SAO PAULO, May 17, 2026, 10:04 BRT
- Nu ended Friday at $12.19, slipping 5.72% on the day and sinking about 11.7% for the week.
- Nu Holdings posted first-quarter revenue topping $5 billion and net income of $871 million, with its customer base now over 135 million.
- NYSE cash markets are shut for the weekend. The next scheduled 2026 market holiday is Memorial Day on May 25.
Nu Holdings Ltd. starts this week on the back foot. The company’s shares on the NYSE lost 5.7% Friday as investors raised concerns over higher credit costs, shrugging off a record quarter for revenue. The stock finished at $12.19, down from $13.80 last week.
Nubank shares sold off right after earnings this time, not before. U.S. cash trading is closed for the weekend. On Monday, traders will see if investors see the move as a quick correction or if it signals a bigger rethink on Nubank’s loan-growth outlook.
Nu shares dropped four out of five sessions this week. The stock saw roughly 138 million shares change hands on Friday, well above the average of around 39 million on Google Finance.
Nu posted first-quarter revenue above $5 billion, crossing that mark for the first time. CEO David Vélez said Nu added “more than 135 million customers” in the quarter, reported revenue over $5 billion, net income of $871 million and return on equity at 29%. Nu International
Credit was the main issue. Credit-loss allowances jumped 33% from the last quarter to $1.79 billion. The risk-adjusted net interest margin dropped to 9.5% from 10.5%. This margin measures the lending spread minus expected credit losses; a basis point equals one-hundredth of a percentage point.
Early delinquencies ticked higher. Nu reported its 15-to-90-day non-performing loan ratio hit 5.0%, up from the end of last year. Loans overdue more than 90 days dropped to 6.5%. “There was no sign of credit portfolio degradation,” Chief Financial Officer Guilherme Lago told investors. The Motley Fool
Nu’s management called the credit uptick seasonal and linked to growth. Credit portfolio is now $37.2 billion, with deposits at $42.4 billion. The loan-to-deposit ratio climbed to 58.3%, showing more of the bank’s funding is going to credit.
Nubank keeps signing up new customers in Brazil, Mexico and Colombia. The company said Mexico got to break-even in the quarter. Now the market wants to know how much provisioning is needed to keep growth healthy.
The drop was steeper than losses for some other Brazilian financials. Shares of Itaú Unibanco and Banco Bradesco traded in the U.S. also closed down on Friday. Broader U.S. indexes slipped, with Reuters market data putting the S&P 500 off 1.24% and the Nasdaq down 1.54%.
Looking to next week, regular NYSE trading kicks off Monday at 9:30 a.m. ET. Markets will watch risk-adjusted margin moves, and if early delinquency ratios track the seasonal pattern management laid out. Another focus is Nu’s AI infrastructure spending and its controlled U.S. growth. Nu expects its U.S. investment to keep the consolidated efficiency ratio impact under 100 basis points in 2026 and 2027.
The risk here is early delinquencies might not come down like some expect, or that the higher-yield unsecured loans end up needing more allowances than investors want to take on. If Brazilian consumers struggle, funding stays expensive, or U.S. and AI spend runs high, the stock could stay under pressure even if customer growth holds up.
Nu says it has over 115 million customers in Brazil, 15 million in Mexico, and close to 5 million in Colombia, giving it scale few digital banks can rival. But that didn’t move the tape on Friday. Investors looked for better credit signs.
