XP’s 1st quarter profit more than doubles with jump in customer base | economy

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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.

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