Nubank improves 2026 efficiency ratio outlook as AI leads hiring slowdown
NU•Nubank raised its full-year efficiency ratio outlook to 19%-19.5%, from around 20%, citing slower hiring partly driven by AI and stronger-than-expected revenue. Third-quarter net income rose 31% year over year to $1.09 billion, while revenue increased 37% to $6.26 billion.
1. Efficiency outlook improves
Nu Holdings now expects its full-year efficiency ratio to be 19%-19.5%, compared with its previous expectation of around 20%. CFO Rob Livingston said hiring had slowed more than expected as AI supported capacity and productivity; stronger-than-expected revenue also boosted the outlook.
2. Quarterly results
Nubank reported third-quarter net income of $1.09 billion, up 31% year over year on a currency-neutral basis and matching Visible Alpha's consensus. Revenue rose 37% to $6.26 billion, roughly in line with market expectations.
3. Delinquencies rise
The 90-day delinquency ratio increased to 7.3% from 6.7%. Livingston attributed the rise mostly to seasonal effects and increased risk between late last year and early this year, and said the company was not seeing evidence of broad-based worsening in its portfolio.
