Nubank Surpasses $5 Billion in Quarterly Revenue as Mexico Operation Reaches Break-even
Nubank has reported record first-quarter 2026 results, surpassing $5 billion in quarterly revenue for the first time and delivering $871 million in net income, as the Latin American digital bank cemented its position as one of the largest financial institutions in the region.
Parent company Nu Holdings said adjusted net income rose 41 per cent year on year on an FX-neutral basis, while gross profit climbed 27 per cent to $1.88 billion. Return on equity reached 29 per cent and the efficiency ratio hit a record low of 17.6 per cent, improving from 19.9 per cent in the previous quarter. Management reaffirmed its 20 per cent efficiency ratio target for the full year despite ongoing investments in artificial intelligence and international expansion.
Customer base passes 135 million
Nubank added roughly four million customers during the quarter, taking the global customer base above 135 million. Brazil remains the engine of the franchise, with more than 115 million customers and a monthly activity rate of 83 per cent. Monthly average revenue per active customer (ARPAC) stood at around $16.
The bank now serves more than 15 million customers in Mexico and is approaching five million in Colombia, underlining the pace of its regional roll-out.
Mexico reaches break-even
The most strategically significant milestone of the quarter was Nubank Mexico reaching financial break-even. The unit has become the third largest financial institution in the country by customer numbers, and management said the operation is now following the same earnings trajectory that built the Brazilian business.
Crossing into profitability in Mexico is a notable inflection point for the group, validating a multi-year investment programme and removing a long-standing drag on consolidated earnings. It also strengthens the case for continued capital deployment in Colombia, where the bank is still in the customer-acquisition phase.
Credit and deposits keep expanding
Total deposits rose 22 per cent year on year to $42.4 billion, while the credit portfolio expanded 40 per cent to $37.2 billion, with 7 per cent quarter-on-quarter growth. Credit cards accounted for $24.3 billion of the book, unsecured lending close to $10 billion, and secured lending around $3 billion. The loan-to-deposit ratio rose to 58.3 per cent from 49.1 per cent at the end of 2025, reflecting accelerated credit deployment.
Net interest income reached $3.25 billion, up 12 per cent quarter on quarter, with net interest margin of 21.1 per cent and a risk-adjusted NIM of 9.5 per cent.
AI at the core
Chief executive and founder David Velez framed the quarter around the group's technology agenda. "Our AI transformation is core to Nu. We are rebuilding banking around AI," he said, pointing to ongoing investment in machine learning across customer service, underwriting and product development.
With Mexico now profitable, Brazil compounding and Colombia scaling, Nubank enters the rest of 2026 with one of the strongest growth-and-profitability combinations among publicly listed banks globally.
About Nubank
Nubank is one of the world's largest digital financial services platforms, serving more than 135 million customers across Brazil, Mexico and Colombia. Founded in 2013 and headquartered in Sao Paulo, the group is listed on the New York Stock Exchange under the ticker NU.
