Brazil broker XP reports jump in adjusted second-quarter profit


Aug 3 - Brazilian broker XP Inc reported a jump in adjusted second quarter profit on Tuesday as a rebound in business growth from last year's pandemic-led slump helped attract more customers and boosted its assets under custody.

The brokerage added about 3.14 million active customers in the quarter, a triple jump from a year earlier, while assets under custody surged 88% to 817 billion reais in the four quarters.

XP has continued to attract Brazilians from traditional banks who are seeking high returns as the country's benchmark rate is at 4.25% in single digits.

The company's adjusted net income soared 83% in the quarter to 1.03 billion reais.

As part of his top announcement of first results, Chief Executive Thiago Maffra said the company has initiatives in place to launch new services and take advantage of Brazil's fast growing financial sector.

XP announced in May it was planning to launch financial services for small and large companies this year and earlier this year announced the launch of a credit card for consumers with digital banking accounts by mid-year.