Nubank posted net income of $894.8mn for the fourth quarter of 2025, a 13% rise from the previous three months and a 50% increase from a year earlier excluding currency swings, the lender said, with the result slightly below analyst estimates of $901.5mn.

Full-year profit reached $2.872bn, up 51%, while annualised return on equity stood at 33%, compared with 31% in the third quarter and 29% a year earlier, Valor reported.

The bank ended December with 131mn clients, a quarterly increase of 3% and a 15% gain year-on-year, including 113mn in Brazil, 14mn in Mexico and 4mn in Colombia.

“In the fourth quarter of 2025, we increased scale, deepened engagement, and expanded profitability, ending the year with 131mn customers and 17mn net additions, while ARPAC [average revenue per active customer] reached $15. Strong engagement and higher monetization drove record quarterly revenues of $4.9bn,” said founder and chief executive David Vélez.

Revenue totalled $4.857bn in the quarter, rising 11% from the prior period and 45% from a year earlier. The loan book grew to $32.7bn, led by credit cards, which accounted for 67% of balances. Loans overdue by more than 90 days were 6.6%.

Chief financial officer Guilherme Lago said the bank added more customers in 2025 than Brazil’s five largest traditional lenders combined, becoming the country’s second-largest institution by users after Caixa Econômica Federal.

“We’ve reached a point where we are no longer a challenger fintech but hold a dominant position, while still growing. We have a very robust capital, liquidity, and funding structure. It’s like a car accelerating with a full tank,” he said.

Lago added that credit performance remained stable: “In any case, we are not seeing any signs of deterioration — everything is in line with expectations.”