Nu Holdings’ Credit Portfolio Jumps 33% to $41.6 Billion in Third Quarter
Key Facts
Nu Holdings increased its credit portfolio 33% year over year and 6% quarter over quarter to $41.6 billion in the third quarter of 2026, according to results filed with the U.S. Securities and Exchange Commission. The company’s portfolio comprised $27.2 billion in credit cards, $11 billion in unsecured loans and $3.4 billion in secured loans. Lending growth came alongside record quarterly net income of $1.1 billion, founder and Chief Executive David Vélez said. Vélez linked the results to continued growth in core markets and the company’s first steps beyond Latin America. “We delivered record quarterly net income of $1.1 billion, while continuing to grow in our core markets and taking our first steps beyond Latin America,” he said.
Total revenue reached a record $6.3 billion, up 37% from the same period a year earlier, while net income rose 31% to a record $1.1 billion, according to the company’s presentation. Return on equity was 32% for the quarter. The quarterly comparison shows net income of $782.7 million in the third quarter of 2025, rising to $1,061.1 million in the second quarter of 2026, before reaching $1,091.6 million in the third quarter. The figures reflect continued earnings growth across quarters, alongside the company’s reported annual revenue growth. The record results put profitability at the center of the quarter’s performance, although some credit quality and margin indicators moved in less favorable directions.
The expansion of the credit portfolio was accompanied by higher delinquency rates than in the previous quarter. The share of loans 15 to 90 days past due rose to 4.9% in the third quarter from 4.8% in the second quarter, while the share of loans 90 days or more past due increased to 7.3% from 6.9%. By contrast, risk-adjusted net interest margin was 12.1%, down from 12.4% in the second quarter. Excluding nonrecurring items, the margin rose to 12.7% from 11.9% in the previous quarter. The differing direction between the reported figure and the figure excluding those items shows that nonrecurring items affected the quarter’s margin reading, alongside an increase in delinquency indicators.
Customer deposits rose 19% year over year to $47.5 billion, with Brazil accounting for the largest share at $38.6 billion. Deposits totaled $5.3 billion in Mexico and $3.5 billion in Colombia. The company added 3.7 million customers during the quarter, taking its total customer base to 143 million. Its activity rate also rose to 83.6% from 83.5% in the second quarter. These indicators show growth in the customer base and deposits alongside credit expansion, with most deposits continuing to be concentrated in Brazil, according to the company’s breakdown.
Nu Holdings said its expansion beyond Latin America was already underway through two services launched during the quarter. Nu US reached customers in all 50 U.S. states, while Nu Global serves customers in 37 countries, according to the company’s presentation. Vélez described the move as the beginning of the company’s entry into markets outside the region, alongside continued growth in its core markets. The company did not provide separate revenue or profit figures for the two services in the available information. Its reported expansion therefore relates to the reach of its products and customers through the third quarter, alongside the group’s operating and financial results.
In trading, the stock fell 3.98% during the regular session on Nov. 12 to $11.83, before rebounding to $12.35 in after-hours trading, up 4.4% from the closing price, according to Investing.com’s summary of the earnings call. A Reuters report published by Investing.com said the stock rose 3.8% as investors focused on record profitability and customer growth in Latin America. By contrast, earnings per share came in at $0.22, below the average analyst estimate of $0.23, while revenue was $5.82 billion against an estimate of $5.91 billion, according to Reuters. The company reported total revenue of $6.3 billion in its presentation; the $5.82 billion figure in the Reuters report was cited in comparison with analyst estimates. The stock’s response combined a decline during regular trading with a gain after the close, amid record profitability and misses on analyst estimates for both earnings per share and revenue, according to the report.