XP Inc. reported record full-year 2024 results, with total revenues growing 15% to R$18 billion and adjusted net income increasing 17% to R$4.5 billion. The company achieved a record efficiency ratio of 34.7% for the full year.
For the fourth quarter of 2024, gross revenue reached R$4.7 billion, a 10% increase year-over-year, while adjusted net income was R$1.21 billion, up 16% year-over-year. Adjusted diluted EPS grew 19% year-over-year to R$2.23.
Total client assets increased 9% year-over-year to R$1.2 trillion, with retail net inflow for the full year 2024 reaching R$81 billion, a 34% increase compared to 2023. The company's adjusted Return on Average Equity (ROAE) was 23.4% and adjusted Return on Tangible Equity (ROTE) was 29.2% in Q4 2024.
The new corporate structure, finalized in November 2024, is expected to enhance the company's ability to deliver sustainable capital returns to shareholders. In 2024, XP distributed 74% of its net income through dividends and share buybacks.
Looking ahead, XP expects total revenues to grow "more than 10%" in 2025 and targets an Earnings Before Taxes (EBT) margin between 30% and 34% by 2026. The company anticipates double-digit Assets Under Custody (AUC) growth and R$20 billion in retail net new money per quarter.
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