Nu Holdings Ltd. Revenue & Financials

Revenue grew from $8.03 billion in FY2023 to $11.52 billion in FY2024, a 43.5% increase driven by expansion in Brazil's credit card and personal loan portfolios, Mexico's deposit surge, and Nubank's continued customer acquisition across all three markets. Net income of $1.97 billion represented a 91.8% increase from the prior year, with return on equity reaching 28% and the efficiency ratio improving to 29.9% — meaning Nubank spent 29.9 cents to generate each dollar of revenue, a figure that the Brazilian banking majors cannot approach with their branch-heavy cost structures. The risk-adjusted net interest margin of 10.1% in Q3 2024 — 110 basis points higher than a year prior — reflects the improvement in credit quality as Nubank's lending portfolio seasons and the NuX Credit Engine's underwriting accuracy increases with additional data. The 15-90 NPL ratio declined to 4.1% in Q4 2024, meaningful improvement that validates the credit model rather than indicating a retreat from higher-yield lending. Mexico represents the highest-growth segment in the current financials. Customer count expanded 91% to 10 million in 2024, and deposits surged 438% to $4.5 billion — growth rates that indicate Nubank is replicating in Mexico the viral customer acquisition dynamic that defined its early Brazil years. Mexico's banking sector, like Brazil's circa 2013, is dominated by a small number of incumbents with high fees and poor service, providing the same structural opening that Nubank exploited in its home market. The secured lending portfolio grew 615% year-over-year to $1.4 billion in 2024, expanding Nubank's credit exposure into collateralized products that carry lower default rates than unsecured credit cards. This diversification reduces the credit cycle sensitivity that has historically been the primary investment concern about Nubank's business model — unsecured consumer lending in Brazil is highly sensitive to employment levels and consumer confidence, and a secured lending base provides partial insulation against that volatility.