Nubank reported a 42% year-on-year jump in second-quarter net income to $637 million, while revenue climbed 40% to $3.7 billion. The Brazilian digital bank’s return on equity reached 28%, continuing to outpace traditional rivals even as it maintains lower fees for customers. The company said its customer base expanded to 123 million across Brazil, Mexico and Colombia. In Mexico, Nubank now serves 12 million people—about 13% of the country’s adult population—and accounted for more than a quarter of all new credit cards issued over the past 12 months. Nearly one in ten Colombians are also customers. Chief Executive Officer David Vélez told analysts the bank operates regulated entities in each of its three current markets and intends to add more as it pushes into additional countries. Management also highlighted opportunities in private payroll loans, noting Nubank’s cost advantage and access to over half of the target market. The fintech has bolstered its leadership team, recruiting former Central Bank of Brazil Governor Roberto Campos Neto as vice-chairman and head of public policy, one of three senior hires in recent months.