Key Takeaways:
- Net income hit $1.06 billion, up 49% year-over-year, with ROE at 33%
- Revenue rose 39% to $5.88 billion as customers reached 138.9 million
- Risk-adjusted NIM widened to 12.4% while 90+ day NPLs rose to 6.9%
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Nu Holdings profit jumps 49% to $1.06B as customers hit 139M
Nu Holdings reported Q2 net income of $1.06 billion, up 49% year-over-year, as the digital bank's customer base reached 138.9 million across Brazil, Mexico, and Colombia.
"We are now generating more than a billion dollars in quarterly net income," David Vélez, founder and global CEO of Nubank, said. "Earlier this month, we launched our bank in Mexico, becoming the largest digital bank in the country with 16 million customers."
Managerial revenue rose 39% to $5.88 billion, with gross profit up 43% to $2.44 billion. Return on equity reached 33%, up from 28% a year earlier. Risk-adjusted net interest margin expanded 290 basis points to 12.4%, while the 90-plus-day NPL ratio rose 35 basis points to 6.9%, reflecting seasonal migration of first-quarter early delinquencies, according to the company's 6-K filing.
The results mark the first time Nu has crossed $1 billion in quarterly profit, validating its multi-country expansion strategy. The company added roughly 4 million customers during the quarter, with Brazil reaching almost 118 million and an activity rate above 86% for the first time.
Total credit portfolio expanded 37% year-over-year to $39.4 billion, led by credit cards at $26 billion and unsecured lending at $10.3 billion. Deposits rose 18% to $45.3 billion, recovering from first-quarter seasonal outflows. The efficiency ratio improved to 19.5% from 21.3% a year earlier, though it rose sequentially from 17.6% as real estate and marketing expenses shifted into the quarter.
In Mexico, Nu reached 15.8 million customers at quarter-end and 16 million by July, with ARPAC of $12.3 versus $5.6 for Brazil at the same stage of development. Colombia surpassed 5 million customers. NuFormer, the company's foundation model for financial behavior, now powers underwriting across credit card portfolios in Brazil and Mexico and unsecured lending in Brazil, while AI agents handle more than 60% of customer support conversations in Brazil.
The record profit signals Nu's ability to convert rapid customer growth into earnings at scale. Investors will watch the earnings call at 6 p.m. Eastern for guidance on credit quality trends and the pace of international expansion.
This article is for informational purposes only and does not constitute investment advice.
