XP Inc. (Nasdaq: XP), a leading, technology-driven platform and
a trusted provider of low-fee financial products and services in
Brazil, announced today its 4Q22 KPIs. The Portuguese version of
this release can be accessed in the Press Release section on the IR
website. Additional KPI details and historical data can be found in
our financial spreadsheet.
Client Assets (in R$ billion)
Client Assets totaled R$946 billion as of December 31, up 16%
YoY and 2% QoQ. Year-over-year growth was driven by R$155 billion
net inflows and R$24 billion of market depreciation.
XP Total Net Inflow was R$155 billion in 2022, or R$12.9
billion per month, despite a tough year, with interest rates in
Brazil increasing by 450bps, reaching 13.75% at year end.
In 4Q22, Net Inflow was R$31 billion, down 11% QoQ and
36% YoY. Retail Net Inflow was R$29 billion, or R$9.6 billion per
month, down 11% QoQ. Corporate Net Inflow was R$2.2 billion, down
Active clients grew 2% QoQ and 14% YoY, totaling 3.9
million in 4Q22.
Our network reached 12.3 thousand IFAs in 4Q22, up 6% QoQ and
20% YoY. Throughout 2022, more than two thousand advisors were
added on a net basis, which demonstrates the strength of our value
proposition, and that the quality of the platform continues to
attract entrepreneurs even during tougher cycles for investment
The growth of our ecosystem through well-trained financial
advisors is key to continue to disrupt the highly concentrated
investment industry in Brazil, especially when interest rates and
risk-aversion begin to improve.
Retail Daily Average Trades1
Retail DATs totaled 2.7 million in 4Q22, up 8% YoY and up 16%
QoQ, in line with recent market trends.
NPS (Net Promoter Score)
Our NPS, a widely known survey methodology used to measure
customer satisfaction, was 73 in December 2022. Maintaining a high
NPS score remains a priority for XP since our business model is
built around client experience. The NPS calculation as of a given
date reflects the average scores in the prior six months.
Retirement Plans Client Assets (in R$ billion)
As per public data published by Susep, XPV&P continued to be
#1 in net portability for individual retirement plans in
2022, as of November, while our Market Share still stood at
3.8%. Total Client Assets achieved R$61 billion in 4Q22, up
27% YoY. Assets from XPV&P, our proprietary insurer, grew over
Total TPV in 2022 was R$25 billion, a growth of
141% YoY, with an increase in penetration and in total
eligible client base – we officially launched the Rico Credit and
Debit cards in the second semester of 2022.
In 4Q22, Total TPV reached R$8.2 billion, an 86%
growth YoY, and 24% growth versus 3Q22.
Active Credit and Debit Cards
Total active cards were 688 thousand in 4Q22, a growth of
33% QoQ and 184% YoY. We ended 4Q22 with 402 thousand
active digital accounts, representing a penetration of 10%
of total active clients.
Credit Portfolio3 (in R$ billion)
Total Credit portfolio reached R$17.1 billion as of December
2022, expanding 5% QoQ and 67% YoY. Over 90% of our credit
portfolio is collateralized with investments in our platform. The
average maturity of our credit book was 3.0 years, with a 90-day
Non-Performing Loan (NPL) ratio of 0.1%.
1 Daily Average Trades, including Stocks, Listed Funds, Options
2 Total Retirement Plans Clients’ Assets includes assets from XP
Vida e Previdência and from third party funds distributed in our
3 From 3Q22 onwards, the credit portfolio is disclosed gross
(versus previously net) of loan loss provisions, also
retroactively, not including Intercompany transactions and Credit
Card related loans and receivables.
This release includes certain non-GAAP financial information We
believe that such information is meaningful and useful in
understanding the activities and business metrics of the Company’s
operations. We also believe that these non-GAAP financial measures
reflect an additional way of viewing aspects of the Company’s
business that, when viewed with our International Financial
Reporting Standards results, as issued by the International
Accounting Standards Board, provide a more complete understanding
of factors and trends affecting the Company’s business.
Furthermore, investors regularly rely on non-GAAP financial
measures to assess operating performance and such measures may
highlight trends in the Company’s business that may not otherwise
be apparent when relying on financial measures calculated in
accordance with IFRS. We also believe that certain non-GAAP
financial measures are frequently used by securities analysts,
investors, and other interested parties in the evaluation of public
companies in the Company’s industry, many of which present these
measures when reporting their results. The non-GAAP financial
information is presented for informational purposes and to enhance
understanding of the IFRS financial statements. The non-GAAP
measures should be considered in addition to results prepared in
accordance with IFRS, but not as a substitute for, or superior to,
IFRS results. As other companies may determine or calculate this
non-GAAP financial information differently, the usefulness of these
measures for comparative purposes is limited.
XP is a leading, technology-driven platform and a trusted
provider of low-fee financial products and services in Brazil. XP’s
mission is to disintermediate the legacy models of traditional
financial institutions by:
- Educating new classes of investors;
- Democratizing access to a wider range of financial
- Developing new financial products and technology applications
to empower clients; and
- Providing high-quality customer service and client experience
in the industry in Brazil.
XP provides customers with two principal types of offerings, (i)
financial advisory services for retail clients in Brazil,
high-net-worth clients, international clients and corporate and
institutional clients, and (ii) an open financial product platform
providing access to over 800 investment products including equity
and fixed income securities, mutual and hedge funds, structured
products, life insurance, pension plans, real-estate investment
funds (REITs) and others from XP, its partners and competitors.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date they were first issued and were
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management. Words such as
"expect," "anticipate," "should," "believe," "hope," “aim,”
"target," "project," "goals," "estimate," "potential," "predict,"
"may," "will," "might," "could," "intend," variations of these
terms or the negative of these terms and similar expressions are
intended to identify these statements. Forward-looking statements
are subject to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond XP Inc’s control.
XP, Inc’s actual results could differ materially from those stated
or implied in forward-looking statements due to several factors,
including but not limited to: competition, change in clients,
regulatory measures, a change the external forces among other
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