A Historic Milestone for Latin American Digital Banking
For those unfamiliar with the Latin American financial landscape, Nubank (NU) is a Brazilian fintech pioneer that revolutionized the region's banking sector by offering fee-free credit cards and 100% digital accounts. Founded by David Vélez, it has grown from a small startup into one of the most important financial groups in Latin America. According to recent reports, it has achieved results that mark a before-and-after in the industry.
For the first time in its history, the company reportedly surpassed US$1 billion in quarterly net profit, consolidating its transformation from a credit-card-focused fintech into a full-fledged financial powerhouse.
The Numbers Behind the Record
Accounting revenues reportedly reached US$5.513 billion, beating the Bloomberg consensus expectation of US$5.375 billion, with an increase close to 50% compared to the same period last year. Under the new management presentation, revenues reached US$5.876 billion, with a 39% year-over-year increase in constant currency.
| Metric | Q2 2026 | Variation |
|---|---|---|
| Net Profit | US$1.061 billion | +49% YoY |
| Revenues | US$5.876 billion | +39% YoY |
| ROE (Return on Equity) | 33% | +5 p.p. vs Q2 2025 |
| Total Customers | 138.9 million | +13% YoY |
| Credit Portfolio | US$39.4 billion | +37% YoY |
| Deposits | US$45.3 billion | +18% YoY |
Mexico: The Great Strategic Bet
International expansion was one of the main axes of the quarter. Nubank reportedly reached 16 million customers in Mexico in July 2026, becoming the largest digital bank in the country. The company completed the large-scale launch of its bank in Mexico in August 2026, which could allow it to expand its offerings beyond credit, including salary deposits and broader coverage.
Mexican customers already represent 16.5% of the adult population in the country, a penetration comparable to what Brazil had in 2020. However, monetization is occurring faster: the average monthly revenue per active customer (ARPAC) in Mexico reached US$12.3, compared to the US$5.6 that Brazil generated at an equivalent stage of development.
Credit as the Growth Engine
The total credit portfolio grew 37% year-over-year to US$39.4 billion, driven by credit cards (US$26 billion), unsecured loans (US$10.3 billion), and guaranteed financing (US$3.1 billion). The risk-adjusted financial margin expanded by 290 basis points to 12.4%, thanks to a 9% quarterly drop in the cost of credit.
However, credit quality showed mixed signals. The 15-to-90-day delinquency rate reportedly fell to 4.8% (from 5% in the previous quarter), but loans with delays exceeding 90 days rose to 6.9% (from 6.5%), which has been attributed to seasonal factors and the migration of credits that entered early delinquency during the first quarter.
Artificial Intelligence at the Service of Business
Nubank has deepened its use of AI in its operations. Its foundational model, NuFormer, trained with over a decade of transactional data from more than 100 million customers, already participates in credit decisions for cards in Brazil and Mexico, and in personal loans in Brazil. Furthermore, AI agents manage more than 60% of customer service conversations in Brazil, with performance that the company considers equal to or better than human agents.
Market Reaction and Contrast with Traditional Banking
Nubank shares rose 8.4% in after-hours trading following the results publication, closing the regular session at US$13.93 and advancing to US$15.23. The earnings per share of US$0.2162 reportedly beat market consensus by 8%.
The contrast with traditional Brazilian banking was notable: while the Ibovespa (the main Brazilian stock market index) retreated with Banco do Brasil falling 4.2% due to concerns about its delinquency, Nubank was rewarded by the market. According to a Delphos Investment report, Nubank's 90-day delinquency improved across all income brackets since July 2025, while comparable segments in traditional banking deteriorated.
Perspectives and Challenges
Founder and global CEO David Vélez summarized the moment: Thirteen years ago we started with a simple hypothesis: that a bank built on technology, without branches and without a legacy to defend, could better serve hundreds of millions of people at a fraction of the cost. This is no longer a hypothesis.
With a share buyback that has already executed US$500 million of the US$1 billion authorized in June, and a Mexican balance sheet that is practically unused (loans-to-deposits ratio of just 35%), Nubank is positioned to continue growing. The challenge will be confirming in the coming quarters that the increase in late delinquency was indeed seasonal and not a structural deterioration.
Sources: Bloomberg Linea | Ambito | El Cronista | Infobae/EFE