Nu Holdings Q1 Revenue Tops $5.3B as Net Income Jumps 41%
Nu Holdings reported Q1 revenues of $5.3 billion, marking its first quarter above $5 billion, and net income rose 41% year-over-year to $871 million on a currency-neutral basis with ROE of 29%. Risk-adjusted NIM declined 100 basis points to 9.5%, credit loss allowances jumped 33% sequentially to $1.79 billion, and the total credit portfolio expanded 40% year-over-year to $37.2 billion.
1. Revenue and Profit Growth
Nu Holdings delivered Q1 2026 managerial revenues of $5.3 billion, surpassing the $5 billion mark for the first time, while net income climbed 41% year-over-year to $871 million and ROE stood at 29%.
2. Margin Compression and Asset Quality
Gross profit fell 7% quarter-over-quarter to $1.88 billion as risk-adjusted net interest margin narrowed 100 basis points to 9.5%, credit loss allowances increased 33% sequentially to $1.79 billion, and early-stage delinquency rose to 5.0%.
3. Latin America Expansion and AI Initiatives
Mexico reached break-even with 15 million customers, becoming the third-largest financial institution there, while Brazil topped 115 million users; the global user base hit 135 million and NuFormer AI models are now live for credit card and unsecured lending decisions.