NEW YORK, July 20, 2026, 13:06 (EDT) — U.S. trading session begins
- Shares rose roughly 3.5% to close at $14.07 in regular trading.
- Mexico accounted for approximately 14% of deposits and around 11% of customers.
- The shares are trading at approximately 12.7 times the consensus estimate for 2027 earnings.
Shares of Nu Holdings Ltd. NYSE:NU gained 3.5% to trade near $14.07 on Monday, outperforming a Brazil-focused ETF along with three selected financial peers. Volume surpassed 75.6 million shares before 1 p.m. EDT.
Funding is now a key focus for Mexico, in addition to customer growth. First-quarter filings suggest Mexico shows greater deposit intensity than the overall platform. That is the more significant message for investors.
The calculation shown below is based on Nu’s rounded figures for the first quarter. The resulting ratios are estimates.
| Operating measure | Mexico | Consolidated Nu | Approximate comparison |
|---|---|---|---|
| Customers | Over 15 million | Over 135 million | Roughly 11% of total |
| Deposits | Above $5.9 billion | $42.4 billion | Roughly 14% of total |
| Deposits per customer | Near $393 | Near $314 | Approximately 25% higher |
Mexico accounted for approximately 14% of the group’s total deposits, with its customer base making up about 11% of the overall number. The average deposit per customer in Mexico was roughly 25% higher than the consolidated group average.
The Mexican business achieved break-even in the first quarter. The efficiency ratio strengthened by 78 percentage points. Deposits climbed above $5.9 billion.
Mexican authorities have granted Nu permission to start operating as a bank as of July 10. The subsidiary must finalize its transition within a 30-day window. Nu is set to commit $4.2 billion in investment in the country up to 2030.
Livia Chanes has assumed leadership of Latin America and continues to oversee Brazil. “My commitment is to ensure that Mexico and Colombia benefit from everything we’ve built in Brazil,” she said. Nu International
Nu topped the regional group in Monday’s market comparison. The prices listed were captured at approximately 12:51 p.m. EDT.
| Security | Price (USD) | Day move |
|---|---|---|
| Nu Holdings Ltd. NYSE:NU | $14.07 | up 3.5% |
| PagSeguro Digital Ltd. NYSE:PAGS | $9.26 | up 2.4% |
| Itaú Unibanco Holding S.A. NYSE:ITUB | $8.32 | up 1.5% |
| StoneCo Ltd. NASDAQ:STNE | $11.28 | up 1.2% |
| iShares MSCI Brazil ETF (NYSEARCA:EWZ) | $35.54 | up 0.9% |
Nu was also added to a global multi-factor ESG index from STOXX as of Monday. That index is tracked by a passive fund. Some of the latest trading volume could be related to index rebalancing.
The index documents do not reveal either Nu’s weighting or associated flows. Investors are advised to distinguish such potential technical demand from the fundamentals of Mexico’s economy.
The core foundation is solid. Revenue in the first quarter topped $5 billion. Net income increased by 41% to $871 million, and return on equity climbed to 29%.
Balance sheet expanded at a quicker pace. Deposits rose 22% to $42.4 billion. Lending climbed 40% to $37.2 billion.
Analysts project earnings per share of $0.85 for 2026 and $1.11 for 2027. Monday’s share price corresponds to price-to-earnings ratios of 16.6 and 12.7, respectively. The forecasts suggest earnings could climb about 31% in the coming year.
The consensus price target among analysts stands at $17.53, about 25% higher than Monday’s closing price. Estimates range widely, from $10 up to $21, marking a significant spread.
Risks: Early delinquencies edged up to 5.0% during the first quarter. Credit-loss allowances climbed 33% from the prior quarter. The risk-adjusted margin slipped 100 basis points to 9.5%.
The impact of the index inclusion could diminish. The more substantial metric is Mexico’s deposit density, which relies on effective cross-selling and consistent credit standards for its value.
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