XP Inc. reported a record net income of R$1.321 billion in the second quarter of 2025, marking an 18% increase year-over-year. Diluted earnings per share (EPS) grew 22% year-over-year to R$2.46, reflecting enhanced profitability.
Total gross revenue reached R$4.669 billion, a 4% increase year-over-year, primarily driven by the robust retail business. Retail revenue grew 9% year-over-year to R$3,577 million, with fixed income revenue increasing 20% year-over-year.
Total client assets expanded to R$1.372 trillion, up 14% year-over-year, and the combined total of client assets, Assets Under Management (AUM), and Assets Under Administration (AUA) reached R$1.9 trillion, representing 17% year-over-year growth. The annualized Return on Average Equity (ROAE) was 24.4%, up 223 basis points year-over-year.
The credit portfolio demonstrated significant expansion, growing 24% year-over-year to R$23.9 billion. Gross Written Premiums increased 45% year-over-year to R$444 million, and revenues from new verticals, including FX, global investments, digital accounts, and consortium services, surged 146% year-over-year to R$256 million.
The company's last twelve months (LTM) efficiency ratio improved by 161 basis points year-over-year to 34.5%, reflecting continued cost discipline and operational leverage. XP executed R$915 million in share repurchases during the first half of 2025, with its R$1 billion buyback program remaining active as part of its capital distribution strategy.
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