Net interest income grew by 43.8% to $2.6 billion in 2026Q1, while the net interest margin stabilized at 3.4% following a temporary compression to 1.6% in the prior quarter.
| Net Interest Income | 8.25B | 7.45B | 6.8B | 4.4B | 2.01B | 679.4M | 167.85M | 228.15M | 116.14M |
| NII Growth % | 69.83% | 9.61% | 54.36% | 119.34% | 195.45% | 304.78% | -26.43% | 96.45% | - |
| Net Interest Margin % | 10.66% | 9.95% | 13.61% | 10.16% | 6.71% | 3.42% | 1.65% | 3.38% | 4.17% |
| Interest Income | 13.21B | 12.03B | 9.63B | 6.44B | 3.56B | 1.05B | 382.92M | 337.85M | 161.55M |
| Interest Expense | 4.95B | 4.58B | 2.83B | 2.04B | 1.55B | 367.34M | 215.08M | 109.7M | 45.42M |
| Loan Loss Provision | 4.92B | 4.18B | 3.17B | 2.29B | 1.4B | 480.64M | 169.49M | 175.18M | 118.63M |
| Non-Interest Income | 4.34B | 3.85B | 1.47B | 1.23B | 963.89M | 465.8M | 192.07M | 131.38M | 91.83M |
| Non-Interest Income % | 24.72% | 24.25% | 13.27% | 16.03% | 21.33% | 30.8% | 33.4% | 28% | 36.24% |
| Total Revenue | 17.54B | 15.88B | 11.1B | 7.67B | 4.52B | 1.51B | 574.99M | 469.23M | 253.39M |
| Revenue Growth % | 197.99% | 42.99% | 44.79% | 69.7% | 198.77% | 163.06% | 22.54% | 85.18% | - |
| Non-Interest Expense | 3.64B | 3.25B | 2.31B | 1.81B | 1.88B | 834.73M | 383.61M | 313.65M | 122.75M |
| Efficiency Ratio | 20.76% | 20.46% | 20.76% | 23.57% | 41.49% | 55.19% | 66.72% | 66.84% | 48.44% |
| Operating Income | 4.03B | 3.87B | 2.8B | 1.54B | -308.9M | -170.16M | -193.18M | -129.3M | -33.4M |
| Operating Margin % | 22.96% | 24.36% | 25.17% | 20.07% | -6.84% | -11.25% | -33.6% | -27.56% | -13.18% |
| Operating Income Growth % | - | 38.4% | 81.62% | 598.24% | -81.53% | 11.91% | -49.4% | -287.08% | - |
| Pretax Income | 4.03B | 3.87B | 2.8B | 1.54B | -308.9M | -170.16M | -193.18M | -129.3M | -33.4M |
| Pretax Margin % | 22.99% | 24.39% | 25.17% | 20.07% | -6.84% | -11.25% | -33.6% | -27.56% | -13.18% |
| Income Tax | 841.76M | 996.75M | 823.09M | 508.55M | 55.73M | -4.83M | -21.69M | -36.77M | -4.82M |
| Effective Tax Rate % | 20.87% | 25.74% | 29.45% | 33.04% | -18.04% | 2.84% | 11.23% | 28.44% | 14.43% |
| Net Income | 3.18B | 2.87B | 1.97B | 1.03B | -364.58M | -164.99M | -171.49M | -92.53M | -28.58M |
| Net Margin % | 18.15% | 18.07% | 17.76% | 13.44% | -8.07% | -10.91% | -29.82% | -19.72% | -11.28% |
| Net Income Growth % | 48.05% | 45.47% | 91.37% | 382.66% | -120.97% | 3.79% | -85.33% | -223.73% | - |
| Net Income (Continuing) | 3.19B | 2.88B | 1.97B | 1.03B | -364.63M | -165.33M | -171.49M | -92.53M | -28.58M |
| EPS (Diluted) | 0.65 | 0.58 | 0.40 | 0.21 | -0.08 | -0.04 | -0.04 | -0.02 | -0.01 |
| EPS Growth % | 51.23% | 45% | 90.48% | 369.23% | -117.88% | 3.76% | -85.07% | - | - |
| EPS (Basic) | - | 0.59 | 0.41 | 0.22 | -0.08 | -0.04 | -0.04 | -0.02 | -0.01 |
| Diluted Shares Outstanding | 4.91B | 4.91B | 4.89B | 4.86B | 4.68B | 4.61B | 4.61B | 4.61B | 4.61B |
Unsecured consumer credit volatility
According to quarterly financial disclosures, Nu Holdings achieved a net interest income of $2.6 billion in 2026Q1, reflecting a 43.8% growth rate that suggests successful expansion of the credit portfolio despite the significant sequential contraction observed in the final quarter of the previous fiscal year.
The volatility in NII growth suggests that the bank's interest-earning assets are highly sensitive to both macroeconomic shifts and internal product mix adjustments. Investors should monitor whether the recent rebound in NII can be sustained as the company balances aggressive loan growth with the inherent risks of its unsecured consumer lending book.
As reported in recent financial statements, the net interest margin stabilized at 3.4% in 2026Q1, demonstrating resilience after a notable compression to 1.6% in 2025Q4, which appears to have been driven by temporary funding cost fluctuations or shifts in the underlying asset composition.
The recovery of the NIM to historical levels suggests that the bank has successfully managed its cost of funds relative to the yields on its credit products. However, the sharp dip in 2025Q4 warrants further investigation into whether the bank's funding strategy remains vulnerable to sudden changes in the Brazilian interest rate environment.
Based on the company's reported figures, the efficiency ratio stood at 21.0% in 2026Q1, maintaining a disciplined range that suggests the bank's cloud-native infrastructure continues to provide a significant cost-to-serve advantage over traditional incumbents despite the ongoing scaling of its operations across multiple Latin American markets.
The ability to keep the efficiency ratio near 20% while growing total revenue to $5.0 billion indicates strong operating leverage. This suggests that the bank is effectively scaling its platform without incurring proportional increases in overhead, which may provide a buffer against potential margin compression in more competitive segments.
Financial data indicates that provision for credit losses reached $1.7 billion in 2026Q1, a substantial increase that appears to reflect the bank's proactive approach to managing credit risk as it expands its unsecured personal loan book and navigates the seasoning of its newer customer cohorts.
The rising provision expense suggests that the bank is accounting for potential future defaults in a more conservative manner, which is consistent with IFRS 9 requirements. Analysts should monitor whether this trend in provisioning leads to a stabilization of NPLs or if it signals an underlying deterioration in the quality of the credit portfolio.
As disclosed in recent filings, non-interest income contributed $1.1 billion to total revenue in 2026Q1, representing 21.5% of the total, which suggests a strategic effort to reduce reliance on pure interest-bearing products through the expansion of transactional and wealth management services.
The significant jump in fee income compared to previous quarters may indicate that cross-selling initiatives, such as the Ultraviolet segment, are gaining traction. This shift appears to be a vital component of the bank's strategy to improve ARPAC and build a more stable, recurring revenue base that is less sensitive to credit cycles.
Quick answers to the most common questions about buying NU stock.
Nu Holdings Ltd. (NU) is profitable, generating $2.87B in net income for the fiscal year ending 2025 with a net profit margin of 18.1%.
Nu Holdings Ltd. (NU) reported an operating income of $3.87B, resulting in an operating profit margin of 24.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Nu Holdings Ltd. (NU) generated $7.12B in gross profit for the year, representing a gross profit margin of 44.8%. This demonstrates the company's core pricing power and production efficiency.