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Nu Holdings Ltd. Reports Third Quarter 2026 Financial Results
SÃO PAULO, November 12, 2026–(BUSINESS WIRE)–Nu Holdings Ltd. (NYSE: NU) (“Nu” or the “Company”), the largest digital bank in Latin America, today released its financial results for the third quarter ended September 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 5:00 p.m. Eastern Time / 7:00 p.m. Brasília time.
“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. In Brazil, where we already serve 65% of adults, our activity rate rose for the seventh consecutive quarter to a record 86.3%. Mexico added 870 thousand customers in our first quarter as a bank. In Colombia, we are now the country’s largest credit card issuer by number of cardholders. In the third quarter, we successfully launched Nu US and Nu Global. Within weeks, Nu US reached customers in all 50 states, and Nu Global already serves customers in 37 countries,” says David Vélez, founder and CEO of Nubank.
Below are the Q3’26 performance highlights of Nu Holdings Ltd. Unless otherwise noted, all the growth rates presented herein are on an FX neutral basis (FXN)1:
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Revenue and profit. Gross revenue reached a record US$6.3 billion, up 37% YoY. Gross profit rose 35% YoY to US$2.6 billion, and all three revenue sources (credit, fees and float) grew YoY in absolute terms. Net income reached a record US$1.1 billion, up 31% YoY, with ROE of 32%.
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Margins. Net interest income was US$3.9 billion, with a net interest margin of 22.5%. Reported risk-adjusted NIM was 12.1%, versus 12.4% in Q2’26. Excluding non-recurring items, it rose to 12.7% from 11.9% in Q2’26.
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Asset quality. The 15–90-day NPL ratio was 4.9%, compared with 4.8% in Q2’26, and the 90+ NPL ratio rose to 7.3% from 6.9% in Q2’26. Measured against interest earning balances, 15–90-day delinquency improved to 8.0% from 8.2% in Q2’26, and 90+ delinquency was 12.1%, compared with 11.6% in Q2’26. Coverage of 90+ NPLs was 234%, consistent with historical trends.
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Funding. Deposits rose 19% YoY to US$47.5 billion: US$38.6 billion in Brazil, US$5.3 billion in Mexico and US$3.5 billion in Colombia. The cost of deposits fell to 87% of the interbank rate, from 88% in Q2’26 and 89% in Q3’25.
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Efficiency and outlook. The efficiency ratio was 19.3%, compared with 19.5% in Q2’26 and 20.3% in Q3’25, helped by lower personnel costs and some expenses moving into the fourth quarter. Nu now expects a full-year 2026 efficiency ratio of 19% to 19.5%, below its previous expectation of around 20%, reflecting performance year to date and a sequential increase in the fourth quarter.
