XP Inc. () managed to cross the seasonality of the first trimester, a period scheduled for vacation and holidays such as Carnival, and made the biggest profit in its history. Between January and March this year, the adjusted net income of the financial institution was R $ 1.236 billion, 20% higher than the figure registered one year before and 2% higher than the fourth quarter of 2024.
The profit before taxes (EBT) was R $ 1.263 billion, with an annual increase of 16%. The EBT margin, in turn, advanced 220 base points on this same comparison base to 29.1%.
XP’s total gross revenue was R $ 4.6 billion, growing 7% over the same period last year. Most of this amount is retail revenue, which advanced 10%to R $ 3.44 billion.
The revenue of large companies and capital markets grew 11% on the same comparison base to R $ 562 million. According to XP, even with a lower volume scenario in the local industry, the institution won share in the credit market (DCM).
Institutional revenue, in turn, retreated 3% on annual bases to R $ 344 million.
Fixed income was the main source of retail revenue
In a high interest scenario, fixed income became the main source of revenue within the XP retail for the first time. The segment brought revenues of R $ 1.015 billion in the first quarter, with a 44% increase over the same period last year and a 4% advance compared to the period between October and December 2024.
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Variable income revenue fell 15% on annual bases to $ 959 million, which also represents a 4% drop from the fourth quarter of last year. Performance coincides with a retreat in the average daily financial volume (ADTV) of the B3 stock market between January and March.
According to, released on May 8, the volume retreated 6.9% in the quarterly comparison and was mainly stable compared to the first quarter of 2024, even with the recovery of stock price in the period.
In addition to fixed income, the balance line known as “other revenues” that encompasses exchange, digital account, global investments, among others, was another positive highlight, advancing 19%to R $ 584 million.
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Two -digit reduction in expenses
XP Inc. general administrative expenses fell 10% over the fourth quarter of 2024, to R $ 1.417 billion, and were virtually stable in the annual comparison.
The efficiency index, percentage of expenses regarding revenue, which had already reached the best brand at the end of last year, retreated even more and reached 34.1% in the first quarter. According to XP, performance once again reinforces its cost discipline.
“We continue gaining operational leverage as we climb our business, even considering new investments to improve our platform, as improvements in banking products and hiring more investment advisors,” says the text that follows the balance.
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Catchments and assets under management
The net fundraising of XP in the first quarter was R $ 24 billion. There was a drop in relation to the $ 29 billion of the fourth quarter, but the figure is almost double the $ 13 billion raised in the first three months of 2024.
With this, XP started to manage R $ 1.328 trillion of customers assets, up 13% on annual bases. The number of active customers grew 2% over the same time to 4.7 million, and was virtually stable compared to the fourth quarter of last year.
The number of advisors linked to the XP platform also practically did not change compared to the end of 2024, ending the first quarter in 18.1 thousand. In the annual comparison, there was an increase of 2%.
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New action repurchase program
Along with the quarterly balance, XP Inc. announced another stock repurchase program in the amount of R $ 1 billion. The movement is aligned with the institution’s objective to remunerate the shareholder, which also includes the distribution of dividends.
The action repurchase programs, even, helped boost profit by XP action, which grew 24% in the first quarter, in the annual comparison, to $ 2.29.
