Nu reports record $1.1 billion quarterly profit and lowers cost-ratio outlook
The digital bank expects its 2026 efficiency ratio to be 19% to 19.5%, below its earlier forecast.
Nu Holdings reported record third-quarter net income of about US$1.1 billion and lowered its full-year efficiency-ratio forecast as the digital bank continued to expand.
The company said profit rose 31% from a year earlier on a foreign-exchange-neutral basis. That growth measure removes currency movements and is different from growth calculated directly from the US-dollar financial statements.
Nu now expects its 2026 efficiency ratio to be 19% to 19.5%, compared with its previous expectation of around 20%. The ratio was 19.3% in the third quarter, down from 19.5% in the second quarter.
Nu said lower personnel costs and some expenses shifting into the fourth quarter helped the latest ratio. It expects a sequential increase in the ratio in the final quarter, so the new annual forecast does not mean costs will fall every quarter.
