Nu Q4 Portfolio Soars 40% to $32.7 B as Efficiency Ratio Drops Below 20%
Nu ended Q4 with a $32.7 billion portfolio, up 40% year-over-year, driven by credit cards and unsecured lending, while its efficiency ratio fell to 19.9%. The company reached 131 million customers (+17 million net), ARPAC of $15 (+9% quarter-over-quarter), deposits of $41.9 billion, and outlined 2026 plans for AI expansion and U.S. charter groundwork.
1. Robust Portfolio and Customer Expansion
Nu’s total lending portfolio reached $32.7 billion in Q4, marking 40% year-over-year growth led by credit cards and unsecured loans. Net new customer additions totaled 17 million, bringing active users to 131 million with an 83% engagement rate.
2. Efficiency and Monetization Gains
The efficiency ratio under the new methodology fell below 20% for the first time at 19.9%, reflecting operating leverage as revenues outpaced expenses. ARPAC climbed to $15, up 9% quarter-over-quarter and 27% year-over-year, highlighting deeper monetization potential versus incumbents.
3. Funding Strength and One-Off Items
Deposits rose 29% year-over-year to $41.9 billion, with funding costs falling to 87% of the interbank rate. Net interest income increased 13% quarter-over-quarter, while a one-time $25 million Mexico levy and $58 million Brazilian tax asset remeasurement were recorded.
4. 2026 Strategic Roadmap
Management flagged 2026 as an investment year, prioritizing Brazil and Mexico execution, conditional U.S. national bank charter groundwork, and AI initiatives via its nuFormer model. Near-term efficiency may dip 80–100 bps due to return-to-office, computing and hiring investments for global expansion.