Nu Holdings, the Latin American digital bank behind Nubank, reported record quarterly profit of $1.1 billion for the three months to 30 September 2026, as growth continued across Brazil, Mexico and Colombia and the company took its first steps beyond the region. The results were published on 12 November 2026.

Gross revenue reached a record $6.3 billion, up 37 per cent year on year, while gross profit rose 35 per cent to $2.6 billion, the company said. Net income rose 31 per cent year on year, with a return on equity of 32 per cent. Net revenue, a narrower measure reported by Dow Jones, was $5.82 billion, up from $4.17 billion a year earlier, while profit per share was 22.35 cents, compared with 15.95 cents in the same quarter of 2025.

Founder and chief executive David Vélez said the company had delivered record quarterly net income “while continuing to grow across our core markets and taking our first steps beyond Latin America”.

Growth in Brazil, Mexico and Colombia

Nu added 3.7 million customers during the quarter, taking its total to 143 million globally. Nearly 120 million of those customers are in Brazil, 16.6 million are in Mexico and 6.1 million are in Colombia. The share of customers active each month rose to 83.6 per cent.

In Brazil, where Nu now serves 65 per cent of the adult population, the activity rate rose for a seventh consecutive quarter to a record 86.3 per cent. Unsecured personal-loan originations in Brazil reached a record 22.1 billion reais, up 28 per cent year on year. Deposits in Brazil stood at $38.6 billion, out of total deposits of $47.5 billion, which were up 19 per cent year on year.

Mexico provided one of the clearest signs of change in the quarter. It was Nu’s first quarter operating as a licensed bank in the country, after Nu Mexico began operating as a full-service bank on 6 August following final authorisation from the National Banking and Securities Commission. The business added 870,000 customers in the quarter to reach 16.6 million, up 27 per cent year on year and equivalent to 17 per cent of Mexico’s adult population. Banking status raised deposit insurance cover sixteenfold, to about $195,000 per customer, and enabled payroll accounts, the company said.

Colombia also grew sharply. Customers there rose 62 per cent year on year to 6.1 million, or 15 per cent of the adult population. With three million cardholders, Nu said it is now Colombia’s largest credit card issuer by number of cardholders, and its credit portfolio in the country grew 80 per cent year on year. Nu’s total credit portfolio reached $41.6 billion, up 33 per cent year on year.

Expansion beyond Latin America

The quarter also marked Nu’s move outside its home region. Nu US launched on 10 September with a savings account, fee-free transfers to Brazil, Mexico and Colombia, and a no-annual-fee credit card offering 1.5 per cent cashback, and reached customers in all 50 US states within weeks, according to the company. Nu Global, a stablecoin-based multi-currency account, went live on 15 October and already serves customers in 37 countries.

On costs, Nu reported an efficiency ratio of 19.3 per cent, improved from 20.3 per cent a year earlier, and said it now expects a full-year 2026 efficiency ratio of 19 to 19.5 per cent, below its previous expectation of around 20 per cent. Asset quality weakened slightly, with loans more than 90 days overdue rising to 7.3 per cent of the portfolio from 6.9 per cent in the previous quarter, a figure the company said was covered 234 per cent by provisions.

Shares in Nu rose more than 3 per cent in overnight trading after the results, according to Stocktwits, as investors welcomed the record profit and the progress in Mexico.

Frequently asked questions

What is Nu Holdings? Nu Holdings is the parent company of Nubank, the largest digital bank in Latin America, serving customers in Brazil, Mexico and Colombia and now expanding into the United States.

How many customers does Nu have? Nu reported 143 million customers at the end of September 2026, including nearly 120 million in Brazil, 16.6 million in Mexico and 6.1 million in Colombia.

What changed for Nu in Mexico? The third quarter was Nu’s first as a licensed bank in Mexico, raising deposit insurance cover and allowing it to offer payroll accounts, after it began operating as a full-service bank on 6 August 2026.

Sources: Nu Holdings; Morningstar / Dow Jones.