NEW YORK, July 18, 2026, 17:09 EDT
- U.S. cash markets did not open on Saturday. Standard trading hours will restart on Monday, July 20.
- Nu shares ended Friday at $13.59, falling 1.45% on the session and 1.2% over the week.
- Nu Mexico serves over 15 million customers and holds deposits exceeding $5.9 billion.
Nu Holdings closed Friday at $13.59, slipping 1.45% in the session. Shares declined by 1.2% in the first complete week following final banking approval in Mexico.
Volume was the standout figure. Trading over the five sessions totaled approximately 762.1 million shares, representing 20% of Nu’s Class A share count as of June 26.
Shares are often exchanged multiple times, which does not equate to unique-holder turnover. However, average daily volume climbed to 152.4 million shares, 2.4 times higher than the 65-day average.
Active trading activity did not result in a clear rerating. Nu still outperformed a lackluster market, though only by a slight margin.
| Week ended July 17 | Price return |
|---|---|
| Nu Holdings NYSE:NU | -1.2% |
| iShares MSCI Brazil ETF (NYSEARCA:EWZ) | -1.9% |
| S&P 500 | -1.6% |
| Nasdaq Composite | -2.9% |
Figures reflect weekly changes based on July 10 and July 17 closing prices or reported close values.
The market reaction redirects focus from the scale of Nu Mexico’s customer base to the strength of its balance sheet. The company says it has over 15 million customers, while first-quarter deposits surpassed $5.9 billion.
Based on those rounded figures, deposits amount to around $393 for each customer. This figure serves as a broad monetization indicator and does not reflect the average account balance. Nu currently serves approximately 15% of the adult population in Mexico.
The bank conversion may expand the range of products offered. Nu applied for the charter in part to accept payroll deposits and to increase deposit limits. The process must be finalized within 30 calendar days starting July 10.
Founder and CEO David Vélez called Mexico a crucial market for Nubank. The company plans to invest $4.2 billion in the country up to 2030, and reports it is gaining 12,000 new customers in Mexico each day.
Mexico achieved break-even during the first quarter, while its efficiency ratio has advanced by 78 percentage points across four years. Investors may now assess if the charter increases balances and cross-selling.
Group profits create capacity for further investment. Net income for the first quarter was $871 million, a 41% jump on an FX-neutral basis. Revenue exceeded $5 billion, and return on equity stood at 29%.
Credit costs are still a constraint. Loss allowances increased by 33% from the previous quarter to $1.79 billion. The risk-adjusted net interest margin declined by 100 basis points to 9.5%.
Nu ended Friday with a market capitalisation of $65.65 billion. Its trailing price-earnings ratio stood at roughly 21. The stock is down 18.8% so far this year.
The $1 billion buyback approved in June provides only a modest buffer. For example, at Friday’s closing price, the amount would be enough for roughly 73.6 million shares, or 1.9% of the Class A total. The initiative is still optional and can change depending on market circumstances.
Nu’s public calendar does not show any company events set for July 20-24. The annual meeting is scheduled for August 6, with second-quarter results to follow on August 13. In the coming week, investors will monitor Mexico execution and if turnover shows signs of returning to normal.
Risks: Accelerated growth in unsecured lending may increase delinquencies and provisions. In Mexico, expenses might need to rise before deposits and fee revenues expand. Fluctuating currency rates could affect Nu’s financial results reported in U.S. dollars.
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