By Brazil Stock Guide – Nubank (NYSE: NU) delivered one of its strongest quarters to date, posting a profit of US$783 million in the third quarter of 2025, an increase of 39% from the previous year. Revenue climbed to US$4.17 billion, fueled by more clients using more products more often. The bank’s total customer base reached 127 million, after adding more than 4 million users in the period, and activity levels remained exceptionally high, with more de 83% das pessoas usando ativamente o banco.
Growing Client Base and Higher Spending Power
A central indicator of Nubank’s expansion is the amount of money each active user generates in revenue every month. This measure, called “average revenue per active customer,” rose to US$13.4 from US$11 a year earlier. The increase reflects greater use of the credit card, more transfers and payments through the account, and wider adoption of services such as loans and insurance. It also shows that customers keep deepening their relationship with the platform, particularly in Brazil and increasingly in Mexico.
Revenue Momentum and Strong Gross Profit
Revenue jumped more than 40% in a year, pushed by consistent growth in card spending, interest earned from the expanding loan book, and fees from day-to-day financial services. The company generated US$1.81 billion in gross profit, supported by stable credit performance and higher income from interest-related products.
Lending Expands Across All Lines
The total volume of loans extended by Nubank rose to US$30.4 billion, an increase of 42% compared with the same period of 2024. This strong advance came from all categories of credit. Loans backed by collateral, such as payroll-deductible loans or those secured by investments, grew more de 100%. Personal loans also expanded significantly, supported by Nubank’s risk-scoring models. Credit card balances increased 29%, reflecting higher spending and greater use of installment plans.
A parcela de créditos garantidos vem crescendo e reduzindo o risco da carteira como um todo, melhorando a previsibilidade dos resultados e reforçando a maturidade da operação.
Credit Quality Remains Stable
Short-term late payments, measured by customers 15 to 90 days past due, were recorded at 4.2%, slightly better than the historical pattern for the third quarter. Longer-term late payments, defined as those over 90 days, reached 6.8%, a mild and seasonal increase. Both metrics reflect the natural behavior of a growing and maturing loan book. Nubank continues to provision conservatively, mantendo níveis elevados de proteção para absorver perdas futuras, prática comum em bancos que crescem rápido em crédito.
Deposits, Liquidity and the Advantage of Low Funding Costs
Customer deposits rose to US$38.8 billion, sustained by the migration of daily banking behavior toward the digital account. Nubank continues to benefit from a structurally low funding cost — the interest it pays customers to hold deposits — which remains inferior ao custo enfrentado por bancos tradicionais. This gives the institution room to expand its lending activities while preserving margins. O índice de empréstimos sobre depósitos permaneceu baixo, em 46%, mostrando folga para crescer crédito sem pressionar a liquidez.
Efficiency Gains and Productivity
Even with tens of millions of active users, Nubank continues to operate at a very low cost per client. The monthly cost to serve each active user remained below US$1, reflecting years of investment in automation, internal technology and simplified processes. The efficiency ratio — which shows how much the bank spends to generate its revenue — improved to 27.7%, posicionando o Nubank entre os bancos mais produtivos das Américas.
Mexico and Colombia Gain Strategic Importance
Mexico has become Nubank’s most relevant international market. The country now has more than 13 million clients, and revenue per active customer is rapidly approaching Brazil’s levels, something that took mais tempo para se consolidar no mercado doméstico. The pace suggests that Mexico may replicate, and possibly accelerate, the same growth curve that made Nubank dominant in Brazil.
Colombia também vem se consolidando como um segundo vetor de expansão. O banco avança na oferta de contas e depósitos, criando a base necessária para iniciar a expansão mais ampla do crédito.
Technology, AI and the Next Stage of Scale
Nubank continues to expand its use of artificial intelligence across the business. The company’s internal platform, chamada nuFormer, já melhora análises de risco, prevenção a fraudes e segmentação de clientes. A integração gradual dessa tecnologia deve aumentar a precisão nas decisões de crédito, reduzir custos operacionais e ampliar a personalização dos produtos no futuro próximo.
Profitability and Capital Strength
Adjusted net income — which excludes one-off effects — reached US$829 million, while return on equity hit 31%, a level that shows how the bank combines fast growth with strong profitability. Cash and equivalents totaled US$17.7 billion, maintaining comfortable capital buffers across all countries where it operates.
Outlook
Nubank enters the final quarter of the year — traditionally the period of highest spending in Latin America — with strong traction. The combination of more clients, higher activity per customer, expanding lending, strong margins and advancing international operations gives the company positive earnings visibility heading into 2026. The next stage of growth will combine scale, deeper customer monetization and broader use of artificial intelligence across every layer of the business.
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