XP profit rises 76% in 2021, to record BRL 4 billion

XP Inc. recorded adjusted net income of R$ 4 billion in 2021, a record value in the company’s history and which corresponds to a growth of 76% compared to the previous year, according to a balance sheet released on Tuesday (8).

The active customer base grew to 3.4 million, an increase of 23% compared to December 2020 and 3.6% compared to September last year. Despite the advance, there was a deceleration in the pace of new entries in the last months of 2021.

“Average monthly net funding dropped 23%, from 52,000 in the third quarter to 40,000 in the fourth quarter, a result mainly impacted by slower growth at Clear, due to a less favorable moment in the stock market”, says the company in the results balance.

The Ibovespa, the main index of the Brazilian Stock Exchange, the B3, ended last year with a fall of 11.9%.

Total assets under custody reached BRL 815 billion in December, a growth of 23% compared to the same period in 2020, driven by a volume of BRL 230 billion in net funding and with a negative impact of BRL 75 billion generated by the depreciation in the prices of assets in the market.

XP’s credit portfolio reached R$10.2 billion, a growth of 164% year-on-year.

“In 2021, we accelerated growth in new business verticals, such as cards, credit and insurance, and in some cases it is already possible to clearly see their relevance in our results”, said Thiago Maffra, president of XP Inc.

Regarding the network of AAIs (autonomous investment agents), the gross addition in the year was 4,409 new advisors, against 3,724 in 2020, an increase of 18%. On average, 370 new freelance advisors joined the XP network per month.

“We are convinced that the Brazilian market has enormous potential for disruption and growth. In this context, we understand that the perfect combination to achieve our long-term goals is financial education, a wide variety of high-quality, low-cost products and an unique to customers”, said Maffra.