Nubank entrega o consenso; defaults crescem “dentro do esperado”, diz CFO
O Nubank lucrou US$ 1,1 bilhão no terceiro trimestre – em linha com o consenso – um crescimento de 5% no tri a tri e de 31% na comparação anual. O ROE ficou em 32% – pouco acima do consenso de 31,4%, abaixo dos 33% do segundo tri e acima dos 31% de um ano atrás.
Nubank reported a net profit of US$1.1 billion in the third quarter, in line with market expectations, marking a 5% increase from the previous quarter and a 31% increase year-over-year. The return on equity (ROE) stood at 32%, slightly above the 31.4% consensus but below the 33% seen in the second quarter and above the 31% a year ago. The stock price climbed around 2% in after-market trading.
The non-performing loans (NPLs) ratio, for periods between 15 to 90 days and above 90 days, both rose by 0.6 percentage points from the same quarter in 2025, reaching 4.9% and 7.3% respectively. This increase was within the expected range and resulted from a deliberate decision to expand offerings to higher-risk segments, such as credit cards, to capitalize on potential returns, according to CFO Rob Livingston.
He reiterated that the bank can take on such risk even in a macro scenario, due to real-time monitoring models that enable quick problem correction. Livingston noted, however, that they do not foresee any slowdown in customer interaction with the bank.
The credit portfolio expanded by 6% in the quarter and 33% year-over-year, reaching US$41.6 billion, with the biggest growth in credit cards and unsecured loans. The secured portfolio grew by 23%. Provisions surged significantly, from US$6.6 million in the second quarter to US$7.1 billion in the third, due to the credit portfolio expansion.
The cost of credit increased by 6% in the quarter and 73% year-over-year, reaching US$1.8 billion. The financial margin stayed at 22.5%, matching the consensus, below the 22.9% in the second quarter and above the 18.6% in the same period last year. The efficiency index, measuring the ratio of expenses to revenues, was 19.3%.
Consequently, Nubank revised its guidance for this indicator for 2026 to an interval between 19% and 19.5%, lower than the previous estimate of around 20%. The stock price has fallen by 27% over the past 12 months, and the company is valued at US$57 billion on the NYSE.
Written by urgent.news from Brazil Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
