Nubank Profit Hits Record US$1.1 Billion

BRAZIL MARKETS · COMPANY NEWS

Nubank, the Brazilian digital bank that calls itself the largest in Latin America, earned a record US$1.1 billion in the third quarter while taking its first steps beyond the region.

Nu Holdings, the parent of Nubank, trades on the New York Stock Exchange as NU and reported record third-quarter 2026 results on Thursday 12 November 2026. Net income reached US$1.1 billion, up 31% year on year on an FX-neutral basis (growth measured at constant exchange rates), following the first US$1 billion quarter in the second quarter.

Return on equity (ROE, profit as a share of shareholder capital) was 32%, and gross revenue rose 37% to a record US$6.3 billion. Nubank now serves 143 million customers, nearly 120 million of them in Brazil, where it reaches 65% of adults.

US readers have two reasons to care. NU is a stock they can buy in New York, and the company’s new US account, Nu US, now offers Americans a 3.5% APY (annual percentage yield) on deposits.

What the Numbers Show

Gross profit rose 35% to US$2.6 billion, and net interest income, what Nu earns on loans minus what it pays on deposits, reached US$3.9 billion. The net interest margin (net interest income as a share of earning assets) was 22.5%, while the risk-adjusted margin, which also subtracts loan losses, was 12.1% against 12.4% in the second quarter.

The efficiency ratio, operating costs as a share of revenue, improved to 19.3% from 19.5% in the second quarter and 20.3% a year earlier. Nu now guides for 19-19.5% for full-year 2026, below its earlier “around 20%”.

Where Growth Came From

Nu added 3.7 million customers in the quarter. Mexico reached 16.6 million customers, up 27% year on year and 17% of adults, after adding 870,000 in its first quarter as a bank.

The company raised deposit insurance coverage in Mexico sixteenfold, to about US$195,000 per customer. Colombia reached 6.1 million customers, up 62% year on year, and its credit portfolio grew 80%.

Nu says it is now Colombia’s largest credit card issuer by number of cardholders, with 3 million. In Brazil, the activity rate (the share of customers who are active) rose to a record 86.3%, the seventh straight rise, and the rate across all customers was 83.6%.

The credit portfolio grew 33% year on year and 6% from the second quarter, to US$41.6 billion. Cards made up US$27.2 billion (up 32%) and unsecured lending US$11.0 billion (up 39%).

Unsecured personal-loan originations (new loans without collateral) in Brazil hit a record R$22.1 billion (about US$3.9 billion at R$5.64 per US$), up 28% year on year. Deposits rose 19% to US$47.5 billion, of which US$38.6 billion in Brazil, US$5.3 billion in Mexico and US$3.5 billion in Colombia.

The Credit Quality Question

Loans more than 90 days overdue, known as non-performing loans (NPLs), rose to 7.3% from 6.9% in the second quarter, while the portfolio grew 6%. Nu’s reported risk-adjusted margin, after expected loan losses, slipped to 12.1% from 12.4%, but rose to 12.7% from 11.9% excluding non-recurring items.

Nu says its provisions cover 234% of its 90+ day overdue loans. Unsecured lending, loans without collateral, grew 39% year on year, the fastest of its three loan lines.

Nu Steps Into the United States

Nu US, the company’s new US business, launched on 10 September 2026 with a 3.5% APY account, fee-free transfers to Brazil, Mexico and Colombia, and a no-annual-fee credit card with 1.5% cashback. The company says it reached customers in all 50 states.

Nu Global, a stablecoin-based multi-currency account, went live on 15 October 2026 with customers in 37 countries. A stablecoin is a digital token pegged to a currency such as the US dollar.

CEO David Vélez, the company’s founder, said: “We delivered record quarterly net income of $1.1 billion while continuing to grow across our core markets and taking our first steps beyond Latin America.” The combined effect of both launches on the efficiency ratio stays within a commitment of up to 100 basis points (one percentage point) in each of 2026 and 2027.

What It Means for You

For investors in NU shares, the quarter pairs record profit with a rising overdue-loan ratio, so the next credit readings matter as much as growth. For Americans, the 3.5% APY account and fee-free transfers to Brazil, Mexico and Colombia are now on offer, though the release gives no customer count for Nu US.

What Is Not Known

The release does not state the quarter-on-quarter change in profit, profit in reais or how results compared with analyst expectations. It also says nothing on the share-price reaction, so we do not report one.

What to Watch Next

The fourth-quarter results will show whether the efficiency ratio lands in the 19-19.5% guidance range. They will also show whether the 90+ day overdue ratio, now 7.3%, keeps rising or settles.

Our Brazil hub tracks the results as they come. Our report on the Nu Mexico bank licence explains the market where Nu added 870,000 customers in its first quarter as a bank.

Frequently Asked Questions

How much did Nubank earn in the third quarter?

Nu Holdings reported record net income of US$1.1 billion, up 31% year on year on an FX-neutral basis. Gross revenue rose 37% to a record US$6.3 billion.

Is Nubank available in the United States?

Nu US launched on 10 September 2026 with a 3.5% APY account, fee-free transfers to Brazil, Mexico and Colombia, and a credit card with 1.5% cashback. The company says it reached customers in all 50 states.

Is Nubank’s credit quality getting worse?

The ratio of loans more than 90 days overdue rose to 7.3% from 6.9% in the second quarter. Nu says its provisions cover 234% of those loans.

Sources: Nu Holdings results release (12 November 2026); Nu Holdings second-quarter 2026 results release (13 August 2026); exchange rate US$1 = R$5.64 (13 November 2026).

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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