Nubank reported revenue exceeding $4 billion for the third quarter of 2025, a quarterly record for the Brazilian digital bank, alongside net income of $783 million. The results were published on 13 November 2025 and confirmed the company's continued trajectory of profitable expansion across Latin America, adding 4.3 million customers during the period to reach a global total of 127 million. The figures reinforced Nubank's position as one of the fastest-growing financial services businesses in the world by customer volume and as an increasingly significant contributor to Brazil's banking landscape.
The customer growth figure maintains Nubank's standing as the largest digital bank outside Asia by customer count. Its Brazilian base reached 110.1 million, a level the company noted represents more than 60% of the adult population of Brazil. That penetration rate underlines how deeply the bank has embedded itself in the domestic financial system since its founding as a credit card issuer more than a decade ago, progressively broadening into personal accounts, personal loans, investments and insurance products.
LOAN PORTFOLIO GROWS FORTY PERCENT YEAR-ON-YEAR
Nubank's total loan portfolio grew 40% year-on-year to reach $32.7 billion in the third quarter. The pace of credit expansion reflects both the growth of Nubank's established credit card business and its efforts to deepen lending products across personal loans, payroll-linked credit and small business finance. The bank has positioned its data-driven underwriting capabilities as a key differentiator, using its extensive customer behavioural data to assess creditworthiness in ways that traditional lenders with legacy systems find difficult to replicate.
The combination of rapid loan book expansion and record net income is a significant milestone for a company that spent many years prioritising customer acquisition over bottom-line profitability. Generating $783 million in quarterly net income on a $32.7 billion loan portfolio demonstrates improving returns on capital as the business matures and the earlier investments in customer growth translate into durable revenue streams. Analysts will continue to track asset quality metrics as the portfolio seasons and a higher-for-longer rate environment in Brazil tests credit performance.
INTERNATIONAL EXPANSION ADDS FURTHER SCALE
While Brazil remains by far the largest component of Nubank's operations, the company's presence in Mexico and Colombia accounts for the approximately 16.9 million customers it holds outside its home market. The international segment, though smaller in absolute terms, represents the growth frontier through which Nubank is seeking to replicate its Brazilian model in markets with similarly large unbanked or underbanked populations, high smartphone adoption rates and a growing appetite for digital financial services among younger demographics.
The Q3 2025 results will be assessed in the broader context of Brazil's interest rate environment, which presents both opportunity and risk for a consumer lender at Nubank's scale. Higher benchmark rates tend to support net interest margins on floating-rate credit products, but they can also pressure repayment capacity among lower-income borrowers, particularly those carrying multiple credit obligations. Nubank's full results disclosure is expected to include a more detailed breakdown of provisioning and delinquency trends, which will give investors a clearer picture of how the portfolio is performing under current macroeconomic conditions.