Q1 Highlights
XP reported earnings per share of 47 cents, missing the consensus estimate of $48 cents. In addition, it reported revenue of $898.87 million, missing the consensus estimate of $952.60 million.
Client assets totaled R$1.5 trillion in the quarter, representing 15% year-over-year growth driven by R$85 billion in net inflows and R$116 billion in market appreciation.
Retail daily average trades totaled 2.7 million in the quarter, increasing 23% year-over-year, while active clients grew 2% year-over-year to 4.8 million.
The company said retirement plan client assets increased 17% year-over-year to R$98 billion. XP’s expanded loan portfolio reached R$74 billion, up 16% year-over-year.
XP also announced that its board approved a new share repurchase program authorizing the company to repurchase up to R$1.0 billion of its outstanding Class A common shares through May 2027.
In addition, the board declared a cash dividend of 20 cents per Class A common share payable on June 18 to shareholders of record as of June 10.
Separately, XP announced a planned chief financial officer transition. Gustavo Alejo Viviani was appointed as the company’s new CFO effective Aug. 3, while current CFO Victor Andreu Mansur Farinassi will step down effective May 31. CEO Thiago Maffra will serve as interim CFO during the transition.
XP Shares Edges Lower
XP Price Action: At the time of publication, XP shares are trading 5.48% lower at $16.40, according to data from Benzinga Pro.
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Read More: XP Shares Slide Following Earnings And Revenue Misses – XP (NASDAQ:XP)
