Nubank vs Itaú Unibanco

This page compares Nubank and Itaú Unibanco, covering their business models, financial performance, and the market context in which they operate. It presents neutral, accessible information about the two institutions, highlighting similarities and differences to help readers form a balanced view. Educational content, not financial advice.

About The Companies

Nubank (NU)

Nu Holdings Ltd (ticker: NU) is the holding company for Nubank, a leading digital-first bank serving customers across Latin America. With a market capitalisation of about $73.44B, Nu has grown rapidly by offering low-friction mobile banking, credit cards, payments and nascent wealth and insurance services. Its model focuses on customer experience, low-cost digital distribution and cross-selling to increase revenue per user. Investors should note the opportunities from large underbanked populations and product expansion alongside risks: credit exposure, macro volatility in the region, currency swings and regulatory complexity. Competition from incumbents and other fintechs can pressure margins. Nu has shown progress on scale and unit economics, but earnings and growth can vary by period. This content is general educational information, not investment advice. Values can rise and fall, and past growth is not a guarantee of future returns. Consider your personal circumstances or seek independent financial advice before making investment decisions.

Itaú Unibanco (ITUB)

Itaú Unibanco Holding S.A. (ITUB) is one of Brazil’s largest private banks, offering retail and commercial banking, wealth management, insurance and payment services. With a market capitalisation of about $71.44B, the group benefits from a broad domestic franchise, recurring fee income from cards and asset management, and scale advantages in lending. Key performance drivers include net interest margins, loan growth, fee income and operating efficiency, while digital investment and cost control shape future competitiveness. Important risks for investors are Brazil’s macroeconomic and political volatility, currency moves, changes in interest rates and credit cycles. The bank has historically paid dividends and prioritised healthy capital buffers, but past distribution patterns don’t guarantee future payouts. This summary is educational and not personal financial advice — investors should assess their own objectives and risk tolerance and consider professional advice. Values can rise or fall and returns are not guaranteed.

Comparison Snapshot

Key Financial Metrics

Metric

ITUB

$81.50B

Market Cap

$74.65B

N/A

Potential Profit

5.51%

N/A

Analyst Rating

Buy

Why It's Moving

Nu Holdings Posts Record Q3 Revenue and Customer Growth, Driving Investor Optimism

Reported Q3’25 revenues surged 39% year-over-year on a foreign exchange neutral basis, reaching a record $4.2 billion, signaling strong demand and market penetration.
Customer base expanded to 127 million with over 4 million net additions in the quarter, alongside an impressive monthly activity rate above 83%, underscoring high user engagement.
Net income increased 39% YoY FXN to $783 million with adjusted net income at $829 million, complemented by an improved efficiency ratio of 27.7%, reflecting scalable profitability.

Sentiment:

🐃Bullish

Itaú Unibanco boosts dividend payouts amid stable financial margins and revised market financial margin guidance.

Declared dividends of BRL 1.868223 per share payable December 19, 2025, alongside interest on capital totaling BRL 0.36975 per share, with payments aggregating BRL 23.4 billion in total.
Revised financial margin with the market upward to a range of BRL 3.0–3.5 billion from previous projections of BRL 1.0–3.0 billion, signaling improved expected earnings linked to market activities.
Maintained consolidated portfolio growth and stable margins and expense ranges, reflecting disciplined cost management and steady business operation despite macroeconomic uncertainties.

Sentiment:

⚖️Neutral

Nu Holdings Posts Record Q3 Revenue and Customer Growth, Driving Investor Optimism

Reported Q3’25 revenues surged 39% year-over-year on a foreign exchange neutral basis, reaching a record $4.2 billion, signaling strong demand and market penetration.
Customer base expanded to 127 million with over 4 million net additions in the quarter, alongside an impressive monthly activity rate above 83%, underscoring high user engagement.
Net income increased 39% YoY FXN to $783 million with adjusted net income at $829 million, complemented by an improved efficiency ratio of 27.7%, reflecting scalable profitability.

Sentiment:

🐃Bullish

Itaú Unibanco boosts dividend payouts amid stable financial margins and revised market financial margin guidance.

Declared dividends of BRL 1.868223 per share payable December 19, 2025, alongside interest on capital totaling BRL 0.36975 per share, with payments aggregating BRL 23.4 billion in total.
Revised financial margin with the market upward to a range of BRL 3.0–3.5 billion from previous projections of BRL 1.0–3.0 billion, signaling improved expected earnings linked to market activities.
Maintained consolidated portfolio growth and stable margins and expense ranges, reflecting disciplined cost management and steady business operation despite macroeconomic uncertainties.

Sentiment:

⚖️Neutral

Which Baskets Do They Appear In?

Brazil Digital Banking: Could Infrastructure Stocks Win?

As more Brazilians turn to digital platforms for managing their wealth, the demand for sophisticated financial technology is growing. This basket offers exposure to US and EU-listed companies providing the critical software, payment systems, and market infrastructure powering this shift.

Published: October 9, 2025

Explore Basket

Which Baskets Do They Appear In?

Brazil Digital Banking: Could Infrastructure Stocks Win?

Published: October 9, 2025

Explore Basket

Investment Analysis

Nubank

Pros

Nu Holdings operates a leading digital-only banking platform across Brazil, Mexico, and Colombia, capturing rapid adoption in underbanked, tech-savvy Latin American markets.
The company has delivered exceptional revenue and earnings growth, with recent annual revenue up nearly 50% and net profit margins above 39%, outperforming traditional banks.
Nu Holdings continues to add millions of customers quarterly, with recent growth to over 100 million users, driving strong cross-selling and higher average products per active customer.

Considerations

Nu Holdings’ valuation metrics, such as a price-to-earnings ratio above 34, are elevated compared to many traditional banks, reflecting high growth expectations already priced in.
The company’s lack of a dividend may deter income-focused investors, despite robust profitability and cash generation.
As a digital disruptor, Nu Holdings faces ongoing regulatory scrutiny and potential new compliance costs in multiple Latin American jurisdictions as its footprint expands.

Itaú Unibanco

ITUB

Pros

Itaú Unibanco is the largest private bank in Brazil, with a diversified revenue base, deep customer relationships, and a leading position in corporate and retail banking.
The bank maintains a strong capital position and consistent profitability, supported by its scale, operational efficiency, and prudent risk management through economic cycles.
Itaú Unibanco benefits from a well-established branch network and brand recognition, providing stability and cross-selling opportunities even as digital channels grow.

Considerations

Itaú Unibanco’s growth rates are modest compared to digital-native peers, as its mature business faces slower customer acquisition and loan expansion in a competitive market.
The bank is exposed to macroeconomic volatility in Brazil, including interest rate fluctuations and currency risks, which can pressure earnings and asset quality.
Itaú Unibanco’s cost structure is higher than digital competitors, with legacy branch networks and IT systems limiting margin expansion potential in the near term.

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About The Companies

Comparison Snapshot

Why It's Moving

Nu Holdings Posts Record Q3 Revenue and Customer Growth, Driving Investor Optimism

Itaú Unibanco boosts dividend payouts amid stable financial margins and revised market financial margin guidance.

Nu Holdings Posts Record Q3 Revenue and Customer Growth, Driving Investor Optimism

Itaú Unibanco boosts dividend payouts amid stable financial margins and revised market financial margin guidance.

Which Baskets Do They Appear In?

Brazil Digital Banking: Could Infrastructure Stocks Win?

Which Baskets Do They Appear In?

Brazil Digital Banking: Could Infrastructure Stocks Win?