NU · Nu Holdings Ltd.

Nu Holdings Ltd. delivered robust Q1 2026 results with net income of $871 million, a significant increase from $557 million in the prior-year quarter, driven by total revenue expansion to nearly $5 billion from $3.2 billion. Interest income and gains net of losses on financial instruments surged to $4.3 billion from $2.7 billion, reflecting growth in core lending and investment activities, while fee and commission income rose to $693 million from $516 million, indicating stronger transactional volumes. Despite higher expected credit losses at $1.7 billion versus $974 million, gross profit climbed to $1.9 billion. Operating expenses increased but remained controlled relative to revenue scale, with total operating expenses at $910 million compared to $523 million last year, leading to income before taxes of $954 million. The balance sheet expanded to $77.5 billion in total assets from $74.9 billion at year-end, supported by growth in credit card receivables to $20.2 billion and customer loans to $11.0 billion, offset by a decline in cash to $14.0 billion. Deposits grew to $42.4 billion, underscoring customer deposit momentum. Equity attributable to shareholders reached $12.6 billion, bolstered by retained earnings. Operating cash flow was negative at $1.2 billion due to working capital changes in receivables and loans, contrasting positive $1.1 billion last year. KPMG confirmed the statements comply with IAS 34 as of March 31, 2026.