Nubank earns about 16x what it costs to serve an active customer; 90+ day NPLs up 0.4 points to 7.3%
Nu Holdings ($NU), the Brazilian digital bank behind Nubank, reported Q3 on Thursday: record net income of $1.1 billion, up 31% with 143 million customers.
Monthly revenue per active customer was $17.70 against $1.10 to serve one, about 16x. That spread is the business. The 90+ day NPL ratio rising 0.4 points in one quarter to 7.3% is the part I'm watching. Not financial advice
https://nu.com/en/newsroom/company/nu-holdings-ltd-reports-third-quarter-2026-financial-results
Sources: Valor Investe: Nubank tem lucro de US$ 1 bilhao no 3o trimestre, alta de 31% (ARPAC US$17.7, cost to serve US$1.10) · @WOLF_Financial: NUBANK $NU JUST REPORTED Q3 EARNINGS. Net Income: $1.09B (+31% YoY), ROE: 32%, Customers: 142.6M
Not financial advice. For informational and educational purposes only.
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