Brazilian investment platform XP released its 2021 financial results and reported it had its best year ever, with an adjusted net income of BRL 4 billion, 76% higher than that achieved in 2020. XP’s gross revenue jumped 47% year-over-year and reached BRL 12.8 billion. Adjusted EBITDA was BRL 4.8 billion compared to BRL 2.9 billion, a growth of 66%.
Thiago Maffra, XP’s CEO, said that in 2021 the company managed to grow in new business verticals, such as card, credit offers and insurance, and that the results achieved show their relevance to XP’s business.
The credit portfolio reached BRL 10.2 billion in 2021, a 164% growth year on year. The XP credit cards generated BRL 4.4 billion in TPV in Q4, a 35% growth in relation to the previous quarter, reaching BRL 10.3 billion in total TPV in the first year of operation.
“It was also a year of strong growth in our core investment business. In 2022, we will continue to promote these and other verticals so that we can position ourselves as a financial institution capable of taking care of all the financial life of our clients”, said Maffra.
The total assets under custody were BRL 815 billion on December 31, an increase of 23% compared to the same period in 2020. Net funding was BRL 230 billion, 16% higher year-on-year.
XP reached an active customer base of 3.4 million people and the number of autonomous advisors connected to the network surpassed the historical mark of 10,000 professionals.
“Entrepreneurship is about bringing better and better customer experiences with sustainable financial results. In 2021 we added over 2,500 employees, continued to invest in the new businesses (pension, card, credit and insurance), resulting in a 54% YoY increase in expenses. Despite all this investment, our Adjusted Net Income surpassed the historical mark of R$4 billion, +76% YoY,” said Bruno Constantino, partner and CFO at XP.