Nu Holdings generated more than $1 billion in net income in the second quarter of 2026, up 49% year over year on a foreign-exchange-neutral basis, while revenue rose 39% to $5.9 billion. The company added roughly 4 million customers in the quarter, bringing its total to 139 million across Brazil, Mexico, and Colombia. The article argues the bigger driver is monetization: monthly ARPAC reached about $17 in Q2, up from $8 in Q2 2022, as customers use the platform for more products. It warns that profits can fluctuate with credit losses, as the 90-plus-day non-performing loan ratio rose to 6.9% in Q2 from 5.8% in Q2 2023, though the ratio has moved up and down over time, including around 7% in Q3 2024. The key question for investors, it says, is whether Nu can sustain its profitability while growing its loan book and taking on more credit risk.
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