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Mar 31, 2025
Nu Q1 2025 Earnings Report
Nu reported strong revenue and customer growth, with record-breaking net income and expansion across Latin America.
Key Takeaways
Nu Holdings posted robust Q1 2025 results with $3.2B in revenue and a net income of $557.2M, driven by rising customer numbers and deeper engagement in Brazil, Mexico, and Colombia.
Customer base grew by 4.3M, reaching 118.6M globally
Net income surged 74% YoY FXN to $557.2M
Revenue hit a record $3.2B, up 40% YoY FXN
Nu Mexico received its banking license in April 2025
Forward Guidance
Nu plans to continue scaling across Latin America by leveraging new licenses and maintaining a high-growth customer base.
Positive Outlook
- Approved for a full banking license in Mexico
- Continued strong customer acquisition
- High monthly activity rate at 83.2%
- ROE at 27%, signaling strong profitability
- Record unsecured loan originations in Brazil with stable NPLs
Challenges Ahead
- Gross profit margin declined to 40.6% due to credit loss allowances
- NIM declined 20 bps QoQ to 17.5%
- Cost of funding remained high at 90% of interbank rates
- Impact of rising SELIC rate in Brazil not fully repriced yet
- Efficiency ratio impacted by a one-off $47M tax-related remeasurement
Historical Earnings Impact
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Avg. Return Before/After Earnings
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