XP Inc. (Nasdaq: XP), a leading, technology-driven platform and
a trusted provider of low-fee financial products and services in
Brazil, announced today its 2Q23 KPIs. The Portuguese version of
this release can be accessed in the Press Release section on the IR
website. Additional KPI details and historical data can be found in
our financial spreadsheet.
1. INVESTMENTS
Client Assets and Net Inflow (in R$ billion)
Client Assets totaled R$1.0 trillion as of June 30th, up 21% YoY
and 7% QoQ. Year-over-year growth was driven by R$104 billion net
inflows and R$73 billion of market appreciation.
In 2Q23, Net Inflow was R$22 billion, up 36% QoQ and down 49%
YoY. Retail Net Inflow was R$18.4 billion while Corporate Net
Inflow was R$3.7 billion.
Active Clients (in ‘000s)
Active clients grew 1% QoQ and 11% YoY, totaling 4.0 million in
2Q23.
IFA Network (in ‘000s)
Our network reached 14.1 thousand IFAs in 2Q23, up 9% QoQ and
25% YoY.
Retail Daily Average Trades (in million)1
Retail DATs totaled 2.2 million in 2Q23, down 4% YoY and 8% QoQ,
reflecting weaker volumes especially in futures.
NPS (Net Promoter Score)
Our NPS, a widely known survey methodology used to measure
customer satisfaction, was 76 in 2Q23. Maintaining a high NPS score
remains a priority for XP since our business model is built around
client experience. The NPS calculation as of a given date reflects
the average scores in the prior six months.
2. RETIREMENT PLANS
Retirement Plans Client Assets2 (in R$ billion)
As per public data published by Susep, XPV&P continued to be
#1 in net portability for individual retirement plans in 2023, as
of May, while our total Market Share still stood at 4.0% and
individual’s market share (PGBL and VGBL) stood at 4.6%. Total
Client Assets achieved R$64 billion in 2Q23, up 18% YoY. Assets
from XPV&P, our proprietary insurer, grew 30% YoY, reaching
R$51 billion.
3. CARDS3
Cards TPV (in R$ billion)
In 2Q23, Total TPV reached R$9.7 billion, a 77% growth YoY, and
13% growth versus 1Q23.
Active Cards (in ‘000s)
Total active cards were 957 thousand in 2Q23, a growth of 15%
QoQ and 150% YoY. We ended 2Q23 with 741 thousand active digital
accounts, representing a penetration of 18% of total active
clients.
4. CREDIT
Credit Portfolio4 (in R$ billion)
Total Credit portfolio reached R$17.9 billion as of June 30th,
expanding 3% QoQ and 38% YoY. The average maturity of our credit
book was 2.9 years, with a 90-day Non-Performing Loan (NPL) ratio
of 0.1%.
5. INSURANCE
Active Policies (in ‘000s)
Starting this quarter, we now publish active policies, that
include whole and term life insurance products distributed on our
platform. In 2Q23, active policies totaled 50 thousand, an increase
of 69% YoY, and 9% QoQ.
__________________________
1 Daily Average Trades, including Stocks,
Listed Funds, Options and Futures.
2 Total Retirement Plans Clients’ Assets
includes assets from XP Vida e Previdência (XPV&P) and from
third party funds distributed in our platform.
3 Credit and Debit Cards (Debit starting
on 3Q22).
4 From 3Q22 onwards, the credit portfolio
is disclosed gross (versus previously net) of loan loss provisions,
also retroactively, not including Intercompany transactions and
Credit Card related loans and receivables.
Non-GAAP Measures
This release includes certain 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 results, as issued by the International
Accounting Standards Board, provide a more complete understanding
of factors and trends affecting the Company’s business.
Furthermore, 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.
About XP
XP is a leading, technology-driven platform and a trusted
provider of low-fee financial products and services in Brazil. XP’s
mission is to disintermediate the legacy models of traditional
financial institutions by:
- Educating new classes of investors;
- Democratizing access to a wider range of financial
services;
- Developing new financial products and technology applications
to empower clients; and
- Providing high-quality customer service and client experience
in the industry in Brazil.
XP provides customers with two principal types of offerings, (i)
financial advisory services for retail clients in Brazil,
high-net-worth clients, international clients and corporate and
institutional clients, and (ii) an open financial product platform
providing access to over 800 investment products including equity
and fixed income securities, mutual and hedge funds, structured
products, life insurance, pension plans, real-estate investment
funds (REITs) and others from XP, its partners and competitors.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date they were first issued and were
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management. Words such as
"expect," "anticipate," "should," "believe," "hope," “aim,”
"target," "project," "goals," "estimate," "potential," "predict,"
"may," "will," "might," "could," "intend," variations of these
terms or the negative of these terms and similar expressions are
intended to identify these statements. Forward-looking statements
are subject to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond XP Inc’s control.
XP, Inc’s actual results could differ materially from those stated
or implied in forward-looking statements due to several factors,
including but not limited to: competition, change in clients,
regulatory measures, a change the external forces among other
factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20230719221254/en/
Investor Contact: ir@xpi.com.br IR Website:
investors.xpinc.com
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