Nu Q1 Earnings: Expansion Takes a Toll

Here's our initial take on Nu Holdings' (NYSE: NU) fiscal 2025 first-quarter financial report.

Nu Holdings grew revenue by 19% year over year in the first quarter, or by 40% when adjusted for currency exchange. The Brazilian digital banking provider ended the first quarter with 118.6 million customers and 98.7 million active customers, with both metrics up 19% year over year.

Total deposits of $31.6 billion rose by 48% when adjusted for currency, while the interest-earning portfolio expanded by 62% to $13.8 billion. Nu's risk-adjusted net interest margin dipped to 8.2%, with the decline driven by higher credit loss allowances and the company's expansion into Mexico and Colombia.

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Source Fool.com