XP Inc. (NASDAQ: XP) (“XP” or the “Company”), a leading
tech-enabled platform and a trusted pioneer in providing low-fee
financial products and services in Brazil, reported today its
financial results for the second quarter of 2023.
Summary
Operating Metrics (unaudited)
2Q23
2Q22
YoY
1Q23
QoQ
Total Client Assets (in R$
bn)
1,024
846
21%
954
7%
Total Net Inflow (in R$ bn)
22
43
-49%
16
36%
Annualized Retail Take Rate
1.30%
1.40%
-10 bps
1.21%
9 bps
Active clients (in '000s)
4,013
3,629
11%
3,966
1%
Headcount (EoP)
6,002
6,339
-5%
6,146
-2%
IFAs (in '000s)
14.1
11.3
25%
13.0
9%
Retail DATs (in mn)
2.2
2.3
-4%
2.4
-8%
Retirement Plans Client Assets
(in R$ bn)
64
54
18%
62
4%
Cards TPV (in R$ bn)
9.7
5.5
77%
8.6
13%
Credit Portfolio (in R$ bn)
17.9
12.9
38%
17.5
2%
Financial Metrics (in R$ mn)
2Q23
2Q22
YoY
1Q23
QoQ
Gross revenue
3,728
3,618
3%
3,326
12%
Retail
2,892
2,673
8%
2,569
13%
Institutional
385
436
-12%
332
16%
Corporate & Issuer
Services
283
335
-15%
266
6%
Other
167
173
-3%
158
6%
Net Revenue
3,549
3,429
3%
3,134
13%
Gross Profit
2,402
2,469
-3%
2,050
17%
Gross Margin
67.7%
72.0%
-433 bps
65.4%
227 bps
EBT
968
867
12%
816
19%
EBT Margin
27.3%
25.3%
198 bps
26.0%
123 bps
Net Income
977
913
7%
796
23%
Net Margin
27.5%
26.6%
91 bps
25.4%
213 bps
Basic EPS (in R$)
1.85
1.63
13%
1.48
25%
Diluted EPS (in R$)
1.83
1.58
16%
1.48
24%
ROAE¹
22.0%
22.9%
-92 bps
18.7%
334 bps
ROAA²
2.6%
3.2%
-58 bps
2.4%
21 bps
__________________________________________
1 – Annualized Return on Average
Equity.
2 – Annualized Return on Average Adjusted
Assets. Adjusted Assets excludes Retirement Plans Liabilities and
Float Balance.
Discussion of Results
Total Gross Revenue
Gross revenue was R$3.7 billion in 2Q23, up 12% QoQ and 3% YoY,
primarily driven by strong growth our Retail revenue.
Retail Revenue
(in R$ mn)
2Q23
2Q22
YoY
1Q23
QoQ
Retail Revenue
2,892
2,673
8%
2,569
13%
Equities
1,064
1,063
0%
1,069
0%
Fixed Income
578
580
0%
332
74%
Funds Platform
341
398
-14%
313
9%
Retirement Plans
87
81
8%
87
0%
Cards
232
116
100%
204
14%
Credit
44
38
14%
41
6%
Insurance
36
23
57%
32
11%
Other Retail
511
375
36%
490
4%
Annualized Retail Take Rate
1.30%
1.40%
-10 bps
1.21%
9 bps
Retail revenue was R$2.9 billion in 2Q23, up 13% QoQ and 8% YoY.
Retail revenue growth was driven by a combination of:
(1) Stabilization in our Equities revenue on
an annual and sequential basis;
(2) Sequential rebound in our Fixed Income
revenue, which grew 74% QoQ due to the volume increase in the
secondary markets for corporate bonds and bank funding instruments
distributed on our platform;
(3) Strong continued growth in our New
Verticals revenue (Retirement Plans, Cards, Credit, and Insurance),
which grew their combined revenue 9% QoQ and 54% YoY; and
(4) An increase in our Float revenue
(reported within Other Retail line) YoY.
Retail-related revenue in 2Q23 represented 78% of consolidated
Net Income from Financial Instruments, as per the Accounting Income
Statement.
Take Rate
Annualized Retail Take Rate was 1.30% in 2Q23, up 9 bps QoQ.
Excluding the one-time non-recurring loss in 1Q23, Annualized
Retail Take Rate increased 4 bps QoQ.
Institutional Revenue
Institutional revenue was R$385 million in 2Q23, up 16% QoQ and
down 12% YoY. Institutional revenue growth was driven by stronger
sequential trading activity, especially from offshore desks.
Institutional revenue in 2Q23 accounted for 9% of consolidated
Net Income from Financial Instruments, as per the Accounting Income
Statement.
Corporate & Issuer Services Revenue
Corporate & Issuer Services revenue totaled R$283 million in
2Q23, up 6% QoQ and down 15% YoY. The sequential increase in
Corporate & Issuer Services revenue was related to the recent
improvement in debt and equity capital markets activity, especially
in the last weeks of June.
Corporate and Issuer Services related revenues in 2Q23
represented 5% of consolidated Net Income from Financial
Instruments, as per the Accounting Income Statement.
Other Revenue
Other revenue was R$167 million in 2Q23, up 6% QoQ and down 3%
YoY.
Other revenue in 2Q23 accounted for 8% of consolidated
Net Income from Financial Instruments, as per the Accounting Income
Statement.
Costs of Goods Sold and Gross Margin
Gross Margin was 67.7% in 2Q23 versus 65.4% in 1Q23 and 72.0% %
in 2Q22. Excluding the one-time non-recurring loss in 1Q23, gross
margin was up 58bps QoQ, mainly due to sequential improvement in
revenue mix between products and channels.
SG&A Expenses
(in R$ mn)
2Q23
2Q22
YoY
1Q23
QoQ
Total SG&A3
(1,246)
(1,469)
-15%
(1,045)
19%
People
(899)
(1,094)
-18%
(760)
18%
Salary and Taxes
(344)
(372)
-8%
(378)
-9%
Bonuses
(428)
(522)
-18%
(329)
30%
Share Based Compensation
(127)
(200)
-36%
(53)
139%
Non-people
(347)
(375)
-7%
(285)
22%
LTM Compensation Ratio4
26.8%
29.8%
-305 bps
28.5%
-170 bps
LTM Efficiency Ratio5
38.3%
41.5%
-312 bps
40.4%
-201 bps
Headcount (EoP)
6,002
6,339
-5%
6,146
-2%
SG&A3 expenses totaled R$1.2 billion in 2Q23, up 19% QoQ and
down 15% YoY. The sequential increase is in line with our annual
guidance of R$5.0 to 5.5 billion in total SG&A3 for the full
year of 2023. The main increases in SG&A during the quarter
came from:
(1) Bonuses, in line with capital markets
improvement in the quarter;
(2) Share Based Compensation, coming back to
normalized levels, after a one-off positive impact in 1Q23, due to
headcount reduction; and
(3) Marketing expenses, which tend to be more
seasonal.
Our last twelve months (LTM) compensation ratio4 in 2Q23 was
26.8%, an improvement from 29.8% and 28.5% in 2Q22 and 1Q23,
respectively. Also, our LTM efficiency ratio5 reached 38.3% in
2Q23, compared to 41.5% and 40.4% in the same periods.
__________________________________________________
3 - Total SG&A and non-people SG&A
exclude revenue from incentives from Tesouro Direto, B3.
4 - Compensation ratio is calculated as
People SG&A (Salary and Taxes, Bonuses and Share Based
Compensation) divided by Net Revenue.
5 - Efficiency ratio is calculated as
SG&A ex-revenue from incentives from Tesouro Direto, B3, and
others divided by Net Revenue.
Earnings Before Taxes
EBT, a good proxy for earnings power, was R$968 million in 2Q23,
up 19% QoQ and 12% YoY, mainly driven by improving operating
leverage in the quarter. EBT Margin was 27.3%, up 123 bps QoQ and
198 bps YoY, in line with our medium-term annual guidance of 26% to
32% between 2023 and 2025.
Net Income and EPS
In 2Q23, Net Income was R$977 million, up 23% QoQ and 7% YoY.
Basic EPS was R$1.85, up 25% QoQ and 13% YoY. Fully diluted EPS was
R$1.83, up 24% QoQ and 16% YoY.
Other Information
Webcast and Conference Call Information
The Company will host a webcast to discuss its second quarter
financial results on Monday, August 14th, 2023, at 5:00 pm ET (6:00
pm BRT). To participate in the earnings webcast please subscribe at
2Q23 Earnings Web Meeting. The replay will be available on XP’s
investor relations website at https://investors.xpinc.com/
Important Disclosure
In reviewing the information contained in this release, you are
agreeing to abide by the terms of this disclaimer. This information
is being made available to each recipient solely for its
information and is subject to amendment. This release is prepared
by XP Inc. (the “Company,” “we” or “our”), is solely for
informational purposes. This release does not constitute a
prospectus and does not constitute an offer to sell or the
solicitation of an offer to buy any securities. In addition, this
document and any materials distributed in connection with this
release are not directed to, or intended for distribution to or use
by, any person or entity that is a citizen or resident or located
in any locality, state, country or other jurisdiction where such
distribution, publication, availability or use would be contrary to
law or regulation or which would require any registration or
licensing within such jurisdiction.
This release was prepared by the Company. Neither the Company
nor any of its affiliates, officers, employees or agents, make any
representation or warranty, express or implied, in relation to the
fairness, reasonableness, adequacy, accuracy or completeness of the
information, statements or opinions, whichever their source,
contained in this release or any oral information provided in
connection herewith, or any data it generates and accept no
responsibility, obligation or liability (whether direct or
indirect, in contract, tort or otherwise) in relation to any of
such information. The information and opinions contained in this
release are provided as at the date of this release, are subject to
change without notice and do not purport to contain all information
that may be required to evaluate the Company. The information in
this release is in draft form and has not been independently
verified. The Company and its affiliates, officers, employees and
agents expressly disclaim any and all liability which may be based
on this release and any errors therein or omissions therefrom.
Neither the Company nor any of its affiliates, officers, employees
or agents makes any representation or warranty, express or implied,
as to the achievement or reasonableness of future projections,
management targets, estimates, prospects or returns, if any.
The information contained in this release does not purport to be
comprehensive and has not been subject to any independent audit or
review. Certain of the financial information as of and for the
periods ended of December 31, 2021 and December 31, 2020, 2019,
2018 and 2017 has been derived from audited financial statements
and all other financial information has been derived from unaudited
interim financial statements. A significant portion of the
information contained in this release is based on estimates or
expectations of the Company, and there can be no assurance that
these estimates or expectations are or will prove to be accurate.
The Company’s internal estimates have not been verified by an
external expert, and the Company cannot guarantee that a third
party using different methods to assemble, analyze or compute
market information and data would obtain or generate the same
results.
Statements in the release, including those regarding the
possible or assumed future or other performance of the Company or
its industry or other trend projections, constitute forward-looking
statements. These statements are generally identified by the use of
words such as “anticipate,” “believe,” “could,” “expect,” “should,”
“plan,” “intend,” “estimate” and “potential,” among others. By
their nature, forward-looking statements are necessarily subject to
a high degree of uncertainty and involve known and unknown risks,
uncertainties, assumptions and other factors because they relate to
events and depend on circumstances that will occur in the future
whether or not outside the control of the Company. Such factors may
cause actual results, performance or developments to differ
materially from those expressed or implied by such forward-looking
statements and there can be no assurance that such forward-looking
statements will prove to be correct. These risks and uncertainties
include factors relating to: (1) general economic, financial,
political, demographic and business conditions in Brazil, as well
as any other countries we may serve in the future and their impact
on our business; (2) fluctuations in interest, inflation and
exchange rates in Brazil and any other countries we may serve in
the future; (3) competition in the financial services industry; (4)
our ability to implement our business strategy; (5) our ability to
adapt to the rapid pace of technological changes in the financial
services industry; (6) the reliability, performance, functionality
and quality of our products and services and the investment
performance of investment funds managed by third parties or by our
asset managers; (7) the availability of government authorizations
on terms and conditions and within periods acceptable to us; (8)
our ability to continue attracting and retaining new
appropriately-skilled employees; (9) our capitalization and level
of indebtedness; (10) the interests of our controlling
shareholders; (11) changes in government regulations applicable to
the financial services industry in Brazil and elsewhere; (12) our
ability to compete and conduct our business in the future; (13) the
success of operating initiatives, including advertising and
promotional efforts and new product, service and concept
development by us and our competitors; (14) changes in consumer
demands regarding financial products, customer experience related
to investments and technological advances, and our ability to
innovate to respond to such changes; (15) changes in labor,
distribution and other operating costs; (16) our compliance with,
and changes to, government laws, regulations and tax matters that
currently apply to us; (17) other factors that may affect our
financial condition, liquidity and results of operations.
Accordingly, you should not place undue reliance on forward-looking
statements. The forward-looking statements included herein speak
only as at the date of this release and the Company does not
undertake any obligation to update these forward-looking
statements. Past performance does not guarantee or predict future
performance. Moreover, the Company and its affiliates, officers,
employees and agents do not undertake any obligation to review,
update or confirm expectations or estimates or to release any
revisions to any forward-looking statements to reflect events that
occur or circumstances that arise in relation to the content of the
release. You are cautioned not to unduly rely on such
forward-looking statements when evaluating the information
presented and we do not intend to update any of these
forward-looking statements.
Market data and industry information used throughout this
release are based on management’s knowledge of the industry and the
good faith estimates of management. The Company also relied, to the
extent available, upon management’s review of industry surveys and
publications and other publicly available information prepared by a
number of third-party sources. All of the market data and industry
information used in this release involves a number of assumptions
and limitations, and you are cautioned not to give undue weight to
such estimates. Although the Company believes that these sources
are reliable, there can be no assurance as to the accuracy or
completeness of this information, and the Company has not
independently verified this information.
The contents hereof should not be construed as investment,
legal, tax or other advice and you should consult your own advisers
as to legal, business, tax and other related matters concerning an
investment in the Company. The Company is not acting on your behalf
and does not regard you as a customer or a client. It will not be
responsible to you for providing protections afforded to clients or
for advising you on the relevant transaction.
This release includes our Float, Adjusted Gross Financial
Assets, Net Asset Value, and Adjustments to Reported Net Income,
which are non-GAAP financial information. We believe that such
information is meaningful and useful in understanding the
activities and business metrics of the Company’s operations. We
also believe that these non-GAAP financial measures reflect an
additional way of viewing aspects of the Company’s business that,
when viewed with our International Financial Reporting Standards
(“IFRS”) results, as issued by the International Accounting
Standards Board, provide a more complete understanding of factors
and trends affecting the Company’s business. Further, investors
regularly rely on non-GAAP financial measures to assess operating
performance and such measures may highlight trends in the Company’s
business that may not otherwise be apparent when relying on
financial measures calculated in accordance with IFRS. We also
believe that certain non-GAAP financial measures are frequently
used by securities analysts, investors and other interested parties
in the evaluation of public companies in the Company’s industry,
many of which present these measures when reporting their results.
The non-GAAP financial information is presented for informational
purposes and to enhance understanding of the IFRS financial
statements. The non-GAAP measures should be considered in addition
to results prepared in accordance with IFRS, but not as a
substitute for, or superior to, IFRS results. As other companies
may determine or calculate this non-GAAP financial information
differently, the usefulness of these measures for comparative
purposes is limited. A reconciliation of such non-GAAP financial
measures to the nearest GAAP measure is included in this
release.
For purposes of this release:
“Active Clients” means the total number of retail clients served
through our XP Investimentos, Rico, Clear, XP Investments and XP
Private (Europe) brands, with Client Assets above R$100.00 or that
have transacted at least once in the last thirty days. For purposes
of calculating this metric, if a client holds an account in more
than one of the aforementioned entities, such client will be
counted as one “active client” for each such account. For example,
if a client holds an account in each of XP Investimentos and Rico,
such client will count as two “active clients” for purposes of this
metric.
“Client Assets” means the market value of all client assets
invested through XP’s platform and that is related to reported
Retail Revenue, including equities, fixed income securities, mutual
funds (including those managed by XP Gestão de Recursos Ltda., XP
Advisory Gestão de Recursos Ltda. and XP Vista Asset Management
Ltda., as well as by third-party asset managers), pension funds
(including those from XP Vida e Previdência S.A., as well as by
third-party insurance companies), exchange traded funds, COEs
(Structured Notes), REITs, and uninvested cash balances (Float
Balances), among others. Although Client Assets includes custody
from Corporate Clients that generate Retail Revenue, it does not
include custody from institutional clients (asset managers, pension
funds and insurance companies).
Rounding
We have made rounding adjustments to some of the figures
included in this release. Accordingly, numerical figures shown as
totals in some tables may not be an arithmetic aggregation of the
figures that preceded them.
Unaudited Managerial Income Statement (in R$ mn)
Managerial Income Statement
2Q23
2Q22
YoY
1Q23
QoQ
Total Gross Revenue
3,728
3,618
3%
3,326
12%
Retail
2,892
2,673
8%
2,569
13%
Equities
1,064
1,063
0%
1,069
0%
Fixed Income
578
580
0%
332
74%
Funds Platform
341
398
-14%
313
9%
Retirement Plans
87
81
8%
87
0%
Cards
232
116
100%
204
14%
Credit
44
38
14%
41
6%
Insurance
36
23
57%
32
11%
Other
511
375
36%
490
4%
Institutional
385
436
-12%
332
16%
Corporate & Issuer
Services
283
335
-15%
266
6%
Other
167
173
-3%
158
6%
Net Revenue
3,549
3,429
3%
3,134
13%
COGS
(1,147)
(960)
20%
(1,084)
6%
Gross Profit
2,402
2,469
-3%
2,050
17%
Gross Margin
67.7%
72.0%
-433 bps
65.4%
227 bps
SG&A
(1,246)
(1,468)
-15%
(1,042)
20%
People
(899)
(1,094)
-18%
(760)
18%
Non-People
(347)
(374)
-7%
(282)
23%
D&A
(51)
(56)
-9%
(48)
6%
Interest expense on debt
(152)
(77)
98%
(163)
-6%
Share of profit or (loss) in
joint ventures and associates
15
(1)
n.a.
19
-201%
EBT
968
867
12%
816
19%
EBT Margin
27.3%
25.3%
198 bps
26.0%
123 bps
Tax Expense (Accounting)
9
45
-80%
(20)
-145%
Tax expense (Tax Withholding in
Funds)6
(168)
(190)
-12%
(147)
14%
Effective tax rate
(Normalized)
(14.0%)
(13.7%)
-29 bps
(17.4%)
344 bps
Net Income
977
913
7%
796
23%
Net Margin
27.5%
26.6%
91 bps
25.4%
213 bps
Adjustments
85
133
-36%
23
274%
Adjusted Net Income7
1,062
1,046
2%
819
30%
Adjusted Net Margin
29.9%
30.5%
-57 bps
26.1%
381 bps
_______________________________________________________
6 - Tax adjustments are related to tax
withholding expenses that are recognized net in gross revenue. 7 -
See appendix for a reconciliation of Adjusted Net Income.
Accounting Income Statement (in R$ mn)
Accounting Income Statement
2Q23
2Q22
YoY
1Q23
QoQ
Net revenue from services
rendered
1,483
1,553
-4%
1,346
10%
Brokerage commission
488
500
-2%
494
-1%
Securities placement
407
454
-10%
249
64%
Management fees
419
478
-12%
382
10%
Insurance brokerage fee
42
35
22%
41
2%
Commission Fees
174
99
76%
189
-8%
Other services
91
122
-25%
114
-20%
Sales Tax and contributions on
Services
(139)
(136)
2%
(123)
13%
Net income from financial
instruments at amortized cost and at fair value through other
comprehensive income
618
712
-13%.
502
23%
Net income from financial
instruments at fair value through profit or loss
1,448
1,164
24%
1,286
13%
Total revenue and
income
3,549
3,429
3%
3,134
13%
Operating costs
(1,092)
(958)
14%
(1,017)
7%
Selling expenses
(45)
(39)
15%
(15)
203%
Administrative expenses
(1,276)
(1,478)
-14%
(1,094)
17%
Other operating revenues
(expenses), net
24
(7)
n.a.
19
30%
Expected credit losses
(55)
(1)
n.a.
(68)
-19%
Interest expense on debt
(152)
(77)
98%
(163)
-6%
Share of profit or (loss) in
joint ventures and associates
15
(1)
n.a.
19
-20%
Income before income
tax
968
867
12%
816
19%
Income tax expense
9
45
-80%
(20)
-145%
Net income for the
period
977
913
7%
796
23%
Balance Sheet (in R$ mn)
Assets
2Q23
1Q23
Cash
2,916
3,089
Financial assets
216,446
180,185
Fair value through profit or
loss
124,465
99,527
Securities
99,280
84,511
Derivative financial
instruments
25,185
15,015
Fair value through other
comprehensive income
33,091
29,145
Securities
33,091
29,145
Evaluated at amortized
cost
58,890
51,514
Securities
7,824
10,905
Securities purchased under
agreements to resell
15,786
11,830
Securities trading and
intermediation
2,917
2,607
Accounts receivable
646
595
Loan Operations
24,088
23,107
Other financial assets
7,630
2,470
Other assets
6,498
6,194
Recoverable taxes
220
283
Rights-of-use assets
209
233
Prepaid expenses
4,270
4,250
Other
1,800
1,427
Deferred tax assets
1,532
1,582
Investments in associates and
joint ventures
2,250
2,256
Property and equipment
301
304
Goodwill & Intangible
assets
837
830
Total Assets
230,781
194,441
Liabilities
2Q23
1Q23
Financial liabilities
159,678
128,402
Fair value through profit or
loss
40,800
26,545
Securities
14,554
11,472
Derivative financial
instruments
26,247
15,073
Evaluated at amortized
cost
118,877
101,857
Securities sold under repurchase
agreements
34,623
25,921
Securities trading and
intermediation
15,451
15,269
Financing instruments payable
51,931
46,482
Accounts payables
626
586
Borrowings
-
1,825
Other financial liabilities
16,247
11,774
Other liabilities
52,520
48,916
Social and statutory
obligations
947
503
Taxes and social security
obligations
442
400
Private pension liabilities
50,907
47,806
Provisions and contingent
liabilities
79
79
Other
146
127
Deferred tax
liabilities
134
76
Total Liabilities
212,331
177,395
Equity attributable to owners
of the Parent company
18,440
17,039
Issued capital
0
0
Capital reserve
16,523
19,195
Other comprehensive income
264
(48)
Treasury
(117)
(2,903)
Retained earnings
1,770
795
Non-controlling
interest
9
7
Total equity
18,449
17,046
Total liabilities and
equity
230,781
194,441
Float, Adjusted Gross Financial Assets and Net Asset
Value
(in R$ mn)
We present Adjusted Gross Financial Assets because we believe
this metric captures the liquidity that is, in fact, available to
us, net of the portion of liquidity that is related to our Float
Balance (and therefore attributable to clients). We calculate
Adjusted Gross Financial Assets as the sum of (1) Cash and
Financial Assets (comprised of Cash plus Securities – Fair value
through profit or loss, plus Securities – Fair value through other
comprehensive income, plus Securities – Evaluated at amortized
cost, plus Derivative financial instruments, plus Securities
(purchased under agreements to resell), plus Loans and Foreign
exchange portfolio (assets) less (2) Financial Liabilities
(comprised of the sum of Securities loaned, Derivative financial
instruments, Securities sold under repurchase agreements and
Private pension liabilities), Deposits, Structured Operation
Certificates (COE), Financial Bills, Foreign exchange portfolio
(liabilities), Credit cards operations and (3) less Float
Balance.
It is a measure that we track internally daily, and it more
intuitively reflects the effect of the operational profits we
generate and the variations between working capital assets and
liabilities (cash flows from operating activities), investments in
fixed and intangible assets and investments in the IFA Network
(cash flows from investing activities) and inflows and outflows
related to equity and debt securities in our capital structure
(cash flows from financing activities). Our management treats all
securities and financial instrument assets, net of financial
instrument liabilities, as balances that compose our total
liquidity, with subline items (such as, for example, “securities at
fair value through profit and loss” and “securities at fair value
through other comprehensive income”) expected to fluctuate
substantially from quarter to quarter as our treasury manages and
allocates our total liquidity to the most suitable financial
instruments.
In order to explain how we measure our cash position or
generation internally, we are introducing the Net Asset Value
concept. Since we are a financial institution, we hold several
types of financial instruments with different characteristics,
hence the definition of net cash that makes more sense from a
business perspective is the Net Asset Value. It is basically the
adjusted gross financial assets net of debt instruments.
Adjusted Gross Financial
Assets
2Q23
1Q23
Assets
216,881
180,747
(+) Cash
2,916
3,089
(+) Securities - Fair value
through profit or loss
99,280
84,511
(+) Securities - Fair value
through other comprehensive income
33,091
29,145
(+) Securities - Evaluated at
amortized cost
7,824
10,905
(+) Derivative financial
instruments
25,185
15,015
(+) Securities purchased under
agreements to resell
15,786
11,830
(+) Loans and credit card
operations
24,088
23,107
(+) Foreign exchange
portfolio
5,556
1,732
(+) Energy
1,270
874
(+) Central Bank Deposits
1,885
538
Liabilities
(185,632)
(149,313)
(-) Securities
(14,554)
(11,472)
(-) Derivative financial
instruments
(26,247)
(15,073)
(-) Securities sold under
repurchase agreements
(34,623)
(25,921)
(-) Retirement Plans
Liabilities
(50,907)
(47,806)
(-) Deposits
(25,668)
(21,025)
(-) Structured Operations
(15,248)
(13,204)
(-) Financial Bills
(5,206)
(6,347)
(-) Foreign exchange
portfolio
(6,007)
(2,036)
(-) Credit card operations
(5,899)
(5,245)
(-) Commitments subject to
possible redemption
(1,090)
(1,008)
(-) Other Funding
(185)
(175)
(-) Float
(12,534)
(12,662)
(=) Adjusted Gross Financial
Assets
18,715
18,772
Net Asset Value
2Q23
1Q23
(=) Adjusted Gross Financial
Assets
18,715
18,772
Gross Debt
(7,946)
(9,950)
(-) Borrowings
-
(1,825)
(-) Debentures
(2,379)
(2,235)
(-) Structured financing
(2,321)
(2,393)
(-) Bonds
(3,246)
(3,497)
(=) Net Asset Value
10,769
8,822
Float (=net uninvested clients'
deposits)
2Q23
1Q23
Assets
(2,917)
(2,607)
(-) Securities trading and
intermediation
(2,917)
(2,607)
Liabilities
15,451
15,269
(+) Securities trading and
intermediation
15,451
15,269
(=) Float
12,534
12,662
Reconciliation of Adjusted Net Income (in R$ mn)
Adjusted Net Income
2Q23
2Q22
YoY
1Q23
QoQ
Net Income
977
913
7%
796
23%
(+) Share Based Compensation
140
214
-34%
68
105%
(+/-) Taxes
(55)
(81)
-32%
(46)
21%
Adj. Net Income
1,062
1,046
2%
819
30%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814071793/en/
Investor Relations Contact ir@xpi.com.br
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