XP Inc. reported a record net income of R$1.2 billion in the third quarter of 2024, marking a 9% increase year-over-year. Diluted earnings per share (EPS) for the quarter stood at R$2.18, an 8% increase compared to the prior year.
Total gross revenue reached R$4.5 billion, representing a 4% year-over-year growth, primarily driven by the retail segment which grew 10% year-over-year to R$3,494 million. Fixed income revenue was a significant contributor, increasing 31% year-over-year.
The company's Return on Tangible Equity (ROTE) was 28.4%, an increase of 258 basis points year-over-year, while Return on Average Equity (ROAE) was 23.0%, up 38 basis points year-over-year. The efficiency ratio improved to 35.5%, marking its lowest level since the company's initial public offering.
Total client assets grew to R$1.2 trillion, a 12% year-over-year increase, fueled by R$96 billion in net inflows and R$37 billion from market appreciation. Retail net inflow reached R$25 billion, a 124% increase year-over-year excluding inorganic effects.
XP's Board of Directors approved a cash dividend payment of R$2 billion, scheduled for December 18, 2024, to shareholders of record as of December 10, 2024. Additionally, a new share repurchase program totaling R$1 billion was approved, signaling a commitment to shareholder returns.
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