Nu Holdings (NU) Q2 FY25 earnings call

Earnings call· Jun 2025 (Q2 FY25)· Financials· Aug 14, 2025

Source: earnings call transcript

Nu Holdings delivered another quarter of robust growth and profitability, expanding its customer base to nearly 123 million and achieving record revenues and net income. Strategic leadership additions aim to strengthen its position in Latin America and prepare for global expansion. The company continues to demonstrate strong operating leverage and disciplined credit underwriting, even while making significant investments in less mature markets and new product development.

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NU operating KPIs by quarter

NU operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	This call Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Efficiency ratio	29.9% Our efficiency ratio improved significantly, closing the quarter at 29.9%, 150 basis points improvement from the previous quarter and over 610 basis points better than last year. Source: earnings call transcript	28.3% Gross profit has risen 78% annually, reaching $1.5 billion as we capture benefits of scale, cutting our efficiency ratio by more than half to 28.3% in Q2 2025. Source: earnings call transcript	—	—	—	—	-1.6 pt
Net interest margin	17.7% Conversely, our net interest margin contracted 70 basis points to 17.7% this quarter. Source: earnings call transcript	—	17.3% So the combination of lower asset yield because of the mix with a slightly more expensive funding base in Brazil has compressed net interest margins in the quarter, which is what you see on Slide 15 that has gone from 17.7% to 17.3%. Source: earnings call transcript	—	21.1% This mix shift continues to optimize our balance sheet, lifting our net interest margin, or NIM, to 21.1%. Source: earnings call transcript	22.9% Net interest income reached $3.7 billion, up 9% and net interest margin expanded 180 basis points to 22.9%. Source: earnings call transcript	+1.8 pt
Customers	—	—	127M Our customer base grew to 127 million customers, with more than 4 million net additions in the quarter while maintaining an activity rate above 83%, a clear reflection of the depth of engagement we continue to build with our users. Source: earnings call transcript	131M We closed the year with 131 million customers adding 17 million net new customers and maintaining an activity rate of 83%. Source: earnings call transcript	135M+ Our customer base now stands above 135 million customers. Source: earnings call transcript	139M Our customer base reached 139 million customers, including almost $118 million in Brazil more than $5 million in Colombia. Source: earnings call transcript	—
Activity rate	—	—	83%+ Our customer base grew to 127 million customers, with more than 4 million net additions in the quarter while maintaining an activity rate above 83%, a clear reflection of the depth of engagement we continue to build with our users. Source: earnings call transcript	83% We closed the year with 131 million customers adding 17 million net new customers and maintaining an activity rate of 83%. Source: earnings call transcript	83% Despite typical first quarter seasonality, consolidated monthly activity rate held at 83% and expanded sequentially. Source: earnings call transcript	—	0 pt
Customers Mexico	—	—	13M+ In Mexico, we surpassed 13 million customers now reaching around 14% of the adult population. Source: earnings call transcript	14M In Mexico, we reached 14 million customers, advanced our banking license process, and roughly half of our customers received their first credit card through Nu, reinforcing our role in expanding access to credit. Source: earnings call transcript	15M+ In Mexico, we crossed 15 million customers, becoming the third largest financial institution in the market. Source: earnings call transcript	16M+ Earlier this month, Mexican regulators approved our banking license in the country, and we're happy to be born as the largest digital bank in Mexico with more than 16 million customers. Source: earnings call transcript	—
Customers Brazil	—	—	—	113M In Brazil, we became the largest private financial institution by number of customers, reaching 113 million with an activity rate of 86%. Source: earnings call transcript	115M+ In Brazil, we surpassed 115 million customers and solidified our position as the largest private financial institution in the country. Source: earnings call transcript	<118M Our customer base reached 139 million customers, including almost $118 million in Brazil more than $5 million in Colombia. Source: earnings call transcript	—
Customers Colombia	—	—	—	4M+ In Colombia, we surpassed 4 million customers, and the subscription-based credit card significantly increased approval rates while maintaining healthy unit economics. Source: earnings call transcript	—	5M+ Our customer base reached 139 million customers, including almost $118 million in Brazil more than $5 million in Colombia. Source: earnings call transcript	—
15-90-day NPL ratio	—	—	—	4.1% As you see in the slide, early-stage delinquencies measured by 15 to 90 NPLs improved for the fourth consecutive quarter, declining 20 basis points to 4.1%, partially reflecting the seasonality of the quarter in Brazil. Source: earnings call transcript	5% The first quarter 2026 print of 5%, up 89 basis points from year-end, is consistent with that seasonal pattern and broadly in line with what we saw in both 2024 and 2025. Source: earnings call transcript	4.8% 15- to 90-day delinquencies improved 16 basis points to 4.8%. Source: earnings call transcript	-0.2 pt
90+ day NPL ratio	—	—	—	6.6% As a result of prior improvements in early delinquencies, 90+ NPLs declined 10 basis points, pointing to 6.6% in the quarter. Source: earnings call transcript	6.5% On the right, 90-plus NPLs, our late-stage delinquencies continue to ease, closing at 6.5% in the first quarter of 2026, 10 basis points lower than the fourth quarter of 2025 and well below the 7% peak we reached in the third quarter of 2024. Source: earnings call transcript	6.9% 90-plus delinquencies increased 35 basis points to 6.9%, broadly reflecting the seasonal migration of first quarter early delinquencies into the 90-plus bucket. Source: earnings call transcript	+0.4 pt

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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