Nu Holdings, the Cayman Islands-domiciled parent of digital bank Nubank, reported first-quarter 2025 revenue of $3.2 billion, a 40 per cent increase year-over-year on an FX-neutral basis, and net income of $557.2 million, up 74 per cent year-over-year on an FX-neutral basis (47 per cent on a reported basis from $378.8 million). The results were published on 13 May 2025.
The company added 4.3 million customers during the quarter, bringing its total customer base to 118.6 million across its three markets of Brazil, Mexico, and Colombia. Return on equity stood at 27 per cent for the period, while the efficiency ratio reached 24.7 per cent (26.7 per cent excluding a one-off $47 million deferred-tax remeasurement).
NET INTEREST INCOME, DEPOSITS AND ARPAC
Net interest income contributed $1.8 billion to total revenue in the quarter, representing a 34 per cent increase year-over-year on an FX-neutral basis. Deposits grew 48 per cent year-over-year on an FX-neutral basis to $31.6 billion.
Monthly average revenue per active customer reached $11.2 in the quarter, up 17 per cent year-over-year on an FX-neutral basis. In reported US dollar terms, ARPAC was slightly below the $11.4 recorded a year earlier because of currency movements.