Nu Holdings Achieves $1 Billion Quarterly Net Income, Expands Customer Base to 139 Million

Nu Holdings, the parent company of Nubank, reported a significant milestone with a net income of $1.061 billion for the second quarter of 2026. This marks the first time the company has surpassed the billion-dollar profit threshold in a single quarter, reflecting a 49% increase year-over-year on a currency-neutral basis and a 17% rise from the previous quarter. Following the announcement, shares of Nu Holdings rose approximately 9% in after-hours trading on August 13.

The company's gross revenue reached about $5.9 billion, representing a 39% year-over-year growth on an FX-neutral basis. Nu Holdings also reported a return on equity of 33% for the quarter, indicating strong operational efficiency. The credit portfolio expanded to $39.4 billion, a 37% increase from the previous year, while deposits grew to $45.3 billion, marking an 18% annual rise. The risk-adjusted net interest margin improved to 12.4%.

As of July 2026, Nu Holdings has a total customer base of 139 million, with Brazil accounting for approximately 118 million customers. Mexico contributed around 16 million, and Colombia surpassed 5 million. Nubank, launched in 2013, has focused on simplifying banking in Brazil with a no-fee, mobile-first approach, and went public on the NYSE in December 2021, achieving a valuation that briefly made it the most valuable bank in Latin America.

Looking ahead, Nu Holdings is considering entering the U.S. market, targeting Latin American communities. However, the company faces potential risks, particularly concerning credit quality, as the aggressive growth of its credit portfolio could be tested by economic fluctuations in Brazil, which remains the primary market for Nu's operations.

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Source: KLEA News