$NU · Nu Holdings Ltd.
Nu Holdings reported Q3 2026 results: gross revenue $6.3B (+37% YoY FXN), gross profit $2.6B (+35%), and record net income $1.1B (+31%) with 32% ROE. Credit portfolio grew 33% YoY to $41.6B; deposits rose 19% to $47.5B. The company lowered its full-year 2026 efficiency ratio guidance to 19%-19.5% from ~20%. Nu US launched Sept 10 and Nu Global Oct 15.
- Record net income of $1.1B, up 31% YoY, with ROE of 32%.
- Gross revenue $6.3B, up 37% YoY; gross profit $2.6B, up 35%.
- Credit portfolio grew 33% YoY to $41.6B; deposits up 19% to $47.5B.
- 90+ NPL ratio rose to 7.3% from 6.9% in Q2'26.
- Full-year 2026 efficiency ratio guidance lowered to 19%-19.5% from ~20%.
- Added 3.7M customers to reach 143M globally; activity rate 83.6%.
Extended-hours last trade $12.20, +3.14% vs regular close of $11.83, signaling a positive after-hours reaction to record results.
Record profitability plus lowered efficiency guidance and US/global expansion mark a pivotal quarter for Latin America's largest digital bank.
Nu's 32% ROE and 37% revenue growth stand out among Latin American digital banks, with expansion into US and 37-country Nu Global adding new growth vectors.
Credit quality is deteriorating: 90+ NPL rose to 7.3% from 6.9% QoQ and 15-90 NPL to 4.9% from 4.8%, while risk-adjusted NIM fell to 12.1% from 12.4%.