The XP Inc. (BDR:) registered net income of $ 1.2 billion in the fourth quarter of last year, figure 16% higher than registered 12 months earlier. In 2024, net income was R $ 4.544 billion, with a growth of 17%. The numbers are records, according to the company, and were reached even “in a year of great volatility in the macro scenario,” as the management message says.
The profit before fees (EBT) of the fourth quarter was R $ 1.289 billion, with an increase of 30% compared to one year earlier. The EBT margin advanced 4 more percentage points on the same comparison base to 28.7%. In the closed year, the XP EBT was R $ 4.974 billion, up 26% and margin of 29.1%.
The return on adjusted equity (ROAE) and calculated according to US accounting standards – as the company is listed in New York – it was 23.4%, with annual growth of 2.3 percentage points.
The efficiency index, percentage of expenses in relation to revenue, reached 34.7% in the last quarter of 2024, reaching its best mark, according to XP. XP’s general and administrative expenses ended the period at R $ 1.577 billion, with a slight high of 2% compared to a year ago.
Recipe also broke record
XP gross revenue advanced 10% in the fourth quarter year by year to $ 4.7 billion. In the closed year, the amount exceeded $ 18 billion, an increase of 15% compared to 2023.
XP notes that the results are in line with. The financial institution expects to reach gross revenue between R $ 22.8 billion and R $ 26.8 billion in the period. This represents a growth of at least 26.7% compared to the revenue obtained in the closed year of 2024.
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In the leadership message, which accompanies the results, CEO Thiago Maffra highlighted “the anticyclic force” of the business model and says the company is “confident in the delivery of the 2026 Guidance”.
The strength of fixed income and new vertical
In a high interest rate scenario, fixed income business revenue advanced 43% in the last three months of last year, reaching R $ 985 million, in the wake of the launch of new products. This was one of the main contributions to the growth of R $ 13% in the vertical retail, which totaled R $ 3.569 billion in revenues in the fourth quarter.
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The revenue of large companies and capital market was R $ 599 million in the last three months of last year, with an annual increase of 18%. XP says it remains well positioned to benefit from credit market activity (DCM) in Brazil.
Variable income revenue, in turn, retreated 15% on the same comparison base to $ 1 billion.
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All products in the part of new verticals had revenue growth in the period and continue to gain scale, and should contribute to the margins of XP in the short and medium and term. Welfare plans advanced 10%to R $ 103 million, while cards reached revenues of R $ 333 million (up 9%) and credit almost doubled in size, up 79%and revenue of R $ 81 million. Insurance moved R $ 58 million, with growth of 27%.
Earnings and actives under management
Last year, XP distributed 74% of net income in the year through dividends and stocks of stock. Last November, the company began a program that of ordinary actions in circulation in the open market and ends on November 20, 2025.
XP ended 2024 with R $ 1.2 trillion of assets under management, growth of 9% over the previous year, and a network of 18,000 investment advisors. Liquid fundraising totaled R $ 25 billion in the fourth quarter, up 37% on annual bases. In the full year, he added $ 103 billion, figure 2% lower than 2023.
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For 2025, XP claims to expect growth in the managed assets and expansion in strategic segments, such as the credit market.
