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Company Research9 Jul 2024
The Rise of Nubank: Changing Latin American Finance
Discover how Nubank revolutionized Latin American banking with innovation, backed by top investors like Berkshire Hathaway.
Nu (NU) investor relations material
Nu Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Customer base reached 127 million, with over 4.3 million net additions in Q3'25 and an activity rate of 84%.
Record revenues exceeded $4.2 billion, up 39% year-over-year FX-neutral, driven by customer growth and engagement.
Net income hit $783 million, up 39% year-over-year FX-neutral, with a record ROE of 31%.
Continued expansion in Brazil, Mexico, and Colombia, with ARPAC in Brazil at $13.5 and Mexico at $12.5.
AI-first strategy and proprietary Nuformer model implemented to enhance risk management, personalization, and operational efficiency.
Financial highlights
Credit portfolio reached $30.4 billion, up 42% year-over-year FX-neutral.
Gross profit for Q3'25 was $1.81 billion, up 32% YoY FX-neutral, with a margin up to 43.5%.
Net interest income was $2.3 billion, up 32% YoY FX-neutral; net interest margin at 17.3%.
Deposits reached $38.8 billion, up 34% YoY FX-neutral; cost of funding improved from 91% to 89% of interbank rates.
Adjusted net income was $829 million, up 38% YoY FX-neutral.
Outlook and guidance
Focus on broadening product portfolio, deepening engagement, and executing credit strategy in core markets.
Management highlights continued scaling in Mexico and Colombia, leveraging AI-driven services and disciplined risk optimization.
Expectation of further ARPAC growth and cost-to-serve reductions as digital banking penetration deepens.
nuFormer's AUC improvement vs. traditional ML?
Mexico's ARPAC vs. Brazil at similar stage?
NPL formation trend in Brazil consumer credit?
Impact of AI-first vision on operations
NPL trend vs. credit portfolio diversification
Relate cost of funding to LDR and deposits
AI impact timeline beyond Brazil credit cards
Mexico interchange cap impact on unit economics
Future credit mix shift and NIM/risk-adjusted NIM
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Frequently asked questions
Nu Holdings Ltd is a digital financial services platform operating primarily in Latin America. Through its subsidiary Nubank, it offers credit cards, digital banking, personal loans, and investment products. The company is headquartered in São Paulo, Brazil, and its shares are listed on the NYSE.
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