Nu Holdings (NU) Company Report

Nubank plans to obtain a full banking license by 2026 in Brazil, driven by new regulatory rules that reserve the term "bank" for licensed institutions.
The new regulation, effective end of November 2025, requires fintechs to present an adaptation plan within 120 days and complete the transition within one year.
Nubank currently operates through separate entities like Nu Pagamentos and Nu Financeira, none of which hold a full banking license.
The company has demonstrated strong financial performance, including a 33.3% revenue growth rate over the past three years and a 26.35% net margin, while maintaining a low debt-to-equity ratio of 0.1.
Nubank reassures that this transition will not affect customer experience or materially impact capital or liquidity requirements.

1 day ago

Bloomberg

Nu Holdings Announces Q3 2025 Results

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Nu Holdings reported record revenues of over $4 billion and a net income of $783 million in Q3 2025, achieving a record ROE of 31%.
The customer base expanded to 127 million, with 4 million net additions in the quarter, maintaining an activity rate above 83%. Total credit balances grew 42% year over year to $30.4 billion, and deposits increased 34% year over year to $38.8 billion on an FX-neutral basis.
The company's efficiency ratio decreased to 27.7%, and risk-adjusted net interest margins expanded to 9.9%. In Mexico, Nu surpassed 13 million customers, with RPAC levels nearing those in Brazil, and is actively pursuing an "AI-first" strategy.

Nov 13, 2025, 10:00 PM

Transcript

Nu Announces Strong Q3 2025 Financial Results

Earnings

Revenue Acceleration/Inflection

Nu reported a Net Income of $782.7 million and an Adjusted Net Income of $829.0 million for Q3 2025, with a Return on Equity (ROE) of 31% and an Adjusted ROE of 33%.
The Total Portfolio expanded to $58.1 billion in Q3 2025, comprising $30.4 billion in Credit Card, $20.0 billion in Unsecured, and $7.7 billion in Secured portfolios.
Total Deposits reached $38.8 billion in Q3 2025.
Net Interest Income (NII) for Q3 2025 was $2301.8 million, and the Efficiency Ratio improved to 27.7%.
The Coverage Ratio Over NPL 90+ was 228.3% in Q3 2025, indicating strong coverage levels.

Nov 13, 2025, 10:00 PM

Presentation

Nu Holdings Reports Record Q3 2025 Net Income and ROE, Advances AI Strategy and Mexico Expansion

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Nu Holdings delivered strong financial results in Q3 2025, reporting a record high net income of $783 million and a record Return on Equity (ROE) of 31%, both increasing 39% year over year on an FX-neutral basis. Gross profit reached $1.8 billion, up 32% year over year, with an expanded margin of 43.5%, and the efficiency ratio decreased slightly to 27.7%.
The company experienced significant growth in its credit portfolio, with total balances reaching $30.4 billion, up 42% year over year, and loan originations hitting a record $4.2 billion. Asset quality improved, reflected by a 7% decline in credit loss allowance expenses quarter over quarter and risk-adjusted net interest margins expanding to 9.9%. In Brazil, the 15-90 day NPL ratio was 4.2% and the 90-plus-day NPL ratio was 6.8%.
Nubank is strategically focused on becoming "AI-first", integrating foundation models like Nuformer, which was built with 330 million parameters and trained on approximately 600 billion tokens, to enhance customer experience, risk management, and operational efficiency.
The company continues its strong expansion in Mexico, where its credit book is growing at an annualized rate of 50-70%, and the cost to serve is approximately $1, which is better than Brazil at a similar stage of development. Deposits also grew significantly, reaching $38.8 billion, up 34% year over year, while the cost of funding improved from 91% to 89% of interbank rates.

Nov 13, 2025, 10:00 PM

Transcript

Nu Holdings Reports Strong Q3 2025 Results with Record Revenue and Customer Growth

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Nu Holdings reported record revenues of over $4 billion and a net income of $783 million in Q3 2025, driven by a growing customer base of 127 million and an RPAC (Revenue Per Active Customer) exceeding $13.
The company's credit portfolio expanded significantly, with total balances reaching $30.4 billion (up 42% year-over-year FX-neutral) and loan originations at a record $4.2 billion (up 40% year-over-year FX-neutral). Asset quality improved, leading to a 7% decline in credit loss allowance expenses and an increase in risk-adjusted net interest margins from 9.2% to 9.9%.
Mexico continues to be a key growth market, surpassing 13 million customers and demonstrating compelling unit economics with an RPAC of $12.5, though potential caps on card interchange fees are a concern. Management is prioritizing long-term investment in Mexico over immediate profitability.
Nu Holdings is also heavily investing in becoming AI-first, developing proprietary models like Nuformer to enhance risk management, personalization, and operational efficiency.

Nov 13, 2025, 10:00 PM

Transcript

Nu Holdings Ltd. Reports Record Q3 2025 Financial and Operating Results

Earnings

Revenue Acceleration/Inflection

Nu Holdings Ltd. reported record revenues of $4.2 billion and net income of $783 million for Q3 2025, both increasing 39% year-over-year (YoY) FX-neutral (FXN), and achieved a record Return on Equity (ROE) of 31%.
The company's total customer base expanded to 127 million, with 4.3 million new customers added during the quarter, including 110 million in Brazil, over 13 million in Mexico, and nearly 4 million in Colombia.
Monthly Average Revenue per Active Customer (ARPAC) reached $13.4, and the activity rate remained above 83% in Q3 2025.
Nu's credit portfolio grew to $30.4 billion (up 42% YoY FXN) and deposits increased to $38.8 billion (up 34% YoY FXN).

Nov 13, 2025, 9:11 PM

6-K

Nu Holdings Ltd. Reports Strong Q3 2025 Financial Results

Earnings

Revenue Acceleration/Inflection

Nu Holdings Ltd. reported 127 million customers and an Average Revenue Per Active Customer (ARPAC) of $13 in Q3 2025.
For Q3 2025, the company generated $4,173 million in revenues and a net income of $783 million.
The efficiency ratio improved to 27.7%, and the annualized Return on Equity (ROE) was 31% in Q3 2025.
The total loan portfolio expanded to $30.4 billion in Q3 2025, reflecting a year-over-year growth of 42% FXN.

Nov 13, 2025, 9:08 PM

6-K

Nu Holdings Ltd. Reports Strong Q3 2025 Financial Results and Regulatory Approval for Mexican Bank Conversion

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Nu Holdings Ltd. reported significant financial growth for Q3 2025, with total revenue reaching $4,172,716 thousand and net income of $782,678 thousand, resulting in diluted earnings per share of $0.1595 for the three-month period ended September 30, 2025.
The company demonstrated substantial balance sheet expansion, with total assets increasing to $68,362,816 thousand and total loans to customers growing to $10,361,972 thousand as of September 30, 2025.
Nu Mexico Financiera received regulatory approval on April 24, 2025, to initiate the conversion into a bank, aiming to expand its credit and financial product offerings in Mexico.
As of September 30, 2025, the prudential conglomerate maintained robust capital adequacy, reporting a CET1 ratio of 11.9%, a Tier 1 ratio of 13.0%, and a Capital Adequacy Ratio (CAR) of 14.6%.

Nov 13, 2025, 9:04 PM

6-K

Nubank Applies for U.S. National Bank Charter

New Projects/Investments

Management Change

Brazilian fintech Nubank has applied for a U.S. national bank charter with the Office of the Comptroller of the Currency (OCC) as part of its strategy to expand beyond Latin America and evolve into a global financial platform.
If approved, the charter will allow Nubank to operate nationwide in the U.S. without needing state licenses, offering services such as checking accounts, credit cards, loans, and digital asset custody, and providing direct access to deposits for improved control and margins.
Nubank co-founder Cristina Junqueira has relocated to the U.S. to lead this charter application and expansion effort, though CEO David Velez emphasized that the company's core focus remains growth in its existing Latin American markets.

Sep 30, 2025, 8:21 PM

Bloomberg

Nu Holdings Q1 2025 Performance & Earnings Call Highlights

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Credit Growth

Revenue: Grew to US$3.2BN in Q1 2025 (40% FXN increase YoY) .
Profitability: Reported net income of US$557MM (US$557.2MM) with an adjusted ROE of 30% and record net interest income of US$1.8BN, underscoring robust bottom-line performance .
Lending Expansion: Expanded the credit portfolio to US$24.1BN driven by strong loan origination momentum in Brazil .
Customer Growth: Added 4.3M new customers, bringing the total to approximately 119M (with 98.7M active customers) across Brazil, Mexico, and Colombia .
Funding & Liquidity: Achieved total deposits of $31.6BN and maintained US$2.7BN in cash & equivalents, reflecting robust funding and a healthy liquidity profile .

May 13, 2025, 10:01 PM

Transcript Presentation

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Quarterly earnings call transcripts for Nu Holdings.

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