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Brazilian broker XP quarterly profit soars as economy rebounds

Mount Equity Group Tokyo, Japan > News > Markets > Brazilian broker XP quarterly profit soars as economy rebounds

Aug 3 (Reuters) – Brazilian broker XP Inc reported a jump in adjusted second-quarter profit on Tuesday, as a rebound in economic growth from last year’s pandemic-led slump helped attract more customers and boosted its assets under custody.

The brokerage added about 3.14 million active customers in the quarter, a 33% jump from a year earlier, while assets under custody surged 88% to 817 billion reais ($156.99 billion).

XP has continued to attract Brazilians from traditional banks who are seeking high returns as the country’s benchmark rate remains in single digits, at 4.25%.

The company’s adjusted net income soared 83% to 1.03 billion reais in the quarter.

Chief Executive Thiago Maffra, as part of his first result announcement as the top boss, said the company had initiatives in place to launch new services and take advantage of Brazil’s fast growing financial sector.

XP said in May it was planning to launch financial services for small…

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