The XP financial group had an adjusted net profit of R $ 415 million in the first quarter, almost two and a half times the result obtained in the same period last year, the company said on Tuesday (12).
The net profit grew to R $ 398 million, compared to R $ 210 million in the previous year.
The adjusted net margin rose to 23.9% in the period compared to 18% in the first three months of last year.
XP’s shares rose 12.5% in post-market trading.
“In the early days of the pandemic, we observed in Brazil a significant increase in interest in investments,” said the company’s president, Guilherme Benchimol.
THE XP increased its customer base by 81% to 2.04 million, raising assets in custody to R $ 366 billion.
Net revenue rose 86%, to R $ 1.74 billion.