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.
Related Articles
Brazil’s Petrobras mulls return to Nigeria, contradictions on investment plans pile up
Brazil’s national oil company (NOC) Petrobras is pursuing a return to Nigeria's oil sector, targeting frontier deep-water acreage as the two countries prepare for their strategic dialogue in June, ... more
Brazil’s Campos Neto move to Nubank sparks backlash
Former Brazil’s Central Bank chief Roberto Campos Neto’s potential appointment to Nubank’s board has raised concerns among executives at rival banks over possible conflicts of ... more
Nigeria’s Dangote refinery buys Brazilian crude amid supply shortfalls
Nigeria’s 650,000 barrels per day (bpd) Dangote refinery has purchased crude oil from Equatorial Guinea and Brazil as domestic suppliers such as the Nigerian National Petroleum Co. Ltd. (NNPCL) ... more
Most Read
-
Armenia courts African countries to supply diamond industry
24 days ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
7 days ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
18 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
24 days ago