Nubank reached more than $1 billion in quarterly net income for the first time in its history during the second quarter of 2026 as customer growth, lending expansion and higher engagement continued to increase the scale of the digital banking platform.
Net income reached $1.1 billion, increasing 49% year-over-year and 17% sequentially. Return on equity finished the quarter at 33%, while gross profit increased 43% year-over-year and 25% sequentially to $2.4 billion.
The milestone comes 13 years after Nubank was founded around the idea that a branchless bank built on technology could serve customers at a substantially lower cost than traditional banking models. The company has since expanded into one of Latin America’s largest financial platforms and is pursuing deeper relationships with customers across Brazil, Mexico and Colombia.
Nu added approximately 4 million customers during Q2, bringing its global customer base to 139 million. The company had nearly 118 million customers in Brazil, 15.8 million in Mexico at quarter-end and more than 5 million in Colombia. Mexico subsequently reached 16 million customers in July.
Customer engagement also continued to increase. Average revenue per active customer, or ARPAC, reached approximately $17 and increased sequentially, while the monthly activity rate rose to 83.5%. Brazil’s activity rate surpassed 86% for the first time.
Q2 gross revenue approached $5.9 billion, representing 39% year-over-year growth on an FX-neutral basis. Net interest income reached $3.7 billion, increasing 9% sequentially, while net interest margin expanded 180 basis points to 22.9%. Risk-adjusted net interest margin rose 290 basis points from the first quarter to 12.4%.
Credit is becoming an increasingly important contributor to profitability. Credit accounted for 41% of gross profit during the quarter, compared with 25% from fees and 34% from float, with each of the three categories growing in absolute dollar terms.
Nu’s total credit portfolio increased 37% year-over-year and 5% sequentially to $39.4 billion. That included $26 billion of credit card balances, $10.3 billion of unsecured lending and $3.1 billion of secured lending. Deposits increased 18% year-over-year to $45.3 billion.
International expansion is also becoming increasingly important. Nubank has become Mexico’s largest digital bank and is transitioning there from a credit-first fintech into a broader banking institution. The company said its Mexican customer cohorts are monetizing earlier than Brazilian cohorts did at a comparable stage, with ARPAC of $12.30 in Mexico compared with $5.60 for Brazil at the same point in its development.
Technology remains central to the company’s operating model. NuFormer, Nubank’s foundation model for financial behavior, is being used across underwriting, customer service and growth decisions. The latest generation quadrupled context length, training speed and inference speed while reducing production costs, and AI agents now handle more than 60% of customer-support conversations in Brazil at or above human parity.
KEY QUOTES:
“Thirteen years ago we started with a simple hypothesis: that a bank built on technology, with no branches and no legacy to defend, could serve hundreds of millions of people better, and at a fraction of the cost. This is no longer a hypothesis, and we are now generating more than a billion dollars in quarterly net income. Earlier this month, we launched our bank in Mexico, becoming the largest digital bank in the country with 16 million customers. That completes our transformation there, unlocking capabilities we did not have before. In Brazil, we are evolving our structure, adding a full banking license to our operations. We also launched Croma for our Super Core customers, taking the same primary banking playbook upmarket into an even larger profit pool. Underpinning all of it, NuFormer, our foundation model for financial behavior, now powers underwriting, customer service, and growth decisions across the company.”
David Vélez, Founder and Global CEO of Nubank
