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 third quarter of 2023.
Summary
Operating Metrics (unaudited)
3Q23
3Q22
YoY
2Q23
QoQ
Total Client Assets (in R$
bn)
1,080
925
17%
1,024
6%
Total Net Inflow (in R$ bn)
48
35
38%
22
118%
Annualized Retail Take Rate
1.34%
1.33%
1 bps
1.30%
4 bps
Active Clients (in '000s)
4,412
3,805
16%
4,013
10%
Headcount (EoP)
6,699
6,948
-4%
6,002
12%
IFAs (in '000s)
14.3
11.6
23%
14.1
1%
Retail DATs (in mn)
2.1
2.3
-9%
2.2
-2%
Retirement Plans Client Assets
(in R$ bn)
67
58
15%
64
4%
Cards TPV (in R$ bn)
10.7
6.6
62%
9.7
11%
Credit Portfolio (in R$ bn)
19.9
16.3
22%
17.9
11%
Financial Metrics (in R$ mn)
3Q23
3Q22
YoY
2Q23
QoQ
Gross revenue
4,364
3,811
14%
3,728
17%
Retail
3,179
2,629
21%
2,892
10%
Institutional
386
577
-33%
385
0%
Corporate & Issuer
Services
519
436
19%
283
83%
Other
281
170
65%
167
68%
Net Revenue
4,132
3,620
14%
3,549
16%
Gross Profit
2,896
2,615
11%
2,402
21%
Gross Margin
70.1%
72.2%
-216 bps
67.7%
240 bps
EBT
1,157
983
18%
968
20%
EBT Margin
28.0%
27.2%
86 bps
27.3%
74 bps
Net Income
1,087
1,031
5%
977
11%
Net Margin
26.3%
28.5%
-218 bps
27.5%
-123 bps
Basic EPS (in R$)
1.99
1.85
7%
1.85
8%
Diluted EPS (in R$)
1.96
1.80
9%
1.83
7%
ROAE¹
22.6%
24.4%
-183 bps
22.0%
58 bps
ROAA²
2.6%
3.3%
-69 bps
2.6%
1 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$4.4 billion in 3Q23, up 17% QoQ and 14% YoY,
primarily driven by growth in our Retail revenue year-over-year and
a strong recovery in Corporate & Issuer Services
quarter-over-quarter. Modal’s financials have been fully
incorporated in 3Q23, accounting for R$161 million in Gross Revenue
for the quarter.
Retail Revenue
(in R$ mn)
3Q23
3Q22
YoY
2Q23
QoQ
Retail Revenue
3,179
2,629
21%
2,892
10%
Equities
1,131
1,120
1%
1,064
6%
Fixed Income
718
489
47%
578
24%
Funds Platform
323
282
15%
341
-5%
Retirement Plans
98
85
15%
87
12%
Cards
259
146
77%
232
12%
Credit
49
40
24%
44
13%
Insurance
36
21
72%
36
1%
Other Retail
565
447
26%
511
11%
Annualized Retail Take Rate
1.34%
1.33%
1 bps
1.30%
4 bps
Retail revenue was R$3.2 billion in 3Q23, up 10% QoQ and 21%
YoY. Retail revenue growth was driven by a combination of:
(1) Year-over-year and sequential growth in
Fixed Income revenue, led by a strong performance in primary
markets in the quarter;
(2) Strong continued growth in Cards revenue,
which grew 77% YoY
Retail-related revenue in 3Q23 represented 68% of consolidated
Net Income from Financial Instruments, as per the Accounting Income
Statement.
Take Rate
Annualized Retail Take Rate was 1.34% in 3Q23, up 4 bps QoQ.
Institutional Revenue
Institutional revenue was R$386 million in 3Q23, stable QoQ and
down 33% YoY. Year-over-year decrease is mainly due to a tough comp
in 3Q22, with a lot of hedging demand in the pre-elections
period.
Institutional revenue in 3Q23 accounted for 13% of consolidated
Net Income from Financial Instruments, as per the Accounting Income
Statement.
Corporate & Issuer Services Revenue
Corporate & Issuer Services revenue totaled R$519 million in
3Q23, up 83% QoQ and 19% YoY. The sequential increase in Corporate
& Issuer Services revenue was due to the growth in Issuer
Services revenue, mainly related to a strong pick-up in DCM
activity in the quarter.
Corporate and Issuer Services related revenues in 3Q23
represented 9% of consolidated Net Income from Financial
Instruments, as per the Accounting Income Statement.
Other Revenue
Other revenue was R$281 million in 3Q23, up 68% QoQ and 65%
YoY.
Other revenue in 3Q23 accounted for 11% of consolidated
Net Income from Financial Instruments, as per the Accounting Income
Statement.
Costs of Goods Sold and Gross Margin
Gross Margin was 70.1% in 3Q23 versus 67.7% in 2Q23 and 72.2% in
3Q22. Sequential improvement in gross margin was mainly related to
better revenue mix between products and channels in the
quarter.
SG&A Expenses
(in R$ mn)
3Q23
3Q22
YoY
2Q23
QoQ
Total SG&A3
(1,547)
(1,501)
3%
(1,246)
24%
People
(1,048)
(1,057)
-1%
(899)
17%
Salary and Taxes
(396)
(377)
5%
(344)
15%
Bonuses
(486)
(510)
-5%
(428)
13%
Share Based Compensation
(166)
(171)
-3%
(127)
30%
Non-people
(499)
(444)
12%
(347)
44%
LTM Compensation Ratio4
25.7%
29.8%
-409 bps
26.8%
-105 bps
LTM Efficiency Ratio5
37.3%
41.7%
-444 bps
38.3%
-108 bps
Headcount (EoP)
6,699
6,948
-4%
6,002
12%
SG&A3 expenses totaled R$1.5 billion in 3Q23, up 24% QoQ and
3% 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) Non-people expenses, mainly related to
Expert event that happened during 3Q23;
(2) Modal expenses incorporation, which
accounted for R$111 million in 3Q23.
Our last twelve months (LTM) compensation ratio4 in 3Q23 was
25.7%, an improvement from 29.8% and 26.8% in 3Q22 and 2Q23,
respectively. Also, our LTM efficiency ratio5 reached 37.3% in
3Q23, compared to 41.7% and 38.3% 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$1.2 billion in 3Q23,
up 20% QoQ and 18% YoY, mainly driven by revenue growth and
improving operating leverage in the quarter. EBT Margin was 28.0%,
up 74 bps QoQ and 86 bps YoY, in line with our medium-term annual
guidance of 26% to 32% between 2023 and 2025.
Net Income and EPS
In 3Q23, Net Income was R$1.1 billion, up 11% QoQ and 5% YoY.
Basic EPS was R$1.99, up 8% QoQ and 7% YoY. Fully diluted EPS was
R$1.96, up 7% QoQ and 9% YoY.
Other Information
Webcast and Conference Call Information
The Company will host a webcast to discuss its third quarter
financial results on Monday, November 13th, 2023, at 5:00 pm ET
(7:00 pm BRT). To participate in the earnings webcast please
subscribe at 3Q23 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
3Q23
3Q22
YoY
2Q23
QoQ
Total Gross Revenue
4,364
3,811
14%
3,728
17%
Retail
3,179
2,629
21%
2,892
10%
Equities
1,131
1,120
1%
1,064
6%
Fixed Income
718
489
47%
578
24%
Funds Platform
323
282
15%
341
-5%
Retirement Plans
98
85
15%
87
12%
Cards
259
146
77%
232
12%
Credit
49
40
24%
44
13%
Insurance
36
21
72%
36
1%
Other
565
447
26%
511
11%
Institutional
386
577
-33%
385
0%
Corporate & Issuer
Services
519
436
19%
283
83%
Other
281
170
65%
167
68%
Net Revenue
4,132
3,620
14%
3,549
16%
COGS
(1,236)
(1,005)
23%
(1,147)
8%
Gross Profit
2,896
2,615
11%
2,402
21%
Gross Margin
70.1%
72.2%
-216 bps
67.7%
240 bps
SG&A
(1,541)
(1,463)
5%
(1,246)
24%
People
(1,048)
(1,057)
-1%
(899)
17%
Non-People
(493)
(405)
22%
(347)
42%
D&A
(71)
(44)
63%
(51)
40%
Interest expense on debt
(135)
(128)
6%
(152)
-11%
Share of profit or (loss) in
joint ventures and associates
9
1
562%
15
-63%
EBT
1,157
983
18%
968
20%
EBT Margin
28.0%
27.2%
86 bps
27.3%
74 bps
Tax Expense (Accounting)
(71)
48
-248%
9
-874%
Tax expense (Tax Withholding in
Funds)6
(169)
(212)
-20%
(168)
1%
Effective tax rate
(Normalized)
(18.1%)
(13.7%)
-435 bps
(14.0%)
-410 bps
Net Income
1,087
1,031
5%
977
11%
Net Margin
26.3%
28.5%
-218 bps
27.5%
-123 bps
Adjustments
92
118
-22%
85
8%
Adjusted Net Income7
1,179
1,149
3%
1,062
11%
Adjusted Net Margin
28.5%
31.7%
-321 bps
29.9%
-140 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
3Q23
3Q22
YoY
2Q23
QoQ
Net revenue from services
rendered
1,822
1,558
17%
1,483
23%
Brokerage commission
525
498
5%
488
8%
Securities placement
637
525
21%
407
56%
Management fees
414
361
15%
419
-1%
Insurance brokerage fee
43
35
24%
42
3%
Commission Fees
206
135
53%
174
18%
Other services
169
149
13%
91
85%
Sales Tax and contributions on
Services
(173)
(145)
19%
(139)
25%
Net income from financial
instruments at amortized cost and at fair value through other
comprehensive income
142
563
-75%
618
-77%
Net income from financial
instruments at fair value through profit or loss
2,168
1,499
45%
1,448
50%
Total revenue and
income
4,132
3,620
14%
3,549
16%
Operating costs
(1,122)
(977)
15%
(1,092)
3%
Selling expenses
(50)
(33)
53%
(45)
10%
Administrative expenses
(1,544)
(1,503)
3%
(1,276)
21%
Other operating revenues
(expenses), net
(18)
29
n.a.
24
-175%
Expected credit losses
(115)
(28)
n.a.
(55)
109%
Interest expense on debt
(135)
(128)
6%
(152)
-11%
Share of profit or (loss) in
joint ventures and associates
9
1
n.a.
15
-38%
Income before income
tax
1,157
983
18%
968
20%
Income tax expense
(71)
48
-248%
9
n.a.
Net income for the
period
1,087
1,031
5%
977
11%
Balance Sheet (in R$ mn)
Assets
3Q23
2Q23
Cash
3,822
2,916
Financial assets
214,838
216,446
Fair value through profit or
loss
120,854
124,465
Securities
101,039
99,280
Derivative financial
instruments
19,815
25,185
Fair value through other
comprehensive income
38,486
33,091
Securities
38,486
33,091
Evaluated at amortized
cost
55,498
58,890
Securities
6,175
7,824
Securities purchased under
agreements to resell
12,252
15,786
Securities trading and
intermediation
3,569
2,917
Accounts receivable
620
646
Loan Operations
26,645
24,088
Other financial assets
6,236
7,630
Other assets
7,586
6,498
Recoverable taxes
302
220
Rights-of-use assets
204
209
Prepaid expenses
4,401
4,270
Other
2,679
1,800
Deferred tax assets
2,023
1,532
Investments in associates and
joint ventures
2,261
2,250
Property and equipment
348
301
Goodwill & Intangible
assets
2,551
837
Total Assets
233,427
230,781
Liabilities
3Q23
2Q23
Financial liabilities
158,537
159,678
Fair value through profit or
loss
32,888
40,800
Securities
14,342
14,554
Derivative financial
instruments
18,546
26,247
Evaluated at amortized
cost
125,649
118,877
Securities sold under repurchase
agreements
39,517
34,623
Securities trading and
intermediation
17,062
15,451
Financing instruments payable
53,094
51,931
Accounts payables
604
626
Borrowings
1,260
-
Other financial liabilities
14,112
16,247
Other liabilities
54,793
52,520
Social and statutory
obligations
711
947
Taxes and social security
obligations
488
442
Retirement plans liabilities
53,280
50,907
Provisions and contingent
liabilities
110
79
Other
204
146
Deferred tax
liabilities
74
134
Total Liabilities
213,404
212,331
Equity attributable to owners
of the Parent company
20,014
18,440
Issued capital
0
0
Capital reserve
18,745
16,523
Other comprehensive income
107
264
Treasury
(117)
(117)
Retained earnings
1,279
1,770
Non-controlling
interest
9
9
Total equity
20,023
18,449
Total liabilities and
equity
233,427
230,781
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
3Q23
2Q23
Assets
216,300
216,881
(+) Cash
3,822
2,916
(+) Securities - Fair value
through profit or loss
101,039
99,280
(+) Securities - Fair value
through other comprehensive income
38,486
33,091
(+) Securities - Evaluated at
amortized cost
6,175
7,824
(+) Derivative financial
instruments
19,815
25,185
(+) Securities purchased under
agreements to resell
12,252
15,786
(+) Loans and credit card
operations
26,645
24,088
(+) Foreign exchange
portfolio
4,240
5,556
(+) Energy
2,105
1,270
(+) Central Bank Deposits
1,722
1,885
Liabilities
(183,729)
(185,632)
(-) Securities
(14,342)
(14,554)
(-) Derivative financial
instruments
(18,546)
(26,247)
(-) Securities sold under
repurchase agreements
(39,517)
(34,623)
(-) Retirement Plans
Liabilities
(53,280)
(50,907)
(-) Deposits
(22,635)
(25,668)
(-) Structured Operations
(16,241)
(15,248)
(-) Financial Bills
(7,812)
(5,206)
(-) Foreign exchange
portfolio
(4,562)
(6,007)
(-) Credit card operations
(6,442)
(5,899)
(-) Commitments subject to
possible redemption
-
(1,090)
(-) Other Funding
(352)
(185)
(-) Float
(13,493)
(12,534)
(=) Adjusted Gross Financial
Assets
19,078
18,715
Net Asset Value
3Q23
2Q23
(=) Adjusted Gross Financial
Assets
19,078
18,715
Gross Debt
(9,428)
(7,946)
(-) Borrowings
(1,260)
-
(-) Debentures
(2,656)
(2,379)
(-) Structured financing
(2,114)
(2,321)
(-) Bonds
(3,398)
(3,246)
(=) Net Asset Value
9,650
10,769
Float (=net uninvested clients'
deposits)
3Q23
2Q23
Assets
(3,569)
(2,917)
(-) Securities trading and
intermediation
(3,569)
(2,917)
Liabilities
17,062
15,451
(+) Securities trading and
intermediation
17,062
15,451
(=) Float
13,493
12,534
Reconciliation of Adjusted Net Income (in R$ mn)
Adjusted Net Income
3Q23
3Q22
YoY
2Q23
QoQ
Net Income
1,087
1,031
5%
977
11%
(+) Share Based Compensation
151
186
-19%
140
8%
(+/-) Taxes
(59)
(68)
-13%
(55)
7%
Adj. Net Income
1,179
1,149
3%
1,062
11%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113719935/en/
Investor Relations Contact ir@xpi.com.br
XP (NASDAQ:XP)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
XP (NASDAQ:XP)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024