Nu Holdings posted net income of more than $1 billion for the first time in the second quarter. The Latin American digital bank has also begun offering limited products in the U.S., though its CFO says building U.S. risk models will take time.
Nu Holdings reported net income of $1.1 billion in the second quarter, its first quarter above $1 billion. That figure marked a 49% year-over-year jump on a currency-neutral basis.
Revenue rose 39%, and the customer base stands at over 140 million people.
Unit economics support the bottom line
Serving each customer costs Nu $1 a month on average, while the company collects $17.10 in monthly revenue per user. The Motley Fool's Neil Patel calls these unit economics stellar.
Analysts are also optimistic. Consensus estimates put earnings per share at $1.43 in 2028, which would be 147% higher than the 2025 total.
A limited U.S. launch comes first
Nu received conditional approval in January from the Office of the Comptroller of the Currency for a national bank charter expected in 2027. Meanwhile, it is partnering with Missouri-based Lead Bank to serve U.S. customers.
On Sept. 10, Nu launched a high-yield deposit account with fast, free international transfers, a credit card, and a multi-currency digital account called Nu Global.
Still, Latin America remains the core, particularly Brazil, Mexico, and Colombia. Patel writes that the U.S. launch won't contribute much to results anytime soon.
Risk models need 12 to 30 months
CFO Rob Livingston said on the Q2 2026 earnings call that building U.S.-specific models "will take somewhere between 12 and 30 months".
Because Nu is a lender, it faces credit risk, which exposes the company to macroeconomic conditions, according to the article. The U.S. market is also competitive, with established banks and digital players that have strong name recognition.
Source: The Motley Fool
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