XP Inc. (NASDAQ: XP ), a leading investment firm in Brazil, has reported a strong financial performance in the first quarter of 2024. The company experienced a 28% increase in top-line growth year-over-year (YoY) and a 29% rise in bottom-line growth YoY, with an EBITDA margin expansion of approximately 81 basis points.

The firm introduced new financial planning tools and launched an open investments initiative, aiming to provide a wider range of investment options at competitive rates. Despite a challenging macroeconomic environment, XP Inc. has seen growth in client assets, active clients, and advisers, along with a slight improvement in retail net new money and a 28% YoY increase in total gross revenue.

Key Takeaways XP Inc. achieved a 28% YoY growth in top-line and a 29% YoY increase in bottom-line. EBITDA margin expanded by roughly 81 basis points.

The company introduced a sophisticated financial planning tool and launched the open investments initiative. Growth was reported in total client assets, active clients, and advisers. Retail net new money showed a slight improvement.

Total gross revenue and new verticals revenue increased by 28% and 35% YoY, respectively. Corporate and issuer services revenue surged by 91% YoY. XP Inc.

maintained cost discipline, with efficiency ratios near IPO levels. The company expects positive operating leverage and improved EBIT in the future. There has been a transition in the CFO role and changes in corporate governance.

XP Inc. aims for .