Key Takeaways:
- Q2 revenue rose 50% to $5.5 billion, beating consensus by 5.5 percent
- Net income hit a record $1.1 billion, up 49% year over year
- Risk-adjusted net interest margin expanded to 12.4%, a record for the bank
Atrás
Nu Holdings Q2 profit hits $1.1B, beating estimates on revenue surge
Nu Holdings reported Q2 net income of $1.1 billion, up 49% year over year, as revenue rose 50% to $5.5 billion, beating analyst estimates.
"Today, I'm proud to announce that in the past quarter, for the first time, we generated more than $1 billion in net income," David Vélez, founder and global CEO of Nu Holdings, said on the earnings call.
EPS came in at $0.22, beating the $0.20 consensus by 10 percent. Revenue of $5.513 billion topped the $5.227 billion estimate by 5.48 percent. Risk-adjusted net interest margin widened 290 basis points to 12.4%, while return on equity reached 33%.
Shares rose as much as 13.8% on Friday, with the stock trading above $16 intraday. The record quarter positions Nu to scale its newly approved Mexican banking operation, which management sizes at 60% to 70% of Brazil's opportunity.
Net interest income reached $3.7 billion, up 9% quarter over quarter, as the credit portfolio expanded 5% sequentially to $39.4 billion. Credit income contributed 178 basis points to the margin gain, while a lower cost of credit added another 115 basis points. The government debt-renegotiation program Desenrola accounted for about a third of the improvement, CFO Rob Livingston said.
Balance Sheet and Asset Quality
Total deposits recovered seasonal outflows to reach $45.3 billion, up 6% sequentially. The loan-to-deposit ratio in Mexico stood at just 35%, leaving room to convert low-yield deposits into higher-yielding credit as the market scales. The 15-90 day non-performing loan ratio improved 16 basis points to 4.8%, while 90+ day NPLs rose 35 basis points to 6.9% on seasonal migration.
Nu added roughly 4 million customers in the quarter, bringing its global base to 139 million. Mexico reached 16 million customers with an average revenue per active customer of $12.30, compared with $5.60 in Brazil at a similar stage. The company also launched Croma for high-income customers in Brazil and expanded its NuFormer AI model across underwriting and customer service.
The efficiency ratio widened to 19.5% from 17.6% in the prior quarter, reflecting real estate and marketing expenses shifted from Q1 and continued investment in international expansion. Management called the risk-adjusted margin of 12.4% sustainable "for the foreseeable future."
The record quarter confirms Nu's ability to compound revenue at scale while expanding margins. Investors will watch the Mexican banking rollout and credit quality trends in the coming quarters as the company converts its deposit base into higher-yielding loans.
This article is for informational purposes only and does not constitute investment advice.
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