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Nubank Reports Billion-Dollar Profit in Q2, Expands Customer Base and Surprises Financial Market with Improvement in Credit Indicators, Rise in Shares in New York, and Strengthening of Operational Efficiency.
Nubank reported a strong second quarter with significant results, anchored by operational leverage, revenue growth, and improvement in short-term credit quality indicators.
In a neutral exchange rate basis, net income grew 42% compared to the same period last year, reaching US$ 637 million between April and June, while revenue totaled US$ 3.7 billion, a 40% increase, surpassing the powerful Banco do Brasil, which had gains of R$ 3.03 billion.
The market reaction was immediate: shares of the parent company Nu Holdings jumped 8.3% in after-hours trading in New York.
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Q2 Results: Growth with Efficiency
The company ended the quarter with nearly 123 million customers in its three markets — Brazil, Colombia, and Mexico — maintaining base expansion without sacrificing profitability.
The return on equity (ROE) stood at 28%, a level similar to last year, signaling consistency in value generation even in a region with still high interest rates.
According to Citi analysts, it was a “strong quarter,” with profit above expectations and recovery of the net interest margin, a key element to sustain gains in credit businesses.
Operational Reinforcement at the Core of Strategy
According to CFO Guilherme Lago, in an interview with the news agency Reuters this Thursday (14), two vectors explain the profit expansion: “operational leverage and revenue growth.”
The executive highlighted, however, a change in the origin of this growth.
If in the last three to five years the main driver was the influx of new customers, moving forward, the growth is expected to come from deepening relationships with the existing customer base — more usage, more products per customer, and gradual monetization.
The shift in focus, typical of already scaled platforms, reinforces efficiency: with technological infrastructure and service already sized, every additional real of revenue tends to require lower incremental costs, increasing the dilution of expenses.
Credit Portfolio and Asset Quality
The total loan portfolio grew 8% compared to the first quarter, reaching US$ 27.3 billion.
The expansion occurred with a greater weight of personal loans within the portfolio, still dominated by revolving credit and installment plans of cards.
On the risk side, short-term delinquency (initial delays) decreased to 4.4%, down 0.3 percentage points from the previous quarter.
Delinquency above 90 days stood at 6.6%, a slight increase of 0.1 percentage points, a movement attributed by the bank to seasonal effects and the deterioration observed in the short term at the beginning of the year.
Meanwhile, originations remain calibrated to the risk behavior.
In a conference call with analysts, Lago indicated that the institution “will continue to increase unsecured loan originations throughout the remainder of 2025 and 2026,” conditioning the pace to maintaining the current levels of asset quality.
This comment reinforces the bias of prudence: growth, yes, but with risk governance and metrics under surveillance.
Scalable Efficiency and Customer Monetization
The trajectory outlined by management suggests a greater emphasis on cross-sell and engagement, reducing the exclusive dependence on new registrations to expand revenue.
In other words, the platform seeks to capture more value per customer, raising the monetization ticket with products ranging from credit to transactional services.
In this context, operational leverage takes center stage: maintaining a lean structure, proprietary technology, and digital channels allows costs to grow at a slower pace than revenues, sustaining margins even in more challenging macroeconomic cycles.
At the same time, the recovery of the net interest margin noted by analysts serves as support for profit.
Healthier margins typically result from proper pricing, portfolio mix, and funding discipline, variables that, when combined, help offset potential fluctuations in delinquency.
This reading is particularly relevant as the portfolio advances in higher return lines, such as personal credit, which require robust analysis, limits, and collection countermeasures.
Markets React to Signal of Consistency
In the stock market, the 8.3% rise of Nubank in after-hours trading indicates a positive perception regarding execution and profitability outlook.
This reflects a set of data: profit on the rise, revenue accelerating, and ROE of 28% maintained, along with the decrease in short-term delinquency, which tends to anticipate the direction of the loss curve.
Comments like those from Citi, classifying the period as a “strong quarter,” endorse this diagnosis and help to solidify the favorable sentiment.
Still, management avoids triumphalism.
Lago emphasized that the priority is to deepen relationships in Brazil, the group’s main market, a move that requires discipline in granting credit and selecting customers with a higher propensity to use multiple services.
The balance between scaling originations and preserving asset quality remains a critical variable for the second half.
Nubank’s Outlook: Growth with Prudence
For the coming quarters, the communicated guideline is to maintain the growth pace in unsecured lines, as long as risk metrics continue at current levels.
The seasonality observed in delinquency above 90 days should continue to be monitored, but the decrease in initial delays is a data point that, historically, tends to anticipate stabilization ahead.
In parallel, the advancement of revenue per customer, through new products and greater engagement, supports the thesis of operational reinforcement: more results with the same structural, technological, and service base.
In aggregate, the quarter’s picture shows a large, profitable, and still expanding company that seeks to transition from volume growth to value capture through relationships.
If the macro environment remains stable and credit discipline continues, the combination of operational leverage with recovering margins tends to favor profit generation.
In light of this new arrangement — a larger portfolio, better margins, and a focus on customer monetization — will Nubank be able to maintain the growth pace while preserving asset quality for the remainder of 2025?
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