SÃO PAULO, September 3, 2026, 10:03 BRT — Nu Holdings (NU.N) climbed 6.5% as a wave of domestic capital into Brazilian equity markets continued to fuel gains across banking sector shares.
- Nu finished up 6.50% at $15.40 on September 2, later rising to $15.62 in premarket trade.
- The ADR rose more than Brazil’s 3.05% gains in equities and outperformed most major local banks.
- Return on equity for the second quarter stood at 33%, as delinquencies exceeding 90 days increased to 6.9%.
Nu Holdings Ltd. NYSE:NU climbed 6.50% on Wednesday, and was up another 1.48% in premarket trading ahead of Thursday. Shares hit $15.62 at 09:00 EDT, continuing a risk rally driven by Brazil Yahoo Finance.
The increase was over double the Ibovespa’s 3.05% rise. This difference is significant, indicating that Nu is behaving as a high-beta play on Brazil rather than moving exclusively on new company developments.
Brazilian markets on Wednesday were propelled by foreign inflows and election prospects. Marco Tulli Siqueira of Necton/BTG Pactual referred to the activity as “foreign flow buying,” according to Reuters. Turnover totaled R$40.86 billion, surpassing the 2026 daily average of around R$32 billion Reuters.
Nu shares add a premarket leg
NYSE price, U.S. dollars
Nu saw 80.77 million shares traded, surpassing its three-month average by 7%. At the close, the company was valued at approximately $74.4 billion. Shares moved between $14.43 and $15.48 during the session.
Nu outpaced Brazil’s bank rally
September 2 closing change
Sources: Yahoo Finance; Reuters. U.S. and Brazilian closes.
Company news flow was slower. Nu has set December 8 as the date for its inaugural Investor Day in New York. CEO David Vélez and top management are set to cover strategy, growth and value creation. The agenda is yet to be finalized Nu Holdings.
The December event sets a straightforward valuation challenge for management. Investors will look for proof that expanding customer numbers can boost earnings without compromising credit integrity. Nearly 118 million of Nu’s 139 million customers in June came from Brazil.
Scale is reaching the bottom line
Second quarter of 2026; year-over-year changes where shown
Source: Nu Holdings Q2 2026 results, period ended June 30, 2026.
Revenue for the second quarter climbed 39% to almost $5.9 billion. Net profit grew 49% to $1.1 billion, and return on equity hit 33% company results.
Profitability rose as credit costs declined. The risk-adjusted net interest margin increased to 12.4% from 9.5% in the previous quarter. Credit costs dropped 9% quarter-on-quarter to $1.7 billion.
Credit indicators presented a mixed picture. Early-stage delinquencies declined by 16 basis points to 4.8%. However, loans overdue more than 90 days increased by 35 basis points to 6.9%, in part due to seasonal migration.
Analyst upside comes with a wide range
Latest recommendation set: 22 analysts
Source: Yahoo Finance. Ratings and targets retrieved September 3, 2026; price as of 09:00 EDT.
Analyst sentiment allows for potential upside, though consensus is limited. Of 22 recommendations, 18 are rated Buy or Strong Buy. The average price target stands at $18.78, about 20% higher than Thursday’s premarket level of $15.62. Price targets range from $10 to $23.
Risks: Foreign investment can swiftly reverse if Brazil’s political or fiscal landscape changes. Nu continues to grow its presence in lending areas with increased risk and potential reward. If late delinquencies rise further, this may pressure margins and weigh on its valuation.
The initial test comes with Thursday’s New York market open. A more significant test follows on December 8. Management needs to demonstrate that the 33% return on equity will hold up once the rally in Brazil subsides.
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