Gold prices bounce off 3-week lows; demand likely longer term
SÃO PAULO - XP Inc. (NASDAQ:XP) reported better-than-expected first quarter earnings on Tuesday, sending shares up 1% in after-hours trading.
The Brazilian financial services company posted adjusted earnings per share of R$2.29, exceeding analyst estimates of R$2.16. Revenue came in at R$4.35 billion, slightly below the consensus forecast of R$4.43 billion but up 7% year-over-year.
XP’s total client assets reached R$1.33 trillion in Q1, a 13% increase from the prior year. Net inflows totaled R$24 billion for the quarter.
The company’s retail revenue grew 10% YoY to R$3.44 billion, driven by a 44% surge in fixed income revenue. However, equities revenue declined 15% compared to last year.
XP maintained a strong capital position, with a BIS ratio of 19.0% at quarter-end. The company also announced a new R$1 billion share repurchase program.
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