Nu : ITR 1Q24

Unaudited Interim

Condensed

Consolidated

Financial

Statements

for the three-month period ended march 31, 2024

Nu Holdings Ltd.

03 Independent

Auditors' Report

05	Unaudited Interim Condensed
Consolidated Statements of

Profit or Loss

06	Unaudited Interim Condensed
Consolidated Statements

of Comprehensive Income

07	Unaudited Interim Condensed
Consolidated Statements

of Financial Position

08	Unaudited Interim Condensed
Consolidated Statements

of Changes in Equity

09	Unaudited Interim Condensed
Consolidated Statements

of Cash Flows

10	Notes to the Unaudited Interim
Condensed Consolidated

Financial Statements

KPMG Auditores Independentes Ltda.

Rua Arquiteto Olavo Redig de Campos, 105, 12º andar - Torre A 04711-904 - São Paulo/SP - Brasil

Caixa Postal 79518 - CEP 04707-970 - São Paulo/SP - Brasil Telefone [phone]

kpmg.com.br

Independent Auditors' report on review of Interim Condensed Consolidated Financial Statements

To Board of Directors and Shareholders of

Nu Holdings Ltd.

Cayman Islands

Introduction

We have reviewed the accompanying interim condensed consolidated statements of financial position of Nu Holdings Ltd. ("Company") as of March 31, 2024, the condensed consolidated statements of profit or loss and comprehensive income or loss for quarter ended, changes in equity and cash flows for the three-month period then ended, and notes to the interim condensed consolidated financial statements.

Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34, 'Interim Financial Reporting' issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Review (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada.

KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

3

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements as of March 31, 2024, are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'.

São Paulo, May 14, 2024.

KPMG Auditores Independentes Ltda.

CRC 2SP-027685/O-0 F SP

Rodrigo de Mattos Lia

Accountant CRC 1SP252418/O-3

KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada.

KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

4

5

Unaudited Interim Condensed

Consolidated Statements of Profit or Loss

For the three-month period ended March 31, 2024 and 2023 (In thousands of U.S. Dollars, except earnings per share)

	Note		03/31/2024		03/31/2023
Interest income and gains (losses) on financial instruments	6	2,280,248	1,255,454
Fee and commission income	6		455,653		363,213
Total revenue		2,735,901	1,618,667
Interest and other financial expenses	6	(660,715)	(440,212)
Transactional expenses	6	(62,948)	(52,778)
Credit loss allowance expenses	7	(830,719)	(474,795)
Total cost of financial and transactional services provided			(1,554,382)		(967,785)
Gross profit		1,181,519	650,882
Operating expenses
Customer support and operations	8	(150,612)	(107,815)
General and administrative expenses	8	(326,052)	(236,881)
Marketing expenses	8	(46,827)	(19,272)
Other income (expenses)	8		(79,491)		(43,285)
Total operating expenses		(602,982)	(407,253)
Profit before income taxes
	578,537	243,629
Income taxes
Current taxes	29	(415,042)	(205,864)
Deferred taxes	29		215,319		103,986
Total income taxes		(199,723)	(101,878)
Profit for the period
		378,814		141,751
Earnings per share - Basic	9	0.0794	0.0301
Earnings per share - Diluted	9	0.0775	0.0294
Weighted average number of outstanding shares - Basic (in thousands of shares)	9	4,773,284	4,709,505
Weighted average number of outstanding shares - Diluted (in thousands of shares)	9	4,886,361	4,818,200

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

6

Unaudited Interim Condensed Consolidated

Statements of Comprehensive Income

For the three-month period ended March 31, 2024 and 2023 (In thousands of U.S. Dollars)

	Note		03/31/2024		03/31/2023
Profit for the period		378,814		141,751
Other comprehensive income or loss:
Effective portion of changes in fair value		45,508		1,995
Changes in fair value reclassified to profit or loss		(15,498)		(2,874)
Deferred income taxes			(3,308)		3,026
Cash flow hedge	19	26,702		2,147
Changes in fair value		2,220		10,324
Deferred income taxes			(1,539)		185
Financial assets at fair value through other comprehensive income		681		10,509
Currency translation on foreign entities			(71,969)		110,505
Total other comprehensive income (loss) that may be reclassified to profit or loss subsequently		(44,586)		123,161
Changes in fair value - own credit adjustment	20		(18)		45
Total other comprehensive income or loss that will not be reclassified to profit or loss subsequently			(18)		45
Total other comprehensive income (loss), net of tax			(44,604)		123,206
Total comprehensive income for the period, net of tax			334,210		264,957

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

7

Unaudited Interim Condensed Consolidated

Statements of Financial Position

As of March 31, 2024 and December 31, 2023 (In thousands of U.S. Dollars)

	Note	03/31/2024		12/31/2023
Assets
Cash and cash equivalents	11	6,033,658		5,923,440
Financial assets at fair value through profit or loss			646,131		389,875
Securities	12	624,731		368,574
Derivative financial instruments	19	21,076		20,981
Collateral for credit card operations	22	324		320
Financial assets at fair value through other comprehensive income			8,801,925		8,805,745
Securities	12	8,801,925		8,805,745
Financial assets at amortized cost			25,309,564		24,988,919
Credit card receivables	13	12,796,677		12,414,133
Loans to customers	14	3,863,812		3,202,334
Compulsory and other deposits at central banks	15	7,005,946		7,447,483
Other receivables	16	1,405,969		1,689,030
Other financial assets		167,666		131,519
Securities	12	69,494		104,420
Other assets	17	567,552		936,209
Deferred tax assets		1,710,214		1,537,835
Right-of-use assets		28,954		30,459
Property, plant and equipment		36,530		39,294
Intangible assets	18	307,399		295,881
Goodwill	18		397,570		397,538
Total assets			43,839,497		43,345,195
	Note	03/31/2024		12/31/2023
Liabilities
Financial liabilities at fair value through profit or loss			660,425		242,615
Derivative financial instruments	19	27,488		28,173
Instruments eligible as capital	20	3,990		3,988
Repurchase agreements		628,947		210,454
Financial liabilities at amortized cost			35,230,755		34,582,759
Deposits	21	24,254,885		23,691,130
Payables to network	22	9,572,521		9,755,285
Borrowings and financing	23	1,403,349		1,136,344
Salaries, allowances and social security contributions		191,544		166,876
Tax liabilities		320,379		1,300,845
Lease liabilities		35,676		36,942
Provision for lawsuits and administrative proceedings	24	13,579		8,082
Deferred income	25	67,505		68,360
Other liabilities	26		516,943		532,331
Total liabilities		37,036,806		36,938,810
Equity
Share capital	30	84		84
Share premium reserve	30	4,974,704		4,972,922
Accumulated gains	30	1,716,077		1,276,949
Other comprehensive income	30		111,826	156,430
Total equity			6,802,691		6,406,385
Total liabilities and equity			43,839,497		43,345,195

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

8

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

For the three-month period ended March 31, 2024 and 2023 (In thousands of U.S. Dollars)

Balances as of December 31, 2023

Profit for the period

Share-based compensation, net of shares withheld for employee taxes

Stock options exercised

Other comprehensive income, net of tax Cash flow hedge

Fair value changes - financial assets at FVTOCI Currency translation on foreign entities

Own credit adjustment

Balances as of March 31, 2024

Balances as of December 31, 2022

Profit for the period

Share-based compensation, net of shares withheld for employee taxes

Stock options exercised

Other comprehensive income or loss, net of tax Cash flow hedge

Fair value changes - financial assets at FVTOCI Currency translation on foreign entities

Own credit adjustment

Balances as of March 31, 2023

						Attributable to shareholders of the parent company
								Other comprehensive income
Note	Share	Share	Accumulated	Translation	Cash flow	Financial	Own credit	Total
capital	premium	gains	reserve	hedge	Assets	revaluation	equity
		reserve	reserve	at FVTOCI	reserve
		84		4,972,922		1,276,949		135,497		12,417		7,998		518		6,406,385
		-	-	378,814		-	-	-	-	378,814
10		-	-	60,314		-	-	-	-	60,314
30		-	1,782	-	-	-	-	-	1,782
28
		-	-	-	-	26,702	-	-	26,702
		-	-	-	-	-	681	-	681
		-	-	-	(71,969)	-	-	-	(71,969)
		-		-	-	-	-	-	(18)		(18)
		84		4,974,704		1,716,077		63,528		39,119	8,679		500		6,802,691
						Attributable to shareholders of the parent company
								Other comprehensive income
Note	Share	Share	Accumulated	Translation	Cash flow	Financial	Own credit	Total
capital	premium	gains (losses)	reserve	hedge	Assets at	revaluation	equity
		reserve	reserve	FVTOCI	reserve
		83		4,963,774		64,577		(108,356)		(7,486)		(22,298)		489		4,890,783
		-	-	141,751		-	-	-	-	141,751
10		-	-	50,762		-	-	-	-	50,762
30		-	2,019	-	-	-	-	-	2,019
30
		-	-	-	-	2,147	-	-	2,147
		-	-	-	-	-	10,509		-	10,509
		-	-	-	110,505	-	-	-	110,505
		-	-	-	-	-	-	45		45
		83		4,965,793		257,090		2,149		(5,339)		(11,789)		534		5,208,521

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

9

Unaudited Interim Condensed Consolidated

Statements of Cash Flows

For the three-month period ended March 31, 2024 and 2023 (In thousands of U.S. Dollars)

	Note	03/31/2024		03/31/2023
Cash flows from operating activities
Reconciliation of profit to net cash flows from operating activities:
Profit for the period		378,814		141,751
Adjustments:
Depreciation and amortization	8	18,465		13,179
Credit loss allowance expenses	7	883,498		491,937
Deferred income taxes	29	(215,319)		(103,986)
Provision for lawsuits and administrative proceedings		5,823		1,239
Unrealized losses on other investments			-	18,298
Unrealized losses on financial instruments		(1,074)		4,437
Interest accrued		41,326		16,463
Share-based compensation		78,649		57,857
Others			2,088	-
			1,192,270		641,175
Changes in operating assets and liabilities:
Securities		(218,559)		1,968,358
Compulsory deposits and others at central banks		447,155		103,703
Credit card receivables		(1,740,047)		(1,577,046)
Loans to customers		(1,564,023)		(702,670)
Other receivables		286,980		(541,190)
Other assets		334,622		406,972
Deposits		570,928		(49,611)
Payables to network		(156,255)		(178,401)
Deferred income		(866)		5,299
Other liabilities		(2,543)		(134,691)
Interest paid		(36,260)		(18,832)
Income tax paid		(987,010)		(404,193)
Interest received			1,302,989		575,419
Cash flows (used in) generated from operating activities		(570,619)		94,292
Cash flows from investing activities
Acquisition of property, plant and equipment		(210)		(4,596)
Acquisition and development of intangible assets			(26,573)		(41,919)
Cash flow (used in) generated from investing activities		(26,783)		(46,515)
Cash flows from financing activities
Proceeds from borrowings and financing	23	269,726		19,713
Payments of borrowings and financing	23	(11,465)		-
Lease payments		(1,823)		(1,858)
Exercise of stock options	30		1,782	2,019
Cash flows (used in) generated from financing activities			258,220		19,874
Change in cash and cash equivalents		(339,182)		67,651
Cash and cash equivalents
Cash and cash equivalents - beginning of the period	11	5,923,440		4,172,316
Foreign exchange rate changes on cash and cash equivalents		449,400		70,529
Cash and cash equivalents - end of the period	11		6,033,658		4,310,496
Increase (decrease) in cash and cash equivalents			(339,182)		67,651

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

10		Nu Holdings Ltd.
	Unaudited Interim Condensed Consolidated Financial Statements
		as of March 31, 2024

Notes to the Unaudited Interim Condensed

Consolidated Financial Statements

(In thousands of U.S. Dollars, unless otherwise stated)

1. OPERATIONS

Nu Holdings Ltd. ("Company" or "Nu Holdings") was incorporated as an exempted Company under the Companies Law of the Cayman Islands on February 26, 2016. The address of the Company's registered office is Willow House, 4th floor, Cricket Square, Grand Cayman - Cayman Islands. Nu Holdings has no operating activities with clients.

The Company's shares are publicly traded on the New York Stock Exchange ("NYSE") under the symbol "NU". The Company holds investments in several operating entities and, as of March 31, 2024, its significant operating subsidiaries were:

Nu Pagamentos S.A. - Instituição de Pagamento ("Nu Pagamentos") is an indirect subsidiary domiciled in Brazil. Nu Pagamentos is engaged in the issuance and administration of credit cards and payment transfers through a prepaid account, and participation in other companies as partner or sharehol- der. Nu Pagamentos has as its primary products: (i) a Mastercard international credit card (issued in Brazil which allows payments for purchases to be made in monthly installments), fully managed through a smartphone app, and (ii) "Conta do Nubank", a 100% digital smartphone app, maintenance-free prepaid account, which also includes features of a traditional bank account, such as electronic and peer-to-peer transfers ("PIX"), bill payments, withdrawals through the 24 Hours ATM network, instant payments, prepaid credit for mobile top ups and prepaid cards similar in functionality to debit cards.

Nu Financeira S.A. - SCFI ("Nu Financeira") is an indirect subsidiary also domiciled in Brazil, with personal loans and retail deposits as its main products. Nu Financeira offers customers in Brazil the possibility to obtain loans that can be customized in relation to amounts, terms and conditions, number of installments with transparent disclosure of any charges involved in the transaction, fully managed through the above-mentioned smartphone app. Loan issuance, repayment, and prepayments are available 24/7 through "Conta do Nubank", directly in the app. In addition, Nu Financeira issues the Bank Deposit Receipt (RDB), with daily liquidity and with a defined future maturity date and offered to the Company's customers through the "Conta do Nubank". Nu Financeira also grants credit to Nu Pagamentos credit card holders, due to overdue invoices, bill installments and revolving credit.

Nu Invest Corretora de Valores S.A. ("Nu Invest") is an indirect subsidiary acquired in June 2021, domiciled in Brazil, and is a digital investment broker dealer.

Nu Distribuidora de Titulos e Valores Mobiliarios Ltda. ("Nu DTVM") is an indirect subsidiary that executes securities brokerage activities in Brazil.

Nu México Financiera, S.A. de C.V., S.F.P. ("Nu Financiera") is an indirect subsidiary domiciled in Mexico. Nu Financiera is engaged in the issuance and administration of credit cards, payment transfers through a prepaid account and offers customers in México the possibility to obtain loans, in addition to offering "Cuenta Nu", a 100% digital account in the smartphone app, maintenance-free prepaid account, which also includes features of a traditional bank account. It commenced operations in the Mexican market in December 2022 and currently offers credit cards and deposits as its main products.

Nu Colombia S.A. ("Nu Colombia") is an indirect subsidiary domiciled in Colombia, with operations related to credit cards, which was launched in Sep- tember 2020. On January 2024, the Financial Superintendence of Colombia ("SFC") approved the Group's request to incorporate a financing institution in Colombia, Nu Colombia Compañía de Financiamiento S.A ("Nu Colombia Financiamiento") ("Incorporation License"). "Cuenta Nu" was launched in the country in March 2024.

The Company and its consolidated subsidiaries are referred to in these unaudited interim condensed consolidated financial statements as the "Group" or "Nu". The Company's Board authorized the issuance of these unaudited interim condensed consolidated financial statements on May 14, 2024.

2. STATEMENT OF COMPLIANCE

These unaudited interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standard Board ("IASB"). However, selected condensed explanatory notes are included to explain events and transactions that are significant to understanding the changes in the Group's financial position and performance since the issuance of its last annual financial statements.

The Group's unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting issued by IASB. Accordingly, this report is to be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023 (the "Annual Financial Statements").

1. Functional currency and foreign currency translation

1. Nu Holding's functional and presentation currency

The presentation of the functional currency and foreign currency translation is described below and it is valid for these unaudited interim condensed consolidated financial statements.

The functional currency for Nu Holdings and the presentation currency of these unaudited interim condensed consolidated financial statements is the U.S. Dollar ("US$"). The functional currency of the Brazilian operating entities is the Brazilian real, for the Mexican entities, Mexican peso and for the Colombian entities, the Colombian peso.

The financial statements of the foreign subsidiaries held in functional currencies that are not US$ are translated into US$, and the exchange differences arising from the translation to US$ of the financial statements denominated in functional currencies other than the US$ are recognized in the consolidated statements of comprehensive income or loss (OCI) as an item that may be reclassified to profit or loss within "currency translation on foreign entities".

b) New or revised accounting pronouncements adopted in 2024:

The following new or revised standards have been issued by IASB, were effective for the period covered by these unaudited interim condensed consolidated financial statements and had no significant impact.

Disclosures in Financial Statements (Amendments to IAS 1);

Non-current Liabilities with Covenants (Amendments to IAS 1);

Classification of Liabilities as Current or Non-Current (Amendments to IAS 1);

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16); Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).