XP Inc. (NASDAQ:XP) Q2 2024 Earnings Conference Call August 13, 2024 5:00 PM ET
Company Participants
Andre Parize - Head, Investor Relations
Thiago Maffra - Chief Executive Officer
Victor Mansur - Chief Financial Officer
Conference Call Participants
Antonio Huet - Bank of America
Jorge Kuri - Morgan Stanley
Renato Meloni - Autonomous Research
Daniel Vaz - Banco Safra
Tito Labarta - Goldman Sachs
Olavo Arthuzo - UBS
Neha Agarwala - HSBC
Operator
Good evening, everyone, I'm Andre Parize, IRO at XP Inc. It's a pleasure to be here with you today. On behalf of the company, I'd like to thank you all for the interest and welcome you to our 2024 Second Quarter Earnings Call.
This quarter, the results will be presented by our CEO, Thiago Maffra; and our CFO, Victor Mansur, who will both be available for the Q&A session right after the presentation. [Operator Instructions]
And before we begin our presentation, please refer to our legal disclaimers on Page 2 on which we clarify forward-looking statements, additional information on forward-looking statements, can also be found on the SEC filings section in our IR website.
So now, I'll turn it over to Thiago Maffra. Go evening, Maffra.
Thiago Maffra
Thank you, Andre. Good evening to all. I appreciate everyone joining us for our 2024 Second Quarter Earnings Call. It's a pleasure to be here tonight. Let's delve into our quarterly performance and discuss the strategic steps we are undertaking to ensure our continued growth and education to all shareholders. I would also like to extend a warm welcome to Victor Mansur, our new CFO, as this is his first earnings call with us. We are excited to have him on board and look forward to his contributions to our financial strategy and operations.
This quarter has been positive for XP. We have showcased our ability to generate alpha and achieve growth with profitability by managing several business levers independently from the challenging conditions. Our total client assets have increased by 14% year-over-year, reaching BRL1.2 trillion. More importantly, we have observed a re-acceleration in our client net inflow this quarter, details of which we will elaborate on during the presentation. We have also set a new record in the total number of advisors reaching 18.3 thousand and continued to expand Brazil's largest investment specialized sales force, growing 11% year-over-year.
Finally, we ended with 4.6 million active clients, marking a 16% increase year-over-year. We had our all-time high in revenue, EBITDA and net income. Gross revenue was BRL4.5 billion for the quarter, up 21% year-over-year. And EBITDA of BRL1.4 billion, 43% higher year-over-year, and BRL1.1 billion in net income with a margin of 26%. This result reinforces and gives us comfort that we are on track to deliver our gross revenue and EBITDA margin guidance in 2026. We will go into more details on the financials later on.