SÃfO PAULO--(BUSINESS WIRE)--August 13, 2026--
Nu Holdings Ltd. (NYSE: NU) ("Nu" or the "Company"), the largest digital bank in Latin America, today released its financial results for the second quarter ended June 30, 2026, prepared in accordance with IFRS, as well as complementary managerial results. The financial statements and earnings presentation are available on the Company's Investor Relations website at www.investors.nu, along with details of the earnings conference call to be held today at 6:00 p.m. Eastern Time / 7:00 p.m. Brasília time.
"Thirteen years ago we started with a simple hypothesis: that a bank built on technology, with no branches and no legacy to defend, could serve hundreds of millions of people better, and at a fraction of the cost. This is no longer a hypothesis, and we are now generating more than a billion dollars in quarterly net income. Earlier this month, we launched our bank in Mexico, becoming the largest digital bank in the country with 16 million customers. That completes our transformation there, unlocking capabilities we did not have before. In Brazil, we are evolving our structure, adding a full banking license to our operations. We also launched Croma for our Super Core customers, taking the same primary banking playbook upmarket into an even larger profit pool. Underpinning all of it, NuFormer, our foundation model for financial behavior, now powers underwriting, customer service, and growth decisions across the company," says David Vélez, founder and global CEO of Nubank.
Q2'26 Results Snapshot
Below are the Q2'26 performance highlights of Nu Holdings Ltd. Unless otherwise noted, all the growth rates presented herein are on an FX neutral basis $(FXN)$(1) :
Operating Highlights:
-- Customer growth - Nu added approximately 4 million customers in Q2'26,
reaching a total of 139 million customers globally. In Brazil, Nu reached
almost 118 million customers. In Mexico, Nu reached 15.8 million
customers (and 16 million as of July, 2026), and in Colombia, Nu
surpassed 5 million customers, continuing its steady pace of net
additions.
-- Engagement and activity rates - ARPAC reached approximately $17 in
Q2'26, growing sequentially quarter-over-quarter (QoQ) once again.
Monthly activity rate expanded sequentially to 83.5%, with Brazil
surpassing 86% for the first time.
-- Efficiency Ratio - Efficiency Ratio increased to 19.5% in Q2'26 from
17.6% in Q1'26 (21.3% in Q2'25), as real estate and marketing expenses
shifted from the first quarter into the second, alongside our continued
investments in international expansion.
-- Asset Quality - Leading indicator 15-90 NPL ratio improved 16 bps to
4.8% in Q2'26, with the majority of the improvement coming from
seasonality, partially offset by intentional expansions into higher-risk,
higher-return segments. Product mix and other minor effects were broadly
neutral. 90+ NPLs increased 35 bps to 6.9%, largely reflecting the
seasonal migration of first-quarter early delinquencies.
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(1) FX neutral measures were calculated to present what such measures in
preceding periods/years would have been had exchange rates remained stable
from these preceding periods/years until the date of the Company's more recent
financial information.
Financial Highlights:
-- Revenue, Net Interest Income (NII) and Risk-adjusted NIM - Nu's Q2'26
gross revenue reached nearly $5.9 billion, up 39% YoY. NII reached $3.7
billion, up 9% QoQ, and Net Interest Margin expanded 180 bps to 22.9%,
reflecting portfolio growth, the mix shift toward unsecured lending, and
the intentional risk expansions communicated last quarter. Cost of Credit
declined 9% QoQ to $1.7 billion, largely reflecting the normal
second-quarter improvement in early delinquencies. As a result,
Risk-adjusted NIM expanded 290 bps to 12.4%, from 9.5% in Q1'26.
-- Profitability - Gross profit reached $2.4 billion, up 43% YoY and 25%
QoQ. Credit's contribution to gross profit rose to 41% as it normalized
in line with its expected seasonal pattern, with fees at 25% and float at
34% -- all three growing in absolute dollars. Net Income reached $1.1
billion for the first time in Nubank's history, up 17% QoQ and 49% YoY.
ROE closed the quarter at 33%.
-- Balance Sheet and Funding - Total credit portfolio expanded 37% YoY and
5% QoQ to $39.4 billion, with credit cards at $26 billion, unsecured
lending at $10.3 billion, and secured lending at $3.1 billion. Total
deposits reached $45.3 billion, up 18% YoY and 6% QoQ, recovering Q1's
seasonal outflows. Brazil closed at $36.4 billion, Mexico at $5.7 billion,
and Colombia at $3.3 billion. In Mexico, deposits declined modestly again
this quarter as part of a deliberate deposit-optimization strategy,
improving cost of funding while maintaining ample liquidity, with
Mexico's loan-to-deposit ratio at just 35%. Consolidated cost of deposits
held at 88% of interbank rates, 3 p.p. lower than a year ago.
Business highlights:
-- Deepening and Broadening Leadership in Brazil: Nu reached almost 118
million customers in Brazil, with the monthly activity rate surpassing
86% for the first time. Nu already serves most of the Mass Market segment
and is the primary bank for a high share of those customers. It is also
moving upmarket, where Ultravioleta continues to deepen primary banking
relationships in the High Income segment. In July, Nu launched Croma for
Super Core customers, offering a dedicated experience, enhanced credit,
and broader benefits designed to reward customers for concentrating more
of their financial lives with Nu. Beyond consumers, Nu serves more small
businesses than any other financial institution in Brazil.
-- Becoming Mexico's Largest Digital Bank: With its August launch, Nu
became Mexico's largest digital bank, completing its shift from a
credit-first fintech to a full-scale institution. Customer behavior,
technology, and regulation are now all moving in the same direction: SPEI
transfers below $5 grew more than 60% in the first half, while new
central bank rules introduced in June, mandatory for all institutions by
year-end, will standardize the payment experience across rails and
strengthen network effects. Nu reaches 16.5% of Mexico's adult population,
comparable to Brazil in 2020, but cohorts monetize earlier, with ARPAC of
$12.3 against $5.6 in Brazil at the same stage. Taken together, these
forces create one of the most compelling opportunities Nu has seen in
Mexico.
-- Scaling NuFormer and Broadening AI Across the Business: Nu continues to
advance NuFormer, its foundation model for financial behavior, building
on one of its greatest advantages: over a decade of transaction history
across more than 100 million customers. The latest generation quadrupled
context length, training speed, and inference speed, while reducing the
cost of running models in production. NuFormer is in production across
three portfolios -- credit cards in Brazil and Mexico, and unsecured
lending in Brazil -- with SME and Colombian cards now in testing. Beyond
underwriting, AI agents handle more than 60% of customer support
conversations in Brazil at or above human parity, and Nu is using AI to
optimize decisions across credit, deposits, and growth.
-- Credit as a Superpower, Underpinned by Customer Primacy: Nu leads the
Brazilian market in Primary Banking Relationships $(PBR)$, and that
leadership, combined with the analytical rigor of its underwriting models
and the quality of the data those relationships generate, creates a
structural credit edge. Credit performance has been steady across every
income band, with 90+ delinquency improving in each since July 2025 while
the peer bank segments deteriorated, and the widest differentiation in
Mass Market and Super Core. Customers with Nu as their PBR show
delinquency roughly half the portfolio average, reinforcing that customer
primacy is both a growth and a credit advantage.
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CONTACT: Media Relations
press@nubank.com.br