Brazil’s Nubank posted adjusted net earnings of $606.5mn in Q1 2025, up 61.8% year-on-year and above analyst expectations of $555mn, according to a Valor consensus.
The result marked a 0.4% decline from Q4 2024. Total revenue grew 40% to $3.2bn. The digital bank ended the quarter with 118.6mn customers, including 104.6mn in Brazil.
The credit portfolio rose to $24.1bn from $20.7bn in Q4, led by $16.3bn in credit card debt and $5.9bn in unsecured loans.
CFO Guilherme Lago said personal loans are expanding faster than credit cards: “We have a 15% market share in credit cards and 6% in personal loans. There’s still plenty of room for us to grow in lending in Brazil.”
Short-term delinquency increased to 4.7% from 4.1% in the previous quarter, which Lago linked to seasonal trends. Delinquency over 90 days dropped to 6.5% from 7% in Q4. Loan-loss provisions rose to $973.5mn, with coverage reaching 233.9%.
ROE stood at 30%, with Brazil reaching 48%. Nubank reduced average cost per active customer to $0.70 while boosting monthly revenue per user to $11.20. CEO David Vélez said 30% of Brazilian adults now see Nubank as their primary bank.
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