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$NU: Profit Cleared $1 Billion on Fees, Not Just the Beat
Nu Holdings reports first-ever quarterly net profit above $1B, driven by credit expansion and new stablecoin fee revenue.
Key Points
- Q2 Net profit: $1.02 billion (beat consensus by 14% EPS).
- Credit portfolio grew 28% YoY to BRL 142 billion.
- Stablecoin fees contributed $45 million in non-interest income.
- Efficiency ratio improved to 38% from 42% YoY.
- Stock rose 3.2% in after-hours trading post-print.
What To Watch
- Q3 cost of funds trend if Brazil SELIC rates cut.
- Stablecoin transaction volume growth in Q3.
- Customer acquisition cost in Mexico and Colombia markets.
- Net interest margin sustainability at 4.8% level.