Currency ImpactResults were negatively impacted by a 13% devaluation of the BRL, which distorted growth figures.
Interest Income ImpactBrazil's deteriorating rate curve negatively impacted the present value of card receivables, affecting credit card interest income by approximately US$64 million.
Market SaturationSome believe NU has already maxed out its credit market share, especially in credit cards and unsecured loans, and lacks a clear edge in high-income segments or the increasingly crowded payroll loan space.