup, hangs on the facade at the New York Stock Exchange (NYSE) to celebrate the company’s IPO in New York, U.S., December 9, 2021. REUTERS/Brendan McDermid

(Reuters) – Nubank swung to a profit for the first quarter and reported record-high revenue as Latin America’s most valuable fintech benefited from strong growth in its loan book and clients.

The Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway (NYSE:) said on Monday its revenue more than tripled to $877.2 million, driven by a record-high activity rate.

This is Nubank’s second set of results since listing in December.

According to analysts, the digital bank is well-positioned to weather an ongoing deterioration in credit quality in Brazil as its portfolio skews heavily toward low-risk, low-yielding credit card receivables.

The company added 5.7 million new clients and said its average revenue per active client grew to $6.7, up 63% from the previous quarter.

It posted an adjusted net income of $10 million for the quarter, compared with an adjusted loss of $11.9 million a year earlier.

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