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Datafiles Jul 15

A decade ago, Nubank was a credit card start-up operating out of São Paulo. Today, at $16.3 billion in retail banking revenue (2025), it has surpassed HSBC and Standard Chartered’s global retail banking businesses and is on track to overtake Itaú Unibanco in Brazil in 2026 and Citigroup by 2027. What is emerging is not just rapid growth, but the early stages of a long-term strategy to build a global retail banking franchise.

Malaysian banks' net profit was broadly flat in the first half of 2026 (1H2026), but their core lending businesses did not drive the result. Retail banking profit fell or stalled at most large groups, while corporate banking profit was likely flat. Treasury and markets income, wealth management and fund management provided most of the growth. Hong Leong Bank and Alliance Bank were the clearest exceptions, with broad-based operating strength.

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