XP Inc. once again hit a record low in its bottom line in the third quarter of this year, following positive results in the second quarter. Between July and September, net income was R$ 1.3 billion, a 12% increase compared to the same period of the previous year and a 1% increase compared to the second quarter.
Total fundraising declined year-on-year, particularly in the retail sector. Meanwhile, the profitability index remained virtually stable compared to the same period last year.
The annualized return on equity (ROAE) reached 23%, virtually the same as a year earlier, but below the 24.4% recorded in the second quarter.
XP's data pleased investors. Performance of the shares in after-hours Nasdaq trading, around 7:19 PM, showed a 3.59% increase to US$18.75, after closing the day down 3% at US$18.10. Year-to-date, they have accumulated a 53.2% increase, raising their market capitalization to US$9.5 billion.
The report showed that gross revenue rose 9% year-on-year, totaling R$ 4.9 billion, with the company attributing the performance to growth in the wholesale segment and the expansion of cross-selling initiatives in retail. In retail, revenue grew 4% quarter-on-quarter and 6% year-on-year, to R$ 3.7 billion.
Revenue from large companies and capital markets totaled R$ 729 million, up 33% compared to the previous quarter and 32% year-on-year, with a notable increase in fixed income offerings.
Customer assets totaled R$ 1.4 trillion, a 12% increase compared to the same period of the previous year and a 4% increase compared to the previous quarter.
Total net inflow was R$ 29 billion, a 14% decrease year-on-year, but a 204% increase compared to the second quarter. In the retail sector, net inflow totaled R$ 20 billion, 30% higher than in the previous quarter and 18% lower than in the same period of 2024.
Another sensitive point of the quarter came from the expense side. Operating costs advanced 10%, to R$ 1.67 billion, mainly pressured by personnel expenses, which grew 17% – and, within that group, by the 34% jump in bonuses.
The annualized take rate (customer profitability) for retail was 1.24%, 1 basis point lower than the previous quarter and 9 basis points lower than the same period of the previous year.
The active client base reached 4.8 million, a 2% increase year-on-year and a 1% increase compared to the second quarter. The network of investment professionals totaled 18,200 people, a 1% decrease year-on-year and stable quarter-on-quarter.
In other retail revenue streams, as part of XP's effort to diversify its sources, one of the highlights was the pension fund area, whose revenue rose 24% year-on-year to R$124 million.
Revenue from card transactions totaled R$ 341 million, a 13% increase compared to the third quarter of 2024 and a 6% increase compared to the second quarter. Total payment volume (TPV) reached R$ 13.1 billion, a 9% increase year-on-year and a 5% increase quarter-on-quarter.
Along with the results, XP announced that its board of directors approved the payment of approximately R$ 500 million in dividends and a new share buyback program, with a projected acquisition of up to R$ 1 billion, or the equivalent in dollars.
