XP (XP) F-1 29 Jun 20 Registration statement (foreign) Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2020
Cover page.
Document Type	F-1
Amendment Flag	false
Entity Registrant Name	XP Inc.
Entity Central Index Key	0001787425
Emerging growth company	false

Consolidated Balance Sheets

Consolidated Balance Sheets R$ in Thousands, $ in Thousands	Mar. 31, 2020BRL (R$)	Dec. 31, 2019BRL (R$)	Dec. 31, 2018BRL (R$)
Statement [LineItems]
Cash	R$ 249950	R$ 109922	R$ 68407
Financial assets	56,217,071	41,888,778	16,582,616
Fair value through profit or loss	33,606,516	26,528,396	7,983,002
Securities	25,091,723	22,443,392	6,290,971
Derivative financial instruments	8,514,793	4,085,004	1,692,031
Fair value through other comprehensive income	4,896,387	2,616,118	695,778
Securities	4,896,387	2,616,118	695,778
Evaluated at amortized cost	17,714,168	12,744,264	7,903,836
Securities	1,267,826	2,266,971	155,292
Securities purchased under agreements to resell	14,916,794	9,490,090	6,570,609
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Loan operations	63,589	386
Other financial assets	25,472	19,805
Other assets	602,934	643,619	316,777
Recoverable taxes	226,645	243,320	183,350
Rights-of-use assets	236,136	227,478	133,870
Prepaid expenses	105,495	89,684	96,723
Other	34,659	83,137	36,704
Deferred tax assets	261,512	284,533	152,425
Property and equipment	154,548	142,464	99,127
Intangible assets	559,801	553,452	504,915
Total assets	58,045,816	43,622,768	17,724,267
Financial liabilities	44,627,989	31,842,054	15,216,037
Fair value through profit or loss	8,247,206	5,250,943	2,250,978
Securities loaned	721,131	2,021,707	1,259,579
Derivative financial instruments	7,526,075	3,229,236	991,399
Evaluated at amortized cost	36,380,783	26,591,111	12,965,059
Securities sold under repurchase agreements	21,111,301	15,638,407	6,640,694
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings and lease liabilities	644,439	637,484	469,609
Debentures	844,361	835,230	406,538
Accounts payables	265,197	266,813	134,579
Structured operations certificates	150,461	19,474
Other financial liabilities	31,485	98,631	7,011
Other liabilities	5,811,128	4,619,623	404,493
Social and statutory obligations	274,752	492,723	251,690
Taxes and social security obligations	170,422	345,331	103,121
Private pension liabilities	5,155,088	3,759,090	16,059
Provisions and contingent liabilities	14,897	15,193	17,474
Other	195,969	7,286	16,149
Deferred tax liabilities		5,132	12,025
Total liabilities	50,439,117	36,466,809	15,632,555
Equity attributable to owners of the Parent company	7,604,948	7,153,396	2,084,777
Issued capital	23	23	21
Capital reserve	6,966,667	6,943,446	1,875,591
Other comprehensive income	241,398	209,927	209,165
Retained earnings	396,860
Non-controllinginterest	1,751	2,563	6,935
Total equity	7,606,699	7,155,959	2,091,712
Total liabilities and equity	R$ 58045816	43,622,768	17,724,267
Previously Reported [Member]
Statement [LineItems]
Other financial assets		20,191	60,423
Other financial liabilities		R$ 98631	R$ 7011

Consolidated Statements of Inco

Consolidated Statements of Income and of Comprehensive Income - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Profit or loss [abstract]
Net revenue from services rendered	R$ 1151946	R$ 599247	R$ 3595772		R$ 2054549		R$ 1283616
Net income from financial instruments at amortized cost and at fair value through other comprehensive income	202,497	65,822	199,947		114,442		79,380
Net income from financial instruments at fair value through profit or loss	380,398	268,923	1,332,089		789,462		543,654
Total revenue and income	1,734,841	933,992	5,127,808		2,958,453		1,906,650
Operating costs	(578,816)	(307,756)	(1,606,060)		(941,246)		(579,880)
Selling expenses	(28,476)	(24,518)	(155,115)		(96,075)		(32,881)
Administrative expenses	(578,116)	(368,285)	(1,891,481)		(1,176,805)		(649,585)
Other operating income (expenses), net	(13,883)	85,176	153,357		(31,289)		(7,704)
Interest expense on debt	(19,019)	(15,382)	(84,400)		(72,310)		(61,093)
Income before income tax	516,531	303,227	1,544,109		640,728		575,507
Income tax expense	(118,977)	(92,789)	(454,625)		(175,398)		(151,966)
Net income for the period	397,554	210,438	1,089,484		465,330		423,541
Items that can be subsequently reclassified to income
Foreign exchange variation of investees located abroad	56,560	1,325	6,823		18,645		2,034
Gains (losses) on net investment hedge	(56,496)	(843)	(7,133)		(17,495)		(2,386)
Changes in the fair value of financial assets at fair value through other comprehensive income	31,490	(1,183)	698		4,160		210
Other comprehensive income (loss) for the period, net of tax	31,554	(701)	388		5,310		(142)
Total comprehensive income for the period	429,108	209,737	1,089,872		470,640		423,399
Net income attributable to:
Owners of the Parent company	396,860	209,215	1,080,484		461,440		413,874
Non-controllinginterest	694	1,223	9,000		3,890		9,667
Total comprehensive income attributable to:
Owners of the Parent company	428,414	208,514	1,080,872		466,750		413,732
Non-controllinginterest	R$ 694	R$ 1223	R$ 9000		R$ 3890		R$ 9667
Earnings per share from total income attributable to the ordinary equity holders of the company
Basic earnings per share	R$ 0.7192	R$ 0.4108	R$ 2.1125	[1]	R$ 0.9358	[1]	R$ 0.8535	[1]
Diluted earnings per share	R$ 0.7139	R$ 0.4108	R$ 2.1115	[1]	R$ 0.9358	[1]	R$ 0.8535	[1]
[1]	The basic and diluted earnings per common share are in effect with the reverse share split occurred on November 30, 2019.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Equity - BRL (R$) R$ in Thousands	Total	Issued capital [member]	Additional paid-in capital [member]	Other reserves [member]	Other comprehensive income [member]	Retained earnings [member]	Equity attributable to owners of parent [member]	Non-controlling interests [member]
Beginning balance at Dec. 31, 2016	R$ 1094807	R$ 20	R$ 254602	R$ 586855	R$ 203683		R$ 1045160	R$ 49647
Comprehensive income
Net income	423,541					R$ 413874	413,874	9,667
Other comprehensive income, net	(142)				(142)		(142)
Transactions with shareholders- contributions and distributions
Subscriptions (redemptions) at funds by non-controlling interest	(45,550)							(45,550)
Gain (loss) in changes in interest of subsidiaries, net	(2,078)				(95)		(95)	(1,983)
Allocations of the net income
Transfer to capital reserves				136,313		(136,313)
Dividends distributed	(318,856)			(37,437)		(277,561)	(314,998)	(3,858)
Ending balance at Dec. 31, 2017	1,151,722	20	254,602	685,731	203,446		1,143,799	7,923
Comprehensive income
Net income	465,330					461,440	461,440	3,890
Other comprehensive income, net	5,310				5,310		5,310
Transactions with shareholders- contributions and distributions
Capital contributions	673,294	1	673,293				673,294
Corporate reorganization	525			525			525
Gain (loss) in changes in interest of subsidiaries, net	(379)				409		409	(788)
Allocations of the net income
Transfer to capital reserves				261,440		(261,440)
Dividends distributed	(204,090)					(200,000)	(200,000)	(4,090)
Ending balance at Dec. 31, 2018	2,091,712	21	927,895	947,696	209,165		2,084,777	6,935
Comprehensive income
Net income	210,438					209,215	209,215	1,223
Other comprehensive income, net	(701)				(701)		(701)
Transactions with shareholders- contributions and distributions
Gain (loss) in changes in interest of subsidiaries, net	(91)				258		258	(349)
Allocations of the net income
Dividends distributed	(490)							(490)
Ending balance at Mar. 31, 2019	2,300,868	21	927,895	947,696	208,722	209,215	2,293,549	7,319
Beginning balance at Dec. 31, 2018	2,091,712	21	927,895	947,696	209,165		2,084,777	6,935
Comprehensive income
Net income	1,089,484					1,080,484	1,080,484	9,000
Other comprehensive income, net	388				388		388
Transactions with shareholders- contributions and distributions
Capital contributions	4,504,826	2	4,504,824				4,504,826
Transactions costs from capital contributions	(22,824)		(22,824)				(22,824)
Grant of share based plan	5,371			5,371			5,371
Gain (loss) in changes in interest of subsidiaries, net	(1,855)				374		374	(2,229)
Allocations of the net income
Transfer to capital reserves				580,484		(580,484)
Dividends distributed	(511,143)					(500,000)	(500,000)	(11,143)
Ending balance at Dec. 31, 2019	7,155,959	23	5,409,895	1,533,551	209,927		7,153,396	2,563
Comprehensive income
Net income	397,554					396,860	396,860	694
Other comprehensive income, net	31,554				31,554		31,554
Transactions with shareholders- contributions and distributions
Grant of share based plan	23,214			23,221			23,221	(7)
Gain (loss) in changes in interest of subsidiaries, net	1,850				(83)		(83)	1,933
Allocations of the net income
Dividends distributed	(3,432)							(3,432)
Ending balance at Mar. 31, 2020	R$ 7606699	R$ 23	R$ 5409895	R$ 1556772	R$ 241398	R$ 396860	R$ 7604948	R$ 1751

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Income before income tax	R$ 516531	R$ 303227	R$ 1544109	R$ 640728	R$ 575507
Adjustments to reconcile income before income taxes
Depreciation of property and equipment and right-of-use assets	15,878	8,102	53,080	24,470	9,338
Amortization of intangible assets	15,648	7,055	37,630	28,318	18,065
Loss on write-off of property, equipment and intangible assets	3,452	112	11,245	19,915	4,491
Expected credit losses on accounts receivable and other financial assets	21,962	(180)	9,410	8,220	4,347
(Reversal of) Provision for contingencies, net	(387)	11	(1,601)	7,897	3,531
Net foreign exchange differences	(19,510)	1,528	3,636	(25,832)	36,271
Grant of share-based plan	23,221		5,371
Interest accrued	20,087	16,898	86,862	64,330	8,134
Changes in assets and liabilities
Securities (assets and liabilities)	(6,676,164)	605,953	(20,188,931)	(2,929,021)	(958,894)
Derivative financial instruments (assets and liabilities)	988,979	95,830	825,719	(492,024)	(209,030)
Securities trading and intermediation (assets and liabilities)	3,708,191	840,841	4,201,246	1,969,621	1,036,957
Securities purchased (sold) under resale (repurchase) agreements	46,190	(1,809,388)	(2,919,480)	(5,635,630)	262,377
Accounts receivable	6,197	62,708	(243,893)	(92,809)	(70,589)
Loan operations	(63,520)
Prepaid expenses	(15,811)	2,776	7,040	(31,380)	(19,565)
Other assets	52,295	13,173	(14,548)	(58,964)	(7,917)
Securities sold under repurchase agreements			8,997,713	6,126,676	(258,118)
Structured operations certificates	130,987
Accounts payable	(1,616)	(1,482)	132,235	63,000	3,163
Social and statutory obligations	(217,971)	(73,134)	241,033	81,253	62,274
Tax and social security obligations	(33,554)	(82,429)	(9,223)	4,463	(2,459)
Private pension liabilities	1,395,998	33,867	3,743,031	16,059
Other liabilities	141,012	(9,598)	98,497	14,524	(8,901)
Cash from operations	58,095	15,870	(3,379,819)	(196,186)	488,982
Income tax paid	(196,585)	(86,579)	(402,574)	(202,443)	(219,446)
Contingencies paid	(234)	(318)	(3,172)	(3,933)	(7,169)
Interest paid	(572)	(3,141)	(28,427)	(54,185)
Net cash flows from (used in) operating activities	(139,296)	(74,168)	(3,813,992)	(456,747)	262,367
Investing activities
Acquisition of intangible assets	(19,914)	(8,061)	(88,949)	(53,517)	(20,627)
Acquisition of property and equipment	(20,746)	(11,375)	(72,499)	(83,149)	(30,369)
Acquisition of subsidiaries, net of cash acquired				(10,413)	(404,631)
Net cash flows used in investing activities	(40,660)	(19,436)	(161,448)	(147,079)	(455,627)
Financing activities
Proceeds from borrowings				325,370	826,000
Payments of borrowings and lease liabilities	(26,058)	(32,276)	(123,332)	(689,634)
Proceeds from issuance of debentures			400,000	400,000
Payments of debentures			(11,815)
Dividends paid to owners of the parent			(500,000)	(325,000)	(189,998)
Proceeds from capital contributions, net			4,482,002	673,294
Net subscriptions received (redemptions paid)-non-controllinginterests					(45,550)
Transactions with non-controlling interests	1,844	(92)	(1,855)	146	(2,078)
Dividends paid to non-controlling interests	(3,432)	(490)	(11,143)	(4,090)	(3,858)
Net cash flows from (used in) financing activities	(27,646)	(32,858)	4,233,857	380,086	584,516
Net increase (decrease) in cash and cash equivalents	(207,602)	(126,462)	258,417	(223,740)	391,255
Cash and cash equivalents at the beginning of the fiscal year	887,796	626,863	626,863	835,493	440,128
Effects of exchange rate changes on cash and cash equivalents	31,009	70	2,516	15,110	4,110
Cash and cash equivalents at the end of the fiscal year	711,203	500,471	887,796	626,863	835,493
Cash	249,950	224,997	109,922	68,407	153,218
Securities purchased under agreements to resell	309,053	133,028	654,057	488,809	420,958
Interbank certificate deposits	R$ 152200	R$ 142446	R$ 123817	R$ 69647	R$ 261317

Operations

Operations	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Operations	1. Operations XP Inc. (the “Company”), is a Cayman Island exempted company with limited liability, incorporated on August 29, 2019. The registered office of the Company is Ugland House, 121 South Church Street in George Town, Grand Cayman. The Company’s principal executive office is located in the city of São Paulo, Brazil. XP Inc. is a holding company controlled by XP Controle Participações S.A., which holds 64.61% of Class B common shares and whose is ultimately controlled by a group of individuals. XP Inc. and its subsidiaries (collectively, the “Company”, “Group” or “XP Group”) are principally engaged in providing its customers, represented by individuals and legal entities in Brazil and abroad, various financial products and services, mainly acting as broker-dealer, including securities brokerage, banking, private pension plans and financial advisory services, through three retail brands (XP Investimentos, Rico and Clear) that reach clients directly and through network of Independent Financial Advisers (“IFAs”). On November 29, 2019, the Group carried out a corporate reorganization in order to prepare the structure to the Initial Public Offering of its shares. As result, the capital contributed by the shareholders on XP Investimentos S.A. were transferred and incorporated on XP Inc. Therefore the shareholders have a direct stake on XP Inc. which controls XP Investimentos S.A. and the other operating companies of the Group. On November 30, 2019, the Company carried out a reverse share split of 4:1. As a result, the share capital represented by 2,036,988,542 shares decreased to 509,247,136 shares. The reverse share split has been applied retrospectively to all figures in the historical financial statements regarding number of shares (Note 21) and per share data as if the reverse share split had been in effect for all periods presented. 1.1 Initial Public Offering and resulting transactions On December 13, 2019, the Company completed its Initial Public Offering (“IPO”), offering 72,510,641 of Class A common shares out, of which 42,553,192 new shares were offered by the Company and the remaining 29,957,449 shares were offered by selling shareholders. Additionally the underwrites executed an option to purchase 10,876,596 additional Class A common shares at the initial public offering price which resulted in a total of 83,387,237 Class A common shares sold. The initial offering price per Class A common share was US$ 27.00, resulting in gross proceeds of US$ 1,148,936 thousand (or R$4,705,803) to XP Inc, deducting R$200,977 thousand as underwriting discounts and commissions. Additionally, the Company incurred in R$44,726 thousand regarding other offering expenses out of, which R$21,902 thousand was recognized directly in income statements and the amount of R$22,824 in equity as transaction cost. The shares offered and sold in the IPO were registered under the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form F-1 333-234719), (“NASDAQ-GS”) These unaudited interim condensed consolidated financial statements for the three months period ended March 31, 2020 were approved by the Board of Director’s meeting on June 23, 2020.	1. Operations XP Inc. (the “Company”), is a Cayman Island exempted company with limited liability, incorporated on August 29, 2019. The registered office of the Company is Ugland House, 121 South Church Street in George Town, Grand Cayman. The Company’s principal executive office is located in the city of São Paulo, Brazil. XP Inc. is a holding company controlled by XP Controle Participações S.A., which holds 64.61% of Class B common shares and whose is ultimately controlled by a group of individuals. XP Inc. and its subsidiaries (collectively, the “Company”, “Group” or “XP Group”) are principally engaged in providing its customers, represented by individuals and legal entities in Brazil and abroad, various financial products and services, mainly acting as broker-dealer, including securities brokerage, banking, private pension plans and financial advisory services, through three retail brands (XP Investimentos, Rico and Clear) that reach clients directly and through network of Independent Financial Advisers (“IFAs”). On May 11, 2017, the Company’s shareholders entered into a share purchase agreement with Itaú Unibanco S.A. (“Itaú Unibanco”) for the sale of non-controlling On August 10, 2017, the Group concluded the acquisition of the operations of Rico Corretora de Títulos e Valores Mobiliários S.A. (“Rico”), by acquiring whole control of its holding entity FLAFLU Participações S.A. (“FLAFLU”). Rico also operates in brokerage and securities distribution market to retail. See Note 5 for more information on the acquisition. On November 29, 2019, the Group carried out a corporate reorganization in order to prepare the structure to the Initial Public Offering of its shares. As result, the capital contributed by the shareholders on XP Investimentos S.A. were transferred and incorporated on XP Inc. Therefore the shareholders have a direct stake on XP Inc. which controls XP Investimentos S.A. and the other operating companies of the Group. On November 30, 2019, the Company carried out a reverse share split of 4:1. As a result, the share capital represented by 2,036,988,542 shares decreased to 509,247,136 shares. The reverse share split has been applied retrospectively to all figures in the historical financial statements regarding number of shares (Note 32) and per share data as if the reverse share split had been in effect for all periods presented. 1.1 Initial Public Offering and resulting transactions On December 13, 2019, the Company completed its Initial Public Offering (“IPO”), offering 72,510,641 of Class A common shares out, of which 42,553,192 new shares were offered by the Company and the remaining 29,957,449 shares were offered by selling shareholders. Additionally the underwrites executed an option to purchase 10,876,596 additional Class A common shares at the initial public offering price which resulted in a total of 83,387,237 Class A common shares sold. The initial offering price per Class A common share was US$ 27.00, resulting in gross proceeds of US$ 1,148,936 thousand (or R$4,705,803) to XP Inc, deducting R$200,977 thousand as underwriting discounts and commissions. Additionally, the Company incurred in R$44,726 thousand regarding other offering expenses out of, which R$21,902 thousand was recognized directly in income statement and the amount of R$22,824 in equity as transaction cost. The shares offered and sold in the IPO were registered under the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form F-1 333-234719), (“NASDAQ-GS”) These consolidated financial statements were approved by the Board of Director’s meeting on April 27, 2020.

Basis of preparation of the fin

Basis of preparation of the financial statements	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Basis of preparation of the financial statements	2. Basis of preparation of the financial statements and changes to the Group’s accounting policies a) Basis of preparation of the unaudited interim condensed consolidated financial statements The unaudited interim condensed consolidated financial statements as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 have been prepared in accordance with IAS 34 Interim Financial Reporting The unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2019 included in the Form 20-F for the year ended December 31, 2019 filed with the SEC (U.S Securities Exchange Commission) on April 29, 2020. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. The unaudited interim condensed consolidated financial statements are presented in Brazilian reais (“R$”), and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated. b) Basis of consolidation There were no changes since December 31, 2019 in the accounting practices adopted for consolidation and in the direct and indirect interests of Company in its subsidiaries for the purposes of these unaudited interim condensed consolidated financial statements, except for the following item: % of Group’s interest (i) Entity name Country of Principal March 31, December 31, Indirectly controlled XP PE Gestão de Recursos Ltda. (ii) Brazil Private 99.10 % — (i) The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii) New operating subsidiaries incorporated in 2020. c) Segment reporting In reviewing the operational performance of the Group and allocating resources, the chief operating decision maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”) and the Board of Directors (“BoD”), represented by statutory directors holders of ordinary shares of the immediate parent of the Company, reviews selected items of the statement of income and of comprehensive income. The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a combined basis for all subsidiaries. Disaggregated information is only reviewed at the revenue level (Note 16), with no corresponding detail at any margin or profitability levels. The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the unaudited interim condensed consolidated statements of income and of comprehensive income and unaudited interim condensed consolidated balance sheet. See Note 16 (c) for a breakdown of total revenue and income and selected assets by geographic location d) Impacts related COVID-19 Starting from January 2020, it was reported that a novel strain of coronavirus, later named COVID-19, Although the Group have not identified relevant impacts to its financial performance as at March 31, 2020, the Group is monitoring COVID-19 As a consequence of this pandemic, most of the Group’s employees is working from home. Based on thorough assessments about the well-being and performance of our workforce, management announced on June 11, 2020, the permanent and company-wide adoption of the home-office model. The reduction in such footprint and the potential financial consequences of such actions are being analyzed by management. Additionally, XP Inc announced its intention to establish new corporate headquarters outside the city of São Paulo (“Villa XP”), with an innovative architecture comprising workstations, meeting rooms and common areas. The financial impacts of such initiative are still under evaluation. e) New standards, interpretations and amendments not yet adopted The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended December 31, 2019. Certain new accounting standards and interpretations have been published that are not mandatory for the period ended March 31, 2020, and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future financial statements periods and on foreseeable future transactions. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. f) Estimates The preparation of unaudited interim condensed consolidated financial statements of the Group requires management to make judgments and estimates and to adopt assumptions that affect the amounts presented referring to revenues, expenses, assets and liabilities at the reporting date. Actual results may differ from these estimates. In preparing these unaudited interim condensed consolidated financial statements, the significant judgements and estimates made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that are set the consolidated financial statements for the year ended December 31, 2019.	2. Basis of preparation of the financial statements (i) Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4. The consolidated financial statements are presented in Brazilian reais (“R$”), and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated. As mentioned in the Note 1, the Group carried out a corporate reorganization in order to prepare the structure for the Initial Public Offering of its shares. As result, XP Inc. was incorporated in 2019 and is currently the entity which is registered with the Securities Exchange Commission and for which these financial statements are presented. The comparative historical figures presented in these financial statements are the ones of the predecessor entity, XP Investimentos S.A. The balance sheet is presented in order of liquidity of assets and liabilities. The timing of their realization or settlement is dependent not just on their liquidity, but also on management’s judgements on expected movements in market prices and other relevant aspects. (ii) New and amended standards adopted by the Group The Group applies, for the first time on January 1, 2019, IFRS 16 Leases Uncertainty over Income Tax Treatment Other amendments and interpretations apply for the first time in 2019, but do not have an impact on the annual consolidated financial statements of the Group. Certain new accounting standards and interpretations have been published that are not mandatory for 2019 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. (iii) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company as of December 31, 2019 and 2018 and for each of the years ended December 31, 2019, 2018 and 2017. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (refer to Note 5. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling (iv) Segment reporting In reviewing the operational performance of the Group and allocating resources, the chief operating decision maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”) and the Board of Directors (“BoD”), represented by statutory directors holders of ordinary shares of the immediate parent of the Company, reviews selected items of the statement of income and of comprehensive income. The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a combined basis for all subsidiaries. Disaggregated information is only reviewed at the revenue level (Note 26), with no corresponding detail at any margin or profitability levels. The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the consolidated statement of income and of comprehensive income and consolidated balance sheet. See Note 26 (c) for a breakdown of revenues and income and selected assets from external customers by country of domicile. (v) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Brazilian Reais (“R$”), which is the Group functional and presentation currency. The functional currency for all the Company’s subsidiaries in Brazil is also the Brazilian reais. Certain subsidiaries outside of Brazil have different functional currencies, including US Dollar (“USD”), Euro (“EUR”), Pound sterling (“GBP”) and Swiss Franc (“CHF”). (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of income and other comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within interest expense on debt. Non-monetary non-monetary non-monetary (iii) Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

Securities purchased (sold) und

Securities purchased (sold) under resale (repurchase) agreements	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Securities purchased (sold) under resale (repurchase) agreements	3. Securities purchased (sold) under resale (repurchase) agreements a) Securities purchased under agreements to resell March 31, 2020 December 31, 2019 Available portfolio 3,294,442 971,991 National Treasury Notes (NTNs) 3,221,176 771,099 Financial Treasury Bills (LFTs) — 195,980 National Treasury Bills (LTNs) 73,266 4,912 Collateral held 11,622,352 8,518,099 National Treasury Bills (LTNs) 293,787 1,764,410 National Treasury Notes (NTNs) 11,328,565 6,753,689 Total 14,916,794 9,490,090 Investments in purchase and sale commitments backed by sovereign debt securities refer to transactions involving the purchase of sovereign debt securities with a commitment to sale originated in the subsidiary XP CCTVM and in exclusive funds and were carried out at an average fixed rate of 3.68% p.a. (December 31, 2019—4.63% p.a.). As of March 31, 2020, R$ 309,053 (December 31, 2019—R$ 654,057) from the total amount of available portfolio is being presented as cash equivalents in the statements of cash flows. b) Securities sold under repurchase agreements March 31, 2020 December 31, 2019 National Treasury Bills (LTNs) 16,829,549 8,533,113 National Treasury Notes (NTNs) 3,057,813 5,653,994 Financial Treasury Bills (LFTs) 1,220,908 1,451,300 Agribusiness receivables certificates (CRA) 3,031 — Total 21,111,301 15,638,407 As of March 31, 2020, securities sold under repurchase agreements were agreed with average interest rates of 3.64% p.a. (December 31, 2019—4.48% p.a.), with assets pledged as collateral.	6. Securities purchased under agreements to resell 2019 2018 Available portfolio 971,991 488,809 National Treasury Notes (NTNs) 771,099 65,136 Financial Treasury Bills (LFTs) 195,980 38,014 National Treasury Bills (LTNs) 4,912 385,659 Collateral held 8,518,099 6,081,800 National Treasury Bills (LTNs) 1,764,410 4,911,635 National Treasury Notes (NTNs) 6,753,689 1,170,165 Total 9,490,090 6,570,609 Investments in purchase and sale commitments backed by sovereign debt securities refer to transactions involving the purchase of sovereign debt securities with a commitment to sale originated in the subsidiary XP CCTVM and in exclusive funds and were carried out at an average fixed rate of 4,63% p.a. (6.43% p.a. as of December 31, 2018). As of December 31, 2019, R$ 654,057 (2018 - R$ 488,809) from the total amount of available portfolio is being presented as cash equivalents in the statements of cash flows.

Securities

Securities	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Securities	4. Securities a) Securities classified at fair value through profit and loss and at fair value through other comprehensive income March 31, 2020 December 31, 2019 Gross Fair value Gross Fair Value Financial assets At fair value through profit and loss 24,911,824 25,091,723 22,332,936 22,443,392 Agribusiness receivables certificates 532,281 515,994 598,085 589,525 Bank deposit certificates (i) 270,022 272,972 244,071 246,827 Brazilian government bonds 15,461,665 15,669,359 15,404,300 15,494,046 Certificate of real estate receivable 211,458 205,546 75,922 75,123 Debentures 1,017,997 973,503 885,344 885,068 Financial credit bills 83,762 82,765 98,068 106,759 Investment funds 4,525,734 4,525,734 3,047,198 3,047,198 USA government bonds 1,856,714 1,857,216 — — Real estate credit bill 1,367 1,392 1,282 1,300 Stocks issued by public-held company 312,547 312,547 1,562,965 1,562,965 Structured transaction certificate 305,188 332,039 237,112 256,381 Others (ii) 333,089 342,656 178,589 178,200 At fair value through other comprehensive income 4,836,127 4,896,387 2,608,325 2,616,118 National treasury bill 4,836,127 4,896,387 2,608,325 2,616,118 (i) Bank deposit certificates include R$ 152,200 (December 31, 2019—R$ 123,817) is being presented as cash equivalents in the statements of cash flows. (ii) Mainly related to bonds issued and traded overseas. b) Securities evaluated at amortized cost March 31, 2020 December 31, 2019 Gross Book Value Gross Book Value Financial assets At amortized cost 1,267,826 1,267,826 2,266,971 2,266,971 Bonds 1,267,826 1,267,826 2,266,971 2,266,971 c) Securities on the financial liabilities classified at fair value through profit or loss March 31, 2020 December 31, 2019 Gross Book value Gross Book Value Financial liabilities At fair value through profit or loss Securities loaned 721,131 721,131 2,021,707 2,021,707 d) Securities classified by maturity Assets Liabilities March 31, December 31, March 31, December 31, Financial assets At fair value through P&L and at OCI Current 8,417,190 9,804,819 721,131 2,021,707 Non-stated 5,405,233 4,999,333 721,131 2,021,707 Up to 3 months 1,814,839 257,544 — — From 3 to 12 months 1,197,118 4,547,942 — — Non-current 21,570,920 15,254,691 — — After one year 21,570,920 15,254,691 — — Evaluated at amortized cost Current 1,267,826 2,266,971 — — Up to 3 months 423,837 807,218 — — From 3 to 12 months 843,989 1,459,753 — — Total 31,255,936 27,326,481 721,131 2,021,707	7. Securities a) Securities classified at fair value through profit and loss and at fair value through other comprehensive income are presented in the following table: 2019 2018 Gross carrying Fair value Gross carrying Fair value Financial assets At fair value through profit or loss 22,332,936 22,443,392 6,262,735 6,290,971 Agribusiness receivables certificates 598,085 589,525 85,668 85,874 Bank deposit certificates (i) 244,071 246,827 172,451 171,725 Brazilian government bonds 15,404,300 15,494,046 3,826,902 3,853,534 Certificate of real estate receivable 75,922 75,123 208,442 207,167 Debentures 885,344 885,068 325,459 326,403 Financial credit bills 98,068 106,759 45,040 44,663 Investment funds 3,047,198 3,047,198 279,013 279,013 Others (ii) 178,589 178,200 167,714 167,716 Real estate credit bill 1,282 1,300 3,697 4,883 Structured transaction certificate 237,112 256,381 21,275 22,949 Stocks issued by public-held company 1,562,965 1,562,965 1,127,074 1,127,044 At fair value through other comprehensive income 2,608,325 2,616,118 688,731 695,778 National treasury bill 2,608,325 2,616,118 688,731 695,778 (i) Bank deposit certificates include R$ 123,817 (2018 – R$ 69,647) is being presented as cash equivalents in the statements of cash flows. (ii) Mainly related to bonds issued and traded overseas. b) Securities evaluated at amortized cost are presented in the following table: 2019 2018 Gross carrying Book value Gross carrying Book value Financial assets At amortized cost Bonds 2,266,971 2,266,971 155,292 155,292 c) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table: 2019 2018 Gross carrying Book value Gross carrying Book value Financial liabilities At fair value through profit or loss Securities loaned 2,021,707 2,021,707 1,259,579 1,259,579 Below is presented the securities classified by maturity: Assets Liabilities 2019 2018 2019 2018 Financial assets At fair value through PL and at OCI Current 9,804,819 1,875,374 2,021,707 1,192,877 Non-stated 4,999,333 1,425,401 2,021,707 — Up to 3 months 257,544 192,208 — 1,184,972 From 3 to 12 months 4,547,942 257,765 — 7,905 Non-current 15,254,691 5,111,375 — 66,702 After one year 15,254,691 5,111,375 — 66,702 Evaluated at amortized cost Current 2,266,971 155,292 — — Non-staded 807,218 — — — From 3 to 12 months 1,459,753 155,292 — — Total 27,326,481 7,142,041 2,021,707 1,259,579

Derivative financial instrument

Derivative financial instruments	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Derivative financial instruments	5. Derivative financial instruments The Group uses the derivatives to manage its overall exposures of foreign exchange rates, interest rates and price of shares. Below is the composition of the derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity: March 31, 2020 Notional Fair Value % Up to From 3 to Above Assets Options 380,556,621 7,156,611 84 2,612,257 2,482,728 2,061,626 Swap contracts 3,864,467 789,707 8 392,631 11,953 385,123 Forward contracts 707,973 567,259 7 545,521 3,679 18,059 Future contracts 6,201 1,216 1 1,216 — — Total 385,135,262 8,514,793 100 3,551,625 2,498,360 2,464,808 Liabilities Options 439,211,735 6,469,055 86 1,932,259 2,354,129 2,182,667 Swap contracts 2,915,357 425,108 6 22,309 13,866 388,933 Forward contracts 4,223,982 631,912 8 558,697 73,152 63 Total 446,351,074 7,526,075 100 2,513,265 2,441,147 2,571,663 December 31, 2019 Notional Fair Value % Up to From 3 to Above Assets Options 498,484,022 2,742,035 67 1,837,073 577,177 327,785 Swap contracts 3,955,473 1,133,768 27 10,418 700,668 422,682 Forward contracts 1,857,542 187,392 5 159,163 28,175 54 Future contracts 15,920,584 21,809 1 21,809 — — Total 520,217,621 4,085,004 100 2,028,463 1,306,020 750,521 Liabilities Options 488,482,756 2,741,592 85 1,745,532 637,393 358,667 Swap contracts 3,420,857 485,164 14 15,838 40,687 428,639 Forward contracts 164,209 2,480 1 1,693 325 462 Total 492,067,822 3,229,236 100 1,763,063 678,405 787,768	8. Derivative financial instruments The Group uses the derivatives to manage its overall exposures of foreign exchange rates, interest rates and price of shares. The fair value of derivative financial instruments, comprised of futures, forward, options, and swaps operations, is determined in accordance with the following criteria: • Swap—These operations swap cash flow based on the comparison of profitability between two indexers, Thus, the agent assumes both positions – put in one indexer and call on another. • Forward—at the market quotation value, and the installments receivable or payable are prefixed to a future date, adjusted to present value, based on market rates published at B3. • Futures—Foreign exchange rates, prices of shares and commodities are commitments to buy or sell a financial instrument at a future date, at a contracted price or yield and may be settled in cash or through delivery. Daily cash settlements of price movements are made for all instruments. • Options—option contracts give the purchaser the right to buy the instrument at a fixed price negotiated at a future date. Those who acquire the right must pay a premium to the seller. This premium is not the price of the instrument, but only an amount paid to have the option (possibility) to buy or sell the instrument at a future date for a previously agreed price. Positions with derivative financial instruments as of December 31, 2019 and 2018 are shown below: 2019 Assets Liabilities Fair value Notional Fair value Notional Swaps 1,133,768 3,955,473 485,164 3,420,857 Forward contracts 187,392 1,857,542 2,480 164,209 Futures contracts 21,809 15,920,584 — — Options 2,742,035 498,484,022 2,741,592 488,482,756 Total 4,085,004 520,217,621 3,229,236 492,067,822 2018 Assets Liabilities Fair value Notional Fair value Notional Swaps 244,262 3,454,728 247,732 3,981,304 Forward contracts 573,963 809,202 17,170 19,142 Futures contracts 6,599 5,679,425 — — Options 867,207 78,746,383 726,497 82,579,675 Total 1,692,031 88,689,738 991,399 86,580,121 Below is the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity: 2019 Fair Value % Up to From 3 to Above Assets Swap contracts 1,133,768 27 10,418 700,668 422,682 Forward contracts 187,392 5 159,163 28,175 54 Future contracts 21,809 1 21,809 — — Options 2,742,035 67 1,837,073 577,177 327,785 Total 4,085,004 100 2,028,463 1,306,020 750,521 Liabilities Options 2,741,592 85 1,745,532 637,393 358,667 Forward contracts 2,480 1 1,693 325 462 Swap contracts 485,164 14 15,838 40,687 428,639 Total 3,229,236 100 1,763,063 678,405 787,768 2018 Fair value % Up to 3 months From 3 to 12 Above 12 months Assets Swap contracts 244,262 14 4,675 25,054 214,533 Forward contracts 573,963 34 363,863 210,100 — Future contracts 6,599 1 4,613 1,986 — Options 867,207 51 255,281 234,742 377,184 Total 1,692,031 100 628,432 471,882 591,717 Liability Options 726,497 73 128,470 217,387 380,640 Forward contracts 17,170 2 16,972 25 173 Swap contracts 247,732 25 7,710 25,094 214,928 Total 991,399 100 153,152 242,506 595,741 Derivatives financial instruments by index: 2019 2018 Notional Fair Value Notional Fair Value Swap Contracts Asset Position Interest 3,955,473 1,133,768 3,454,728 244,262 Liability Position Interest 3,420,857 (485,164 ) 3,981,304 (247,732 ) Forward Contracts Asset Position Foreign exchange 1,710,648 40,499 239,478 4,239 Share — — 342,681 342,681 Interest 146,893 146,893 227,043 227,043 Liability Position Foreign exchange 162,551 (822 ) 2,234 (262 ) Shares 1,658 (1,658 ) 16,908 (16,908 ) Future Contracts Purchase commitments Foreign exchange 965 329 5,679,425 6,599 Interest 15,919,619 21,480 — — Options Purchase commitments Foreign exchange 37,500 82,369 1,734,063 115,570 Share 1,770,220 210,448 5,500,627 365,631 Commodities — — 213 1,582 Interest 496,676,302 2,449,218 71,511,480 384,424 Commitments to sell Foreign exchange 37,500 (94,612 ) 2,059,104 (171,918 ) Shares 2,511,960 (229,291 ) 3,245,796 (172,748 ) Commodities — — 130 (1,391 ) Interest 485,933,296 (2,417,689 ) 77,274,645 (380,440 ) Assets 4,085,004 1,692,031 Liabilities (3,229,236 ) (991,399 ) Net 855,768 700,632

Hedge accounting

Hedge accounting	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Hedge accounting	6. Hedge accounting In the three months period ended March 31, 2020 and in the year ended December 31, 2019, the objective for the Group was to hedge the risk generated by the US$ variation from the investments in USA, XP Holding International and XP Advisors Inc. The Group has entered into forward contracts to protect against changes in future cash flows and exchange rate variation of net investments in foreign operations known as Non Deliverable Forward (“NDF”) contracts. The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. Hedged item Hedge instrument Book Value Variation in Nominal Variation in ineffectiveness Strategies Assets Liabilities March 31, 2020 Foreign exchange risk Hedge of net investment in foreign operations 228,563 — 52,428 385,484 (56,496 ) Total 228,563 — 52,428 385,484 (56,496 ) December 31, 2019 Foreign exchange risk Hedge of net investment in foreign operations 186,412 — 5,946 248,896 (7,133 ) Total 186,412 — 5,946 248,896 (7,133 ) There was no ineffectiveness during March 31, 2020 and December 31, 2019 in relation to the foreign net investment hedge.	9. Hedge accounting In the year ended December 31, 2019,2018 and 2017 the objective for the Group was to hedge the risk generated by the USD variation from the investments in USA, XP Holding International and XP Advisors Inc. The Group contract Non-Deliverable The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. Hedged item Hedge instrument Book Value Variation in Nominal Variation in Strategies Assets Liabilities 2019 Foreign exchange risk Hedge of net investment in foreign operations 186,412 — 5,946 248,896 (7,133 ) Total 186,412 — 5,946 248,896 (7,133 ) 2018 Foreign exchange risk Hedge of net investment in foreign operations 147,179 — 18,645 225,901 (17,495 ) Total 147,179 — 18,645 225,901 (17,495 ) 2017 Foreign exchange risk Hedge of net investment in foreign operations 100,323 — 2,034 145,552 (2,386 ) Total 100,323 — 2,034 145,552 (2,386 ) There was no ineffectiveness during 2019, 2018 and 2017 in relation to the foreign net investment hedge.

Recoverable taxes

Recoverable taxes	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Recoverable taxes	7. Securities trading and intermediation (receivable and payable) Represented by operations at B3 on behalf of and on account of third parties, with liquidation operating cycle between D+1 and D+3. March 31, December 31, Cash and settlement records 49 13,823 Debtors pending settlement 956,760 477,646 Other 58,976 13,514 Total Assets 1,015,785 504,983 Cash and settlement records 557,632 474,759 Creditors pending settlement 12,775,907 8,639,787 Total Liabilities 13,333,539 9,114,546	11. Recoverable taxes 2019 2018 Prepayments of income taxes (IRPJ and CSLL) 225,465 182,021 Contributions over revenue (PIS and COFINS) 16,859 533 Taxes on services (ISS) 846 698 Value added taxes (VAT) 150 98 Total 243,320 183,350 Current 243,320 183,350 Non-current — —

Property, equipment, intangible

Property, equipment, intangible assets and lease	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Property, equipment, intangible assets and lease	8. Property, equipment, intangible assets and lease a) Changes in the period Property and equipment Intangible assets As of January 1, 2019 99,127 504,915 Additions 11,375 8,061 Write-offs (56 ) (56 ) Depreciation / amortization in the period (4,672 ) (7,055 ) As of March 31, 2019 105,774 505,865 Cost 146,865 626,921 Accumulated depreciation / amortization (41,092 ) (121,056 ) As of January 1, 2020 142,464 553,452 Additions 20,746 19,914 Write-offs (324 ) — Transfers (2,083 ) 2,083 Depreciation / amortization in the period (6,255 ) (15,648 ) As of March 31, 2020 154,548 559,801 Cost 211,839 672,045 Accumulated depreciation / amortization (57,291 ) (112,244 ) b) Impairment test for goodwill Given the interdependency of cash flows and the merger of business practices, all Group’s entities are considered a single cash generating units (“CGU”) and, therefore, goodwill impairment test is performed at the single operating level. Therefore, the carrying amount considered for the impairment test represents the Company’s equity. The Group performs its annual impairment test in December and when circumstances indicates that the carrying value may be impaired. The Group’s impairment tests are based on value-in-use As of March 31, 2020, there were no indicators of a potential impairment of goodwill. c) Leases Set out below, are the carrying amounts of the Group’s right-of-use Right-of-use assets Lease liabilities As of January 1, 2019 133,870 148,494 Depreciation expense (3,430 ) — Interest expense — 2,328 Effects of exchange rate (1,281 ) 134 Payment of lease liabilities — (7,490 ) As of March 31, 2019 129,159 143,466 As of December 31, 2019 227,478 255,406 Additions (i) 19,273 19,361 Depreciation expense (9,623 ) — Interest expense — 6,145 Revaluation (ii) (19,968 ) (19,968 ) Impairment (3,040 ) — Effects of exchange rate 22,016 23,561 Payment of lease liabilities — (15,558 ) As of March 31, 2020 236,136 268,947 Current — 56,581 Non-current 236,136 212,367 (i) Additions to right-of-use (ii) Revaluation of discount rate that represent the current market assessment. The Group recognized rent expense from short-term leases and low-value	13. Property, equipment, intangible assets and leases (a) Property and equipment Data Furniture Security Facilities Fixed Total Balance as of January 1, 2017 9,679 8,677 459 8,789 1,061 28,665 Additions 6,308 6,309 5,650 9,915 2,187 30,369 Business combination (Note 5 (ii)) 804 412 34 478 1,728 Write-offs (149 ) (1,690 ) (9 ) (2,503 ) — (4,351 ) Transfers 709 2,181 — 358 (3,248 ) — Depreciations in the year (3,608 ) (2,628 ) (1,227 ) (1,875 ) — (9,338 ) Balance as of December 31, 2017 13,743 13,261 4,907 15,162 — 47,073 Cost 27,400 19,124 6,403 19,281 — 72,208 Accumulated depreciation (13,657 ) (5,863 ) (1,496 ) (4,119 ) — (25,135 ) Balance as of January 1, 2018 13,743 13,261 4,907 15,162 — 47,073 Additions 22,319 10,448 376 9,930 40,076 83,149 Write-offs (40 ) (924 ) (30 ) (5,078 ) (553 ) (6,625 ) Transfers 31 2,109 192 37,191 (39,523 ) — Depreciation in the year (7,282 ) (3,253 ) (2,892 ) (11,043 ) — (24,470 ) Balance as of December 31, 2018 28,771 21,641 2,553 46,162 — 99,127 Cost 48,023 29,613 6,388 47,843 — 131,867 Accumulated depreciation (19,252 ) (7,972 ) (3,835 ) (1,681 ) — (32,740 ) Balance as of January 1, 2019 28,771 21,641 2,553 46,162 — 99,127 Additions 15,039 9,942 664 22,315 24,539 72,499 Write-offs (304 ) (2,047 ) — (6,112 ) — (8,463 ) Transfers — 2,409 — 22,130 (24,539 ) — Depreciation in the year (9,059 ) (4,189 ) (1,673 ) (5,778 ) — (20,699 ) Balance as of December 31, 2019 34,447 27,756 1,544 78,717 — 142,464 Cost 62,235 38,086 7,716 84,726 — 192,763 Accumulated depreciation (27,788 ) (10,330 ) (6,172 ) (6,009 ) — (50,299 ) (b) Intangible assets Software Goodwill Costumer Trademarks Other Total Balance as of January 1, 2017 16,871 90,999 9,179 1,799 4,422 123,270 Additions 12,243 — — 33 8,351 20,627 Business combination (Note 5 ii)) 4,404 281,702 50,077 19,304 2,028 357,515 Write-offs (140 ) — — — — (140 ) Transfers (799 ) — — — 799 — Amortization in the year (6,879 ) — (9,286 ) (898 ) (1,002 ) (18,065 ) Balance as of December 31, 2017 25,700 372,701 49,970 20,238 14,598 483,207 Cost 35,489 372,701 72,072 21,230 18,753 520,245 Accumulated Amortization (9,789 ) — (22,102 ) (992 ) (4,155 ) (37,038 ) Balance as of January 1, 2018 25,700 372,701 49,970 20,238 14,598 483,207 Additions 27,828 — — 1,009 24,680 53,517 Business combination — 9,799 — — — 9,799 Write-offs (15 ) — — — (13,275 ) (13,290 ) Amortization in the year (14,742 ) — (8,426 ) (2,024 ) (3,126 ) (28,318 ) Balance as of December 31, 2018 38,771 382,500 41,544 19,223 22,877 504,915 Cost 56,127 382,500 72,072 22,239 31,308 564,246 Accumulated amortization (17,356 ) — (30,528 ) (3,016 ) (8,431 ) (59,331 ) Balance as of January 1, 2019 38,771 382,500 41,544 19,223 22,877 504,915 Additions 51,348 — 27,000 — 10,601 88,949 Write-offs (2,283 ) — — (33 ) (466 ) (2,782 ) Amortization in the year (21,526 ) — (7,945 ) (2,702 ) (5,457 ) (37,630 ) Balance as of December 31, 2019 66,310 382,500 60,599 16,488 27,555 553,452 Cost 104,270 382,500 105,977 22,239 39,823 654,809 Accumulated amortization (37,960 ) — (45,378 ) (5,751 ) (12,268 ) (101,357 ) (c) Impairment test for goodwill Given the interdependency of cash flows and the merger of business practices, all Group’s entities are considered a single cash generating units (“CGU”) and, therefore, goodwill impairment test is performed at the single operating level. Therefore, the carrying amount considered for the impairment test represents the Company’s equity. The Group tests whether goodwill has suffered any impairment on an annual basis. For the years ended December 31, 2019 and 2018, the recoverable amount of the single CGU was determined based on value-in-use Cash flows beyond the four-year period are extrapolated using the estimated growth rates, which are consistent with forecasts included in industry reports specific to the industry in which the Group operates. The Group performed its annual impairment test as of December 31, 2019 and 2018 which did not result in the need to recognize impairment losses on the carrying value of goodwill. Key assumptions used in value-in-use Assumption Approach used to determine values Sales Average annual growth rate over the four-year forecast period; based on past performance and management’s expectations of market development. Budgeted gross margin Based on past performance and management’s expectations for the future. Other operating costs Fixed costs, which do not vary significantly with sales volumes or prices. Management forecasts these costs based on the current structure of the business, adjusting for inflationary increases but not reflecting any future restructurings or cost saving measures. The amounts disclosed above are the average operating costs for the four-year forecast period. Annual capital expenditure Expected cash costs. This is based on the historical experience of management, and the planned refurbishment expenditure. No incremental revenue or cost savings are assumed in the value-in-use Long-term growth rate This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports. Pre-tax Reflect specific risks relating to the relevant segments and the countries in which they operate. Discount rates represent the current market assessment of the risks specific to the Group, taking into consideration the time value of the money and risks of the underlying assets that have not been incorporated in the cash flow estimates, The discount rate calculation is based on the specific circumstances of the Group and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the Group has. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows in order to reflect a pre-tax pre-tax d) Leases Set out below, are the carrying amounts of the Group’s right-of-use Right-of-use assets Lease liabilities As of January 1, 2019 133,870 148,494 Additions (i) 123,529 124,283 Depreciation expense (32,831 ) — Interest expense — 17,613 Effects of exchange rate 2,910 2,995 Payment of lease liabilities — (37,979 ) As of December 31, 2019 227,478 255,406 Current — 52,771 Non-current 227,478 202,635 (i) Additions to right-of-use The Group recognized rent expense from short-term leases and low-value

Borrowings and lease liabilitie

Borrowings and lease liabilities	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Borrowings and lease liabilities	9. Borrowings and lease liabilities Interest rate % Maturity March 31, December 31, Bank borrowings—domestic (i) 113% of March 2021 42,124 52,668 Related parties 42,124 52,668 Financial institution (ii) CDI + April 2023 333,368 329,410 Third parties 333,368 329,410 Total borrowings 375,492 382,078 Lease liabilities 268,947 255,406 Total borrowings and lease liabilities 644,439 637,484 Current 405,498 116,450 Non-current 238,941 521,034 (*) Brazilian Interbank Offering Rate (CDI) (i) Loan agreement with Itaú Unibanco with maturity on March 8, 2021, payable in 36 monthly installments. (ii) Loan agreement entered into on March 28, 2018 with the International Finance Corporation (IFC). The principal amount is due on the maturity date and accrued interests payable at every six months. All the obligations above contain financial covenants, which comply with certain performance conditions. The Group has complied with these covenants throughout the reporting period (Note 24 (b)).	15. Borrowings and lease liabilities Interest rate % Maturity 2019 2018 Bank borrowings—domestic (i) 113% of CDI (*) March 2021 52,668 94,921 Related parties 52,668 94,921 Bank borrowings—domestic (ii) 111% of CDI (*) July 2019 — 44,352 Financial institution (iii) CDI (*) April 2023 329,410 330,336 Third parties 329,410 374,688 Total borrowings 382,078 469,609 Lease liabilities (Note 13.(d)) 255,406 — Total borrowings and lease liabilities 637,484 469,609 Current 116,450 114,489 Non-current 521,034 355,120 (*) Brazilian Interbank Offering Rate (CDI) (i) Loan agreement with Itaú Unibanco with maturity on March 8, 2021, payable in 36 monthly installments. (ii) Loan agreement with Banco JP Morgan S.A., hired in connection with the acquisition of Rico, payable in seven quarterly installments. In July 2019, the loan was fully settled. (iii) Loan agreement entered into on March 28, 2018 with the International Finance Corporation (IFC). The principal amount is due on the maturity date and accrued interests payable at every six months. All the obligations above contain financial covenants, which comply with certain performance conditions. The Group has complied with these covenants throughout the reporting period (Note 34 (ii)).

Debentures

Debentures	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Debentures	10. Debentures On May 15, 2019 and September 28, 2018, the Company issued Debentures, non-convertible Issuance Quantity Annual rate Issuance Maturity Unit value at Unit value at period-end Book 1st 400,000 108.0% CDI 9/28/2018 9/28/2020 R$ 1,000.00 R$ 1,093.87 438,010 2st 400,000 107.5% CDI 5/15/2019 5/15/2022 R$ 1,000.00 R$ 1,016.83 406,351 Total 800,000 844,361 March 31, December 31, Principal 800,000 800,000 Interest 56,258 47,127 Payments (11,897 ) (11,897 ) Total 844,361 835,230 Current 444,361 435,230 Non-current 400,000 400,000 The principal amount and accrued interest payables related to the first issuance are due on the maturity date, while for the second issuance, 50% of the principal amount is due on May 15, 2021 and the remaining balance on the maturity date, and accrued interest payable every 12 months from the issuance date. There were no amounts paid in the period ended March 31, 2020. Debentures are subject to financial covenants, which comply with certain performance conditions. The Group has complied with these covenants throughout the reporting period (Note 24(b)).	16. Debentures On May 15, 2019 and September 28, 2018, the Company issued Debentures, non-convertible Issuance Quantity (units) Annual rate Issuance date Maturity date Unit value at Unit value at period-end Book value 1st 400,000 108,0% CDI 9/28/2018 9/28/2020 R$ 1,000.00 R$ 1,082.01 433,262 2st 400,000 107,5% CDI 5/15/2019 5/15/2022 R$ 1,000.00 R$ 1,005.88 401,968 Total 800,000 835,230 2019 2018 Principal 800,000 400,000 Interest 47,127 6,538 Payments (11,897 ) — Total 835,230 406,538 Current 435,230 — Non-current 400,000 406,538 The principal amount and accrued interest payables related to the first issuance are due on the maturity date, while for the second issuance, 50% of the principal amount is due on May 15, 2021 and the remaining balance on the maturity date, and accrued interest payable every 12 months from the issuance date. There were no amounts paid in 2019. Debentures are subject to financial covenants, which comply with certain performance conditions. The Group has complied with these covenants throughout the reporting period (Note 34(ii)).

Private pension liabilities

Private pension liabilities	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Private pension liabilities	11. Private pension liabilities As of March 31, 2020, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws. In this respect, such financial products represent investment contracts that have the legal form of private pension plans but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and balance consists of the balance of the participant in the linked FIE at the reporting date (Note 4 (a)). a) Changes in the period Three months period 2020 2019 As of January 1 3,759,090 16,059 Contributions received 278,357 1,766 Transfer with third party plans 1,636,370 31,777 Redemptions paid (46,585 ) — Gain (loss) from FIE (472,144 ) 324 As of March 31 5,155,088 49,926 Contributions invested in FIEs (Note 4 (a)) 5,155,088 49,926	21. Private pension liabilities As of December 31, 2019, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws. In this respect, such financial products represent investment contracts that have the legal form of private pension plans but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and balance consists of the balance of the participant in the linked FIE at the reporting date (Note 7 (a)). Changes in the period 2019 2018 As of January 1 16,059 — Contributions received 609,639 16,059 Transfer with third party plans 3,047,492 — Withdraws (20,153 ) — Interest received from FIE 106,053 — As of December 31 3,759,090 16,059 Contributions invested in FIEs 3,759,090 16,059

Income tax

Income tax	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Income tax	12. Income tax a) Deferred income tax Deferred tax assets (DTA) and deferred tax liabilities (DTL) are comprised of the main following components: Balance Sheet Net change in the three March 31, December 31, March 31, March 31, 2019 Tax losses carryforwards 39,298 17,146 22,152 (29,611 ) Goodwill on business combinations (i) 14,714 22,303 (7,589 ) (9,068 ) Provisions for IFAs’ commissions 64,669 68,041 (3,372 ) — Revaluations of financial assets at fair value (26,370 ) 25,259 (51,629 ) (2,486 ) Expected credit losses 13,695 5,666 8,029 (75 ) Financial instruments taxed on redemption — — — 9,852 Profit sharing plan 71,309 141,136 (69,828 ) 51,494 Net gain on hedge instruments 22,706 (36,384 ) 59,091 (1,080 ) Share based plan 14,187 2,950 11,237 — Other provisions 47,304 33,284 14,019 776 Total 261,512 279,401 (17,890 ) 19,802 Deferred tax assets 261,512 284,533 Deferred tax liabilities — (5,132 ) (i) For tax purposes, goodwill is amortized over 5 years on a straight-line basis when the entity acquired is sold or merged into another entity. The changes in the net deferred tax were recognized as follows: Three months period 2020 2019 As of January 1 279,401 140,400 Foreign exchange variations 21,055 (114 ) Charges to statement of income (47,072 ) 18,643 Tax relating to components of other comprehensive income 8,128 1,273 As of March 31 261,512 160,202 Unrecognized deferred taxes Deferred tax assets are recognized for tax losses to the extent that the realization of the related tax benefit against future taxable profits is probable. The Group did not recognize deferred tax assets of R$ 12,237 (December 31, 2019—R$ 18,402) mainly in respect of losses from subsidiaries overseas and that can be carried forward and used against future taxable income. A deferred tax asset was not recorded as taxable income is not expected. b) Income tax expense reconciliation The tax on the Group’s pre-tax Three months period 2020 2019 Income before taxes 516,531 303,227 Combined tax rate in Brazil (i) 34 % 34 % Tax expense at the combined rate 175,620 103,097 Income (loss) from entities not subject to taxation (9,246 ) (48 ) Effects from entities taxed at different rates 14,287 6,505 Effects from entities taxed at different method (ii) (64,678 ) (4,968 ) Intercompany transactions with different taxation (9,156 ) (7,767 ) Tax incentives 605 — Non deductible expenses (non-taxable 6,586 717 Others 4,959 (4,747 ) Total 118,977 92,789 Effective tax rate 23.03 % 30.60 % Current 71,905 111,432 Deferred 47,072 (18,643 ) Total expense 118,977 92,789 (i) Considering that XP Inc. is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of 34% demonstrated above is the current rate applied to XP Investimentos S.A. which is the holding company of all operating entities of XP Inc. in Brazil. (ii) Certain eligible subsidiaries adopted the PPM tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. Additionally, some entities and investment funds adopt different taxation regimes according to the applicable rules in their jurisdictions. Other comprehensive income The tax (charge)/credit relating to components of other comprehensive income is as follows: Before tax (Charge) After tax Foreign exchange variation of investees located abroad 1,325 — 1,325 Gains (losses) on net investment hedge (1,277 ) 434 (843 ) Changes in the fair value of financial assets at fair value (2,021 ) 838 (1,183 ) As of March 31, 2019 (1,973 ) 1,272 (701 ) Foreign exchange variation of investees located abroad 56,560 — 56,560 Gains (losses) on net investment hedge (85,600 ) 29,104 (56,496 ) Changes in the fair value of financial assets at fair value 52,467 (20,977 ) 31,490 As of March 31, 2020 23,427 8,127 31,554	22. Income tax (a) Deferred income tax Deferred tax assets (DTA) and deferred tax liabilities (DTL) are comprised of the main following components: Balance Sheet Net change in the year 2019 2018 2019 2018 2017 Tax losses carryforwards 17,146 55,358 (38,212 ) 37,774 17,584 Goodwill on business combinations (i) 22,303 59,993 (37,690 ) (56,789 ) (51,327 ) Provisions for IFAs’ commissions 68,041 31,031 37,010 4,744 26,156 Revaluations of financial assets at fair value 25,259 1,397 23,862 (2,427 ) 4,030 Expected credit losses 5,666 3,079 2,587 (2,345 ) 4,329 Financial instruments taxed on redemption — (13,041 ) 13,041 (6,230 ) (6,811 ) Profit sharing plan 141,136 — 141,136 — — Net gain on hedge instruments (36,384 ) (1,441 ) (34,943 ) (51,423 ) 49,382 Share-base compensation 2,950 — 2,950 Other provisions 33,284 4,024 29,260 (2,572 ) 5,251 Total 279,401 140,400 139,001 (79,268 ) 48,594 Deferred tax assets 284,533 152,425 Deferred tax liabilities (5,132 ) (12,025 ) (i) For tax purposes, goodwill is amortized over 5 years on a straight-line basis when the entity acquired is sold or merged into another entity. The changes in the net deferred tax were recognized as follows: 2019 2018 2017 At January 1 140,400 219,668 171,074 Foreign exchange variations (3,461 ) (9,259 ) (1,155 ) Business combination (Note 5 (ii)) — — 3,751 Charges to statement of income 139,411 (76,455 ) 45,325 Tax relating to components of other comprehensive income 3,051 6,446 673 At December 31 279,401 140,400 219,668 Unrecognized deferred taxes Deferred tax assets are recognized for tax losses to the extent that the realization of the related tax benefit against future taxable profits is probable. The Group did not recognize deferred tax assets of R$ 18,402 (2018—R$ 12,025) mainly in respect of losses from subsidiaries overseas and that can be carried forward and used against future taxable income. (b) Income tax expense reconciliation The tax on the Group’s pre-tax 2019 2018 2017 Income before taxes 1,544,109 640,728 575,507 Combined tax rate in Brazil (a) 34,00 % 34,00 % 34,00 % Tax expense at the combined rate 524,997 217,848 195,672 Income from entities not subject to taxation (9,551 ) (3,647 ) (5,101 ) Effects from entities taxed at different rates 25,948 16,444 9,078 Effects from entities taxed at different method (b) (24,089 ) (18,183 ) (25,971 ) Intercompany transactions with different taxation (50,138 ) (38,255 ) (30,264 ) Tax incentives (9,772 ) (1,408 ) (265 ) Non-deductible (non-taxable 10,888 (689 ) 175 Others (13,658 ) 3,288 8,642 Total 454,625 175,398 151,966 Effective tax rate 29,44 % 27,20 % 26,38 % Current 594,037 98,943 197,291 Deferred (139,412 ) 76,455 (45,325 ) Total expense 454,625 175,398 151,966 (a) Considering that XP Inc. is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of 34% demonstrated above is the current rate applied to XP Investimentos S.A. which is the holding company of all operanting entities of XP Inc. in Brazil. (b) Certain eligible subsidiaries adopted the PPM tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. Other comprehensive income The tax (charge)/credit relating to components of other comprehensive income is as follows: Before tax (Charge) / Credit After tax Foreign exchange variation of investees located abroad 2,034 — 2,034 Gains (losses) on net investment hedge (3,124 ) 738 (2,386 ) Changes in the fair value of financial assets at fair value 275 (65 ) 210 As of December 31, 2017 (815 ) 673 (142 ) Foreign exchange variation of investees located abroad 18,645 — 18,645 Gains (losses) on net investment hedge (26,508 ) 9,013 (17,495 ) Changes in the fair value of financial assets at fair value 6,727 (2,567 ) 4,160 As of December 31, 2018 (1,136 ) 6,446 5,310 Foreign exchange variation of investees located abroad 6,823 — 6,823 Gains (losses) on net investment hedge (10,543 ) 3,410 (7,133 ) Changes in the fair value of financial assets at fair value 1,058 (360 ) 698 As of December 31, 2019 (2,662 ) 3,050 388

Equity

Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Equity	13. Equity (a) Issued capital The Company has an authorized share capital of US$ 35 thousand, corresponding to 3,500,000,000 authorized shares with a par value of US$ 0,00001 each of which: • 2,000,000,000 shares are designated as Class A common shares and issued; and • 1,000,000,000 shares are designated as Class B common shares and issued. The remaining 500,000,000 authorized but unissued shares are presently undesignated and may be issued by XP Inc. board of directors as common shares of any class or as shares with preferred, deferred or other special rights or restrictions. Therefore, the Company is authorized to increase capital up to this limit, subject to approval of the Board of Directors. As of March 31, 2020 and December 31, 2019, the Company have US$ 23 thousand of issued capital which were represented by 354,181,346 Class A common shares and 197,618,980 Class B common shares. In the IPO that took place on December 11, 2019, the Company issued 83,387,238 new Class A common shares, with a corresponding increased of US$ 2 in the issued capital of the Company. (b) Additional paid-in In December 2019, immediately prior the completion of the IPO, the Company had 257,456,251,558 Class A common shares and 251,790,558 Class B common shares of its authorized share capital issued. Class A and Class B common shares. At the Board of Directors meetings on November 30, 2019, the Company’s shareholders approved a reverse share split of 4:1 (four for one) for an initial consideration to IPO with a conversion of 2,036,988,542 into 509,247,134 shares. On the same event shareholders also approved the conversion of 30,807,911 Class B common shares of the Company into Class A common shares. In December 2019, as a result of the completion of the IPO describe in Note 1.1, 42,553,192 new Class A common shares were issued. As mentioned in Note 20, the Board of Directors approved on December, 2019 a share based long-term incentive plan, which the maximum number of shares should not exceed 5% of the issued and outstanding shares. As of March 31, 2020 the Company has 1,906,024 (December 31, 2019—1,921,669) restricted share units (“RSUs”) and 2,190,377 (December 31, 2019—2,190,377) performance restricted units (“PSUs”) to be issued at the vesting date. The additional paid-in (c) Dividends distribution The Group has not adopted a dividend policy with respect to future distributions of dividends. The amount of any distributions will depend on many factors such as the Company’s results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by XP Inc. board of directors and, where applicable, the shareholders. The proposal and payment of dividends recorded in the Company’s financial statements, subject to the approval of the shareholders in General Meetings. For the three months period ended March 31, 2020 and 2019, the Company has not declared and paid dividends to the controlling shareholders. (d) Other comprehensive income Increases or decreases in value attributed to assets and liabilities are classified as equity valuation adjustments, while not being computed in the income for the period in accordance with the accrual basis as a result of their valuation at fair value.	23. Equity (a) Issued capital The Company has an authorized share capital of US$ 35 thousand, corresponding to 3,500,000,000 authorized shares with a par value of US$ 0,00001 each of which: • 2,000,000,000 shares are designated as Class A common shares and issued; and • 1,000,000,000 shares are designated as Class B common sharesand issued. The remaining 500,000,000 authorized but unissued shares are presently undesignated and may be issued by our board of directors as common shares of any class or as shares with preferred, deferred or other special rights or restrictions.Therefore, the Company is authorized to increase capital up to this limit, subject to approval of the Board of Directors. As of December 31, 2019, the Company have US$ 23 thousand of issued capital which were represented by 354,181,346 Class A common shares and 197,618,980 Class B common shares. In the IPO that took place on December 11, 2019, the Company issued 83,387,238 new Class A common shares, with a corresponding increased of US$ 2 in the issued capital of the Company. (b) Additional paid-in In December 2019, immediately prior the completion of the IPO, we had 257,456,251,558 Class A common shares and 251,790,558 Class B common shares of our authorized share capital issued. Class A and Class B common shares, have the following rights: • Each holder of a Class B common share is entitled, in respect of such share, to 10 votes per share, whereas the holder of a Class A common share is entitled, in respect of such share, to one vote per share. • Each holder of Class A common shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law. • Class consents from the holders of Class A common shares and Class B common shares, as applicable, shall be required for any modifications to the rights attached to their respective class of shares the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class B common shares and vice versa; and • the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights. The Articles of Association provide that at any time when there are Class A common shares in issue, Class B common shares may only be issued pursuant to: (a) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits; (b) a merger, consolidation, or other business combination involving the issuance of Class B common shares as full or partial consideration; or (c) an issuance of Class A common shares, whereby holders of the Class B common shares are entitled to purchase a number of Class B common shares that would allow them to maintain their proportional ownership and voting interests in XP Inc. Below is a summary of the issuances and conversions of shares during 2019, 2018 and 2017, after giving effect to the share split mentioned before: Class A (prior Class B (prior Total Shares As of January 1, 2017 325,011,655 159,906,862 484,918,517 Transfer of classes (49,011,642 ) 49,011,642 — As of December 31, 2017 276,000,013 208,918,504 484,918,517 Issued for cash — 24,328,617 24,328,617 Transfer of classes (20,867,198 ) 20,867,198 — As of December 31, 2018 255,132,815 254,114,319 509,247,134 Corporate reorganization 30,807,911 (30,807,911 ) — Transfer of classes 25,687,428 (25,687,428 ) — Initial public offering 42,553,192 — 42,553,192 As of December 31, 2019 354,181,346 197,618,980 551,800,326 In March 2017, along with the reverse share split, shareholders also approved the conversion of 196,046,598 common shares (or 49,011,649 Class A common shares after reverse share split and reclassification) of the Company into preferred shares including the conversion of 28 preferred shares (or 7 Class B common shares after the reverse share split and reclassification) into common shares, with no contributions or changes in the share capital. On August 9, 2018, shareholders also approved the conversion of 83,468,792 (20,867,198 Class A common reverse shares after reverse share split and reclassification) of the Company into preferred shares, with no contributions or changes in the share capital. On August 31, 2018, the Company received capital contributions in the amount of R$ 673,294, upon the issuance of 97,314,470 (24,328,617 Class B common shares after reverse share split) new preferred shares. At the Board of Directors meetings on November 30, 2019, the Company’s shareholders approved a reverse share split of 4:1 (four for one) for a initial consideration to IPO with a conversion of 2,036,988,542 into 509,247,134 shares. On the same event shareholders also approved the conversion of 30,807,911 Class B common shares of the Company into Class A common shares. In December 2019, as a result of the completion of the IPO describe in Note 1.1, 42,553,192 new Class A common shares were issued. As mentioned in Note 30, the Board of Directors approved on December, 2019 a share based long-term incentive plan, which the maximum number of shares should not exceed 5% of the issued and outstanding shares. As of December 31, 2019, the Company granted 1,921,669 restricted share units (“RSUs”) and 2,190,377 performance restricted units (“PSUs”) to be issued at the vesting date. The additional paid-in (c) Dividends distribution The Group has not adopted a dividend policy with respect to future distributions of dividends. The amount of any distributions will depend on many factors such as our results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by our board of directors and, where applicable, our shareholders. The proposal and payment of dividends recorded in the Company’s financial statements, subject to the approval of the shareholders in General Meetings, is detailed below: 2019 2018 2017 Net income 1,089,485 465,330 423,541 Total dividends 500,000 200,000 314,998 At January 1 — 125,000 — Amount recognized in the year 500,000 200,000 314,998 Dividends paid in the year (500,000 ) (325,000 ) (189,998 ) At December 31 — — 125,000 In 2017, shareholders decided in general meeting for distribution of dividends in total of R$ 314,998, out of which R$ 37,437 to be distributed from Other reserves.

Related party transactions

Related party transactions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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Related party transactions	14. Related party transactions The main transactions carried with related parties, under commutative conditions, including interest rates, terms and guarantees, and period-end Assets/(Liabilities) Revenue/(Expenses) Three months period ended Relation and transaction March 31, December 31, 2020 2019 Shareholders with significant influence (i) 175,859 (732,420 ) (26,039 ) (9,841 ) Securities 152,636 123,813 3,780 2,094 Securities purchased under agreements to resell 64,999 196,009 (30,087 ) — Accounts receivable 348 594 797 61 Securities sold under repurchase agreements — (1,000,168 ) — — Borrowings (42,124 ) (52,668 ) (529 ) (11,996 ) (i) These transactions are related to Itaú Unibanco who became shareholder of the Company in 2018 and since then a related party. Transactions with related parties also includes transactions among the Company and its subsidiaries in the ordinary course of operations include services rendered such as: (i) education, consulting and business advisory; (ii) financial advisory and financial consulting in general; (iii) management of resources and portfolio management; (iv) information technology and data processing; and (v) insurance. The effects of these transactions have been eliminated and do not have effects on the unaudited interim condensed consolidated financial statements.	24. Related party transactions Transactions and remuneration of services with related parties are carried out in the ordinary course of business and under commutative conditions, including interest rates, terms and guarantees, and do not involve risks greater than normal collection or present other disadvantages. (a) Key-person Key management includes executive statutory directors, members of the Board of Directors and Executive Boards. The compensation paid or payable to key management for their services is shown below: 2019 2018 2017 Fixed compensation 4,821 3,329 2,708 Variable compensation 22,060 30,316 18,316 Total 26,881 33,645 21,024 On December 2019, the Board of Directors approved the grant of performance share unit (“PSUs”) to certain directors. The executive statutory directors of XP Inc control XP Controle Participações S.A. (b) Transactions with related parties The main transactions carried with related parties for year-end Assets/(Liabilities) Revenue/(Expenses) Relation and transaction 2019 2018 2019 2018 2017 Shareholders with significant influence (i) (732,420 ) (451,481 ) (49,779 ) (40,585 ) — Securities 123,813 69,647 10,381 147,258 — Securities purchased under agreements to resell 196,009 — 1,550 — — Accounts receivable 594 — 1,025 — — Securities sold under repurchase agreements (1,000,168 ) (426,207 ) (58,078 ) (3,586 ) — Borrowings (52,668 ) (94,921 ) (4,657 ) (184,257 ) — (i) These transactions are related to Itaú Unibanco who became shareholder of the Company in 2018 and since then a related party. Therefore, transactions and balances with Itaú Unibanco in 2017 are not being reported as transactions with related parties. Transactions with related parties also includes transactions among the Company and its subsidiaries in the course of normal operations include services rendered such as: (i) education, consulting and business advisory; (ii) financial advisory and financial consulting in general; (iii) management of resources and portfolio management; (iv) information technology and data processing; and (v) insurance. The effects of these transactions have been eliminated and do not have effects on the consolidated financial statements.

Provisions and contingent liabi

Provisions and contingent liabilities	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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Provisions and contingent liabilities	15. Provisions and contingent liabilities The Company and its subsidiaries are party to judicial and administrative litigations before various courts and government bodies, arising from the ordinary course of operations, involving tax, civil and labor matters and other issues. Periodically, Management evaluates the tax, civil and labor and risks, based on legal, economic and tax supporting data, in order to classify the risks as probable, possible or remote, in accordance with the chances of them occurring and being settled, taking into consideration, case by case, the analyses prepared by external and internal legal advisors. March 31, December 31, Tax contingencies 9,956 9,878 Civil contingencies 2,412 2,673 Labor contingencies 2,529 2,642 Total provision 14,897 15,193 Judicial deposits (i) 10,050 18,403 (i) There are circumstances in which the Group is questioning the legitimacy of certain litigations or claims filed against it. As a result, either because of a judicial order or based on the strategy adopted by management, the Group might be required to secure part or the whole amount in question by means of judicial deposits, without this being characterized as the settlement of the liability. These amounts are classified as “Other assets” on the consolidated balance sheets and referred above for information. Changes in the provision during the three months period Three months period 2020 2019 As of January 1 15,193 17,474 Monetary correction 325 336 Provisions accrued 159 11 Provisions reversed (546 ) — Payments (234 ) (318 ) As of March 31 14,897 17,503 Nature of claims a) Tax As of March 31, 2020, the Group has claims classified as probable risk of loss in the amount of R$ 9,956 (December 31, 2019—R$ 9,878), regarding social contributions on revenue (PIS and COFINS), questioning the exclusion of this own taxes on the calculation basis over revenues. In accordance with Brazilian laws and tax regulations, this practice is legal for VAT (ICMS) taxes, and other companies have recently obtained significant success in applying this concept for PIS and COFINS taxes. These lawsuits are supported by court deposits in its entirety. b) Civil The majority of the civil claims involve matters that are normal and specific to the business, and refer to demands for indemnity primarily due to: (i) financial losses in the stock market; (ii) portfolio management; and (iii) alleged losses generated from the liquidation of costumers assets in portfolio due to margin cause and/or negative balance. As of March 31, 2020, there were 34 civil claims for which the likelihood of loss has been classified as probable, in the amount of R$ 2,412 (December 31, 2019—R$ 2,673). An amount of R$ 100 was deposited in court as of March 31, 2020 (December 31, 2019—R$ 9,744). c) Labor Labor claims to which the Group is party primarily concern: (i) the existence (or otherwise) of a working relationship between the Group and IFAs; and (ii) severance payment of former employees. As of March 31, 2020, the Company and its subsidiaries are the defendants in approximately 10 cases involving labor matters for which the likelihood of loss has been classified as probable, in the amount of R$ 2,529 (December 31, 2019—R$ 2,642). Contingent liabilities—probability of loss classified as possible In addition to the provisions constituted, the Company and its subsidiaries have several labor, civil and tax contingencies in progress, in which they are the defendants, and the likelihood of loss, based on the opinions of the internal and external legal advisors, is considered possible, and the contingencies amount to approximately R$ 163,982 (December 31, 2019—R$ 153,951). Below is summarized these possible claims by nature: March 31, 2020 December 31, 2019 Tax (i) 69,963 69,386 Civil (ii) 89,419 81,414 Labor 4,600 3,151 Total 163,982 153,951 (i) In December 2019, the Group was notified by tax authorities for a requirement of social security contributions due to employee profit sharing payments related to the calendar year 2015, allegedly in violation of Brazilian Law 10,101/00. Currently, the case at administrative level in assessment by the Administrative Council of Tax Appeals (“CARF”), awaiting the decision on the Group’s appeal. There are other favorable CARF precedents on the subject and the Group obtained legal opinions that support the Group’s defense and current practice. (ii) The Group is defendant in 456 civil claims by customers and investment agents, mainly related to portfolio management, risk rating, copyrights and contract termination. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.	25. Provisions and contingent liabilities The Company and its subsidiaries are party to judicial and administrative litigations before various courts and government bodies, arising from the normal course of operations, involving tax, civil and labor matters and other issues. Periodically, Management evaluates the tax, civil and labor and risks, based on legal, economic and tax supporting data, in order to classify the risks as probable, possible or remote, in accordance with the chances of them occurring and being settled, taking into consideration, case by case, the analyses prepared by external and internal legal advisors. 2019 2018 Tax contingencies 9,878 9,392 Civil contingencies 2,673 5,610 Labor contingencies 2,642 2,472 Total provision 15,193 17,474 Judicial deposits (a) 18,403 14,850 (a) There are circumstances in which the Group is questioning the legitimacy of certain litigations or claims filed against us. As a result, either because of a judicial order or based on the strategy adopted by management, the Group might be required to secure part or the whole amount in question by means of judicial deposits, without this being characterized as the settlement of the liability. These amounts are classified as “Other assets” on the consolidated balance sheets, and referred above for information. Changes in the provision during the year 2019 2018 2017 Balance at January 1 17,474 11,843 5,334 Monetary correction 2,492 1,667 2,226 Provision/(Reversal) (1,601 ) 7,897 3,531 Business combination (Note 5 (ii)) — — 7,921 Payments (3,172 ) (3,933 ) (7,169 ) Balance at December 31 15,193 17,474 11,843 Nature of claims a) Tax As of December 31, 2019, the Group has claims classified as probable risk of loss in the amount of R$ 9,878 (December 31, 2018—R$ 9,392), regarding social contributions on revenue (PIS and COFINS), questioning the exclusion of this own taxes on the calculation basis over revenues. In accordance with Brazilian laws and tax regulations, this practice is legal for VAT (ICMS) taxes, and other companies have recently obtained significant success in applying this concept for PIS and COFINS taxes. These lawsuits are supported by court deposits in its entirety. b) Civil The majority of the civil claims involve matters that are normal and specific to the business, and refer to demands for indemnity primarily due to: (i) financial losses in the stock market; (ii) portfolio management; and (iii) alleged losses generated from the liquidation of costumers assets in portfolio due to margin cause and/or negative balance. As of December 31, 2019, there were 29 civil claims for which the likelihood of loss has been classified as probable, in the amount of R$ 2,673 (December 31, 2018 - R$ 5,610). An amount of R$ 9,744 was deposited in court as of December 31, 2019 (December 31, 2018 – R$ 4,500). c) Labor Labor claims to which the Group is party primarily concern: (i) the existence (or otherwise) of a working relationship between the Group and IFAs; and (ii) severance payment of former employees. As of December 31, 2019, the Company and its subsidiaries are the defendants in approximately 9 cases involving labor matters for which the likelihood of loss has been rated as probable, in the amount of R$ 2,642 (December 31, 2018 - R$ 2,472). Contingent liabilities—probability of loss classified as possible In addition to the provisions constituted, the Company and its subsidiaries have several labor, civil and tax contingencies in progress, in which they are the defendants, and the likelihood of loss, based on the opinions of the internal and external legal advisors, is considered possible, and the contingencies amount to approximately R$ 153,951 (December 31, 2018 - R$ 89,323). Below is summarized these claims by nature: 2019 2018 Tax (i) 69,386 19,971 Civil (ii) 81,414 64,820 Labor 3,151 4,532 Total 153,951 89,323 (i) In December 2019, the Group was notified by tax authorities for a requirement of social security contributions due to employee profit sharing payments related to the calendar year 2015, allegedly in violation of Brazilian Law 10,101/00. Currently, the case at administrative level in assessment by the Administrative Council of Tax Appeals (“CARF”), awaiting the decision on the Group’s appeal. There are other favorable CARF precedents on the subject and the Group obtained legal opinions that support the Group’s defense and current practice. (ii) The Group is defendant in 6 civil claims by customers and investment agents, mainly related to portfolio management, risk rating, copyrights and contract termination. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.

Total revenue and income

Total revenue and income	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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Total revenue and income	16. Total revenue and income a) Net revenue from services rendered Revenue from contracts with customers derives mostly from services rendered and fees charged at daily transactions from customers, therefore mostly recognized at a point in time. Disaggregation of revenue by major service lines are as follows: Three months period ended March 31, 2020 2019 Major service lines Brokerage commission 504,644 288,819 Securities placement 348,174 160,391 Management fees 255,049 140,858 Insurance brokerage fee 29,226 18,548 Educational services 25,700 13,750 Other services 94,085 43,709 1,256,878 666,075 (-) Sales taxes and contributions on revenue (i) (104,932 ) (66,828 ) 1,151,946 599,247 (i) Mostly related to taxes on services (ISS) and contributions on revenue (PIS and COFINS). b) Net income from financial instruments Three months period ended March 31, 2020 2019 Net Income of financial instruments at fair value through profit or loss 391,689 274,520 Net Income of financial instruments measured at amortized cost and at fair value through other comprehensive income 207,299 65,822 (-) Taxes and contributions on financial income (16,093 ) (5,597 ) 582,895 334,745 c) Disaggregation by geographic location Breakdown of total net revenue and income and selected assets by geographic location: Three months period ended March 31, 2020 2019 Brazil 1,634,093 863,587 United Stated of America 91,890 62,958 Europe 8,858 7,447 Total revenue and income 1,734,841 933,992 March 31, 2020 December 31, 2019 Brazil 1,162,433 1,208,737 United Stated of America 147,374 224,244 Europe 7,475 16,476 Selected assets (i) 1,317,282 1,449,457 (i) Selected assets are total assets of the Group, less: cash, financial assets and deferred tax assets and are presented by geographic location. None of the customers represented more than 10% of Group’s revenues for the periods presented.	26. Total revenue and income a) Net revenue from services rendered Revenue from contracts with customers derives mostly from services rendered and fees charged at daily transactions from customers, therefore mostly recognized at a point in time. Disaggregation of revenue by major service lines are as follows: 2019 2018 2017 Major service lines Brokerage commission 1,288,135 861,068 639,615 Securities placement 1,154,786 631,949 401,402 Management fees 1,035,224 527,644 221,936 Insurance brokerage fee 106,438 56,713 29,167 Educational services 97,986 42,653 18,682 Other services 275,467 160,409 111,647 3,958,036 2,280,436 1,422,449 (-) Sales taxes and contributions on revenue (i) (362,264 ) (225,887 ) (138,833 ) 3,595,772 2,054,549 1,283,616 (i) Mostly related to taxes on services (ISS) and contributions on revenue (PIS and COFINS). b) Net income from financial instruments 2019 2018 2017 Net Income of financial instruments at fair value through profit or loss 1,360,207 821,617 562,895 Net Income of financial instruments measured at amortized cost and at fair value through other comprehensive income 199,947 114,442 79,380 (-) Taxes and contributions on financial income (28,118 ) (32,155 ) (19,241 ) 1,532,036 903,904 623,034 c) Disaggregation by geographic location 2019 2018 2017 Brazil 4,790,236 2,716,459 1,751,419 United States 307,456 204,207 131,198 Europe 30,116 37,787 24,033 Total Revenue and Income 5,127,808 2,958,453 1,906,650 2019 2018 Brazil 1,208,737 881,434 United States 224,244 31,829 Europe 16,476 7,556 Selected assets (i) 1,449,457 920,819 (i) Selected assets are Total assets of the Company, less: financial assets and deferred tax assets and are presented by geographic location. None of the clients represented more than 10% of our revenues for the periods presented.

Operating costs

Operating costs	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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Operating costs	17. Operating costs Three months period 2020 2019 Commission costs 441,951 242,831 Operating losses and provisions 38,303 2,901 Other costs 98,562 62,024 Clearing house fees 63,504 34,513 Third parties’ services 18,148 19,579 Other 16,910 7,932 Total 578,816 307,756	27. Operating costs 2019 2018 2017 Commission costs 1,269,309 750,103 455,241 Operating losses and provisions 23,332 9,989 7,148 Other costs 313,419 181,154 117,491 Clearing house fees 201,083 96,896 71,419 Third parties’ services 76,669 53,124 28,953 Other 35,667 31,134 17,119 Total 1,606,060 941,246 579,880

Operating expenses by nature

Operating expenses by nature	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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Operating expenses by nature	18. Operating expenses by nature Three months period 2020 2019 Selling expenses 28,476 24,518 Advertising and publicity 28,476 24,518 Administrative expenses 578,116 368,285 Personnel expenses 400,980 255,844 Compensation 177,119 71,466 Employee profit-sharing and bonus 103,020 150,185 Executives profit-sharing 72,677 10,143 Benefits 17,549 10,834 Social charges 30,052 12,515 Other 563 701 Other taxes expenses 6,843 6,635 Depreciation of property and equipment and right-of-use 15,878 8,102 Amortization of intangible assets 15,648 7,055 Other administrative expenses 138,767 90,649 Data processing 55,947 33,328 Technical services 20,768 15,360 Third parties’ services 40,193 21,968 Rent expenses 3,390 6,318 Communication 4,499 3,454 Travel 5,699 3,674 Legal and judicial 677 414 Other 7,594 6,133 Total 606,592 392,803	28. Operating expenses by nature 2019 2018 2017 Selling expenses 155,115 96,075 32,881 Advertising and publicity 155,115 96,075 32,881 Administrative expenses 1,891,481 1,176,805 649,585 Personnel expenses 1,261,887 712,060 428,772 Compensation 408,394 221,746 134,535 Employee profit-sharing and bonus 645,992 356,938 217,982 Executives profit-sharing 67,547 50,656 28,802 Benefits 47,457 35,922 16,697 Social charges 88,960 45,115 28,836 Other 3,537 1,683 1,920 Other taxes expenses 39,691 43,945 20,749 Depreciation of property and equipment and right-of-use 53,530 26,278 9,338 Amortization of intangible assets 37,630 26,510 18,065 Other administrative expenses 498,743 368,012 172,661 Data processing 178,860 130,678 71,861 Technical services 85,782 76,476 26,985 Third parties’ services 145,730 63,333 19,006 Rent expenses 10,575 41,950 16,492 Communication 17,495 11,457 11,276 Travel 21,676 13,804 9,791 Legal and judicial 3,406 9,023 2,638 Other 35,219 21,291 14,612 Total 2,046,596 1,272,880 682,466

Other operating income (expense

Other operating income (expenses), net	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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Other operating income (expenses), net	19. Other operating income (expenses), net Three months period 2020 2019 Other operating income 27,666 90,613 Recovery of charges and expenses 501 51,800 Reversal of operating provisions 704 4,392 Revenue from incentives from Tesouro Direto, B3 and others 21,672 8,855 Interest received on tax 2,281 22,931 Other 2,508 2,635 Other operating expenses (41,549 ) (5,437 ) Legal proceedings and agreement with customers (10,246 ) (437 ) Losses on write-off (59 ) (3 ) Fines and penalties (624 ) (730 ) Associations and regulatory fees (3,321 ) (839 ) Charity (16,596 ) (1,250 ) Other (10,703 ) (2,178 ) Total (13,883 ) 85,176	29. Other operating income, net 2019 2018 2017 Other operating income 208,245 20,682 23,764 Recovery of charges and expenses 53,453 6,873 3,165 Reversal of operating provisions 9,767 2,641 2,684 Revenue from incentives from Tesouro Direto and B3 101,615 9,931 4,226 Other 43,410 1,237 13,689 Other operating expenses (54,888 ) (51,971 ) (31,468 ) Legal proceedings and agreement with customers (9,499 ) (16,385 ) (18,370 ) Tax incentive expenses (10,265 ) (2,015 ) (2,980 ) Losses on write-off (7,060 ) (11,064 ) (1,503 ) Fines and penalties (1,191 ) (7,446 ) (2,755 ) Associations and regulatory fees (4,216 ) (3,059 ) (2,073 ) Charity (6,751 ) (5,938 ) (50 ) Other (15,906 ) (6,064 ) (3,737 ) Total 153,357 (31,289 ) (7,704 )

Share-based plan

Share-based plan	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Share-based plan	20. Share-based plan a) Share-based Plan The establishment of the Plan was approved by the Board of Director’s meeting on December 6, 2019 and the first grant of RSUs and PSUs was on December 10, 2019. Under the Restricted Stock Unit plan, stocks are awarded at no cost to the recipient upon their grant date. RSUs are granted semi-annually, their vesting conditions are service related and they vest at a rate of 20% after three years, 20% after four years, and 60% after five years. After the vesting periods, common shares will be issued to the recipients. For the PSUs, the vesting is the following: (i) 33% will vest on the third year after the grant, (ii) 33%% will vest on the fourth year after the grant and (iii) 34% will vest on the fifth year after the grant date. Under the Performance Share Unit, stocks are granted to eligible participants and their vesting conditions are based on five-year period metrics and also based on the total shareholder return (TSR), including share price growth, dividends and capital returns. If an eligible participant ceases to be employed by the Company, within the vesting period, the rights will be forfeited, except in limited circumstances that are approved by the board on a case-by-case Once the PSUs are vested, the shares of common stock that are delivered must be held for an additional one-year b) Fair value of shares granted Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model and underlying assumptions, which depends on the terms and conditions of the grant and the information available at the grant date. The Company uses certain methodologies to estimate fair value which include the following: • Estimation of fair value based on equity transactions with third parties close to the grant date; and • Other valuation techniques including share pricing models such as Monte Carlo. These estimates also require determination of the most appropriate inputs to the valuation models including assumptions regarding the expected life of a share-based payment or appreciation right, expected volatility of the price of the Group’s shares and expected dividend yield. c) Outstanding shares granted and valuation inputs The maximum number of shares available for issuance under the share-based plan shall not exceed 5% of the issued and outstanding shares. As of March 31, 2020, the outstanding number of Company reserved under the plans were 4,096,401 (December 31, 2019—4,112,046) including 1,906,024 RSUs (December 31, 2019—1,921,669) and 2,190,377 PSUs (December 31, 2019—2,190,377). For the period ended March 31, 2020, total compensation expense of both plans were R$28,408, including R$5,187 of tax provisions and does not include any tax benefits on total share-based compensation expense once, this expense is not deductible for tax purposes. The tax benefits will be perceived when the shares are converted into common shares. The weighted-average grant-date fair value of RSU and PSU shares was US$27 and US$ 34,56 respectively. During the period ended March 31, 2020, there were 15,645 forfeited RSUs and no shares granted, exercised, expired or vested.

Earnings per share (basic and d

Earnings per share (basic and diluted)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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Earnings per share (basic and diluted)	21. Earnings per share (basic and diluted) The Company implemented a four-to-one The following table reflects the net income and share data used in the basic and diluted earnings per share (“EPS”) calculations: Three months period 2020 2019 Net income attributable to Parent company 396,860 209,215 Basic weighted average quantity of shares (a) 551,800 509,247 Basic earnings per share—R$ 0.7192 0.4108 Share-based incentive program (a) 4,096 — Diluted weighted average quantity of shares 555,896 509,247 Diluted earnings per share—R$ 0.7139 0.4108 (a) Thousands of shares.	31. Earnings per share (basic and diluted) The Company implemented a four-to-one 2019 2018 2017 Net income 1,080,484 461,440 413,874 Basic weighted average quantity of shares (1) 511,462 493,117 484,919 Basic earnings per share 2,1125 0,9358 0,8535 Share-based incentive program (1)(2) 248 — — Diluted weighted average quantity of shares (1) 511,710 493,117 484,919 Diluted earnings per share 2,1115 0,9358 0,8535 (1) Thousands of shares. (2) See Note 30.

Determination of fair value

Determination of fair value	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Determination of fair value	22. Determination of fair value The Group measures financial instruments such as certain financial investments and derivatives at fair value at each balance sheet date. Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The financial instruments included in the level 1 consist mainly in public financial instruments and financial instruments negotiated on active markets (i.e. Stock Exchanges). Level 2: The fair value of financial instruments that are not traded in active markets is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value as instrument are directly or indirectly observable, the instrument is included in level 2. The financial instruments classified as level 2 are composed mainly from private financial instruments and financial instruments negotiated in a secondary market. Level 3: If one or more of the significant inputs is unobservable, the instrument is included in level 3. This is the case for unlisted equity securities. As of March 31, 2020 and December 31, 2019, there were no financial instruments classified as level 3. Specific valuation techniques used to value financial instruments include: • Financial assets (other than derivatives)—The fair value of securities is determined by reference to their closing prices on the date of presentation of the consolidated financial statements. If there is no market price, fair value is estimated based on the present value of future cash flows discounted using the observable rates and market rates on the date of presentation. • Swap—These operations swap cash flow based on the comparison of profitability between two indexers. Thus, the agent assumes both positions—put in one indexer and call on another. • Forward—at the market quotation value, and the installments receivable or payable are prefixed to a future date, adjusted to present value, based on market rates published at B3. • Futures—Foreign exchange rates, prices of shares and commodities are commitments to buy or sell a financial instrument at a future date, at a contracted price or yield and may be settled in cash or through delivery. Daily cash settlements of price movements are made for all instruments. • Options—option contracts give the purchaser the right to buy the instrument at a fixed price negotiated at a future date. Those who acquire the right must pay a premium to the seller. This premium is not the price of the instrument, but only an amount paid to have the option (possibility) to buy or sell the instrument at a future date for a previously agreed price. • Other financial assets and liabilities—Fair value, which is determined for disclosure purposes, is calculated based on the present value of the principal and future cash flows, discounted using the observable rates and market rates on the date the financial statements are presented. Below are the Group financial assets and liabilities by level within the fair value hierarchy. The Group assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels: March, 31 2020 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 22,640,753 2,450,970 25,091,723 25,091,723 Derivative financial instruments 1,215 8,513,577 8,514,793 8,514,793 Fair value through other comprehensive income Securities 4,896,387 — 4,896,387 4,896,387 Evaluated at amortized cost Securities — 1,267,826 1,267,826 1,267,826 Securities purchased under agreements to resell — 14,916,794 14,916,794 14,916,794 Securities trading and intermediation — 1,015,785 1,015,785 1,015,785 Accounts receivable — 424,702 424,702 424,702 Loan operations — 63,589 63,589 63,589 Other financial assets — 25,472 25,472 25,472 Financial liabilities Fair value through profit or loss Securities loaned 721,131 — 721,131 721,131 Derivative financial instruments — 7,526,075 7,526,075 7,526,075 Evaluated at amortized cost Securities sold under repurchase agreements — 21,111,301 21,111,301 21,111,301 Securities trading and intermediation — 13,333,539 13,333,539 13,333,539 Borrowings and lease liabilities — 644,184 644,184 644,439 Debentures — 832,810 832,810 844,361 Accounts payables — 265,197 265,197 265,197 Structured operations certificates — 150,461 150,461 150,461 Other financial liabilities — 31,485 31,485 31,485 December 31, 2019 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 20,277,031 2,166,361 22,443,392 22,443,392 Derivative financial instruments 21,809 4,063,195 4,085,004 4,085,004 Fair value through other comprehensive income Securities 2,616,118 — 2,616,118 2,616,118 Evaluated at amortized cost Securities — 3,914,923 3,914,923 2,266,971 Securities purchased under agreements to resell — 9,490,090 9,490,090 9,490,090 Securities trading and intermediation — 504,983 504,983 504,983 Accounts receivable — 462,029 462,029 462,029 Loan operations — 386 386 386 Other financial assets — 19,805 19,805 19,805 Financial liabilities Fair value through profit or loss Securities loaned 2,021,707 — 2,021,707 2,021,707 Derivative financial instruments — 3,229,236 3,229,236 3,229,236 Evaluated at amortized cost Securities sold under repurchase agreements — 15,638,407 15,638,407 15,638,407 Securities trading and intermediation — 9,114,546 9,114,546 9,114,546 Borrowings and lease liabilities — 633,781 633,781 637,484 Debentures — 836,001 836,001 835,230 Accounts payables — 266,813 266,813 266,813 Structured operations certificates — 19,474 19,474 19,474 Other financial liabilities — 79,127 79,127 79,157	32. Determination of fair value The Group measures financial instruments such as certain financial investments and derivatives at fair value at each balance sheet date. Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The financial instruments included in the level 1 consist mainly in public financial instruments and financial instruments negotiated on active markets (i.e., Stock Exchanges). Level 2: The fair value of financial instruments that are not traded in active markets is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value as instrument are directly or indirectly observable, the instrument is included in level 2. The financial instruments classified as level 2 are composed mainly from private financial instruments and financial instruments negotiated in a secondary market. Level 3: If one or more of the significant inputs is unobservable, the instrument is included in level 3. This is the case for unlisted equity securities. As of December 31, 2019, 2018 and 2017 there were no financial instruments classified as level 3. Fair values have been assessed for purposes of measurement based on the methods below, (a) Cash and cash equivalents, Securities purchased under agreements to resell and Securities sold under repurchase agreements The fair value of cash and cash equivalents, securities purchased under agreements to resell and securities sold under repurchase agreements approximates the carrying amount. (b) Financial assets (other than derivatives) The fair value of securities is determined by reference to their closing prices on the date of presentation of the consolidated financial statements. If there is no market quotation, fair value is estimated based on the present value of future cash flows discounted using the observable rates and market rates on the date of presentation. (c) Derivative financial instruments Criteria and methodologies for calculating the fair value of derivative financial instruments are described in Note 8. (d) Other financial assets and liabilities Fair value, which is determined for disclosure purposes, is calculated based on the present value of the principal and future cash flows, discounted using the observable rates and market rates on the date the financial statements are presented. Financial instruments not measured at fair value (securities trading and intermediation, accounts receivable and accounts payables) were not disclosed as their carrying amounts approximates their fair values. Below are the Group financial assets and liabilities by level within the fair value hierarchy. The Group assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels: 2019 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 20,277,031 2,166,361 22,443,392 22,443,392 Derivative financial instruments 21,809 4,063,195 4,085,004 4,085,004 Fair value through other comprehensive income Securities 2,616,118 — 2,616,118 2,616,118 Evaluated at amortized cost Securities — 3,914,923 3,914,923 2,266,971 Securities purchased under agreements to resell — 9,490,090 9,490,090 9,490,090 Securities trading and intermediation — 504,983 504,983 504,983 Accounts receivable — 462,029 462,029 462,029 Other financial assets — 20,191 20,191 20,191 Financial liabilities Fair value through profit or loss Securities loaned 2,021,707 — 2,021,707 2,021,707 Derivative financial instruments — 3,229,236 3,229,236 3,229,236 Evaluated at amortized cost Securities sold under repurchase agreements — 15,638,407 15,638,407 15,638,407 Securities trading and intermediation — 9,114,546 9,114,546 9,114,546 Borrowings and lease liabilities — 633,781 633,781 637,484 Debentures — 836,001 836,001 835,230 Accounts payables — 266,813 266,813 266,813 Other financial liabilities — 98,601 98,601 98,631 2018 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 5,259,591 1,031,380 6,290,971 6,290,971 Derivative financial instruments 6,599 1,685,432 1,692,031 1,692,031 Fair value through other comprehensive income Securities 695,778 — 695,778 695,778 Evaluated at amortized cost Securities — 153,709 153,709 155,292 Securities purchased under agreements to resell — 6,568,246 6,568,246 6,570,609 Securities trading and intermediation — 898,312 898,312 898,312 Accounts receivable — 219,200 219,200 219,200 Other financial assets — 60,423 60,423 60,423 Financial liabilities Fair value through profit or loss Securities loaned 1,259,579 — 1,259,579 1,259,579 Derivative financial instruments — 991,399 991,399 991,399 Evaluated at amortized cost Securities sold under repurchase agreements — 6,792,316 6,792,316 6,640,694 Securities trading and intermediation — 5,306,628 5,306,628 5,306,628 Borrowings — 459,487 459,487 469,609 Debentures — 406,540 406,540 406,538 Accounts payables — 134,579 134,579 134,579 Other financial liabilities — 7,011 7,011 7,011

Management of financial risks a

Management of financial risks and financial instruments	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Management of financial risks and financial instruments	23. Management of financial risks and financial instruments The Group’s activities are exposed to a variety of financial risks: credit risk, liquidity risk, market risk (including currency risk, interest rate risk and price risk), and operating risk. The Group’s overall risk management structure focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to mitigate certain risk exposures. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken. Management has overall responsibility for establishing and supervising the risk management structure of the Group. Risk Management is under a separated structure from business areas, reporting directly to senior management, to ensure exemption of conflict of interest, and segregation of functions appropriate to good corporate governance and market practices. The risk management policies of the Group are established to identify and analyze the risks faced, to set appropriate risk limits and controls, and to monitor risks and adherence to the limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and in the activities of the Group. The Group, through its training and management standards and procedures, developed a disciplined and constructive control environment within which all its employees are aware of their duties and obligations. Regarding one specific subsidiary XP CCTVM, the organizational structure is based on the recommendations proposed by the Basel Accord, in which procedures, policies and methodology are formalized consistent with risk tolerance and with the business strategy and the various risks inherent to the operations and/or processes, including market, liquidity, credit and operating risks. The Group seek to follow the same risk management practices as those applying to all companies. Such risk management processes are also related to going concern management procedures, mainly in terms of formulating impact analyses, business continuity plans, contingency plans, backup plans and crisis management. The unaudited interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group’s annual financial statements as of December 31, 2019. There have been no changes in the risk management department or in any risk management policies since the year-end.	33. Management of financial risks and financial instruments (a) Overview The Group is exposed to the following risks: (i) Credit risk; (ii) Liquidity risk; (iii) Market risk; • Currency risk; • Interest rate risk; • Price risk. (iv) Operating risk. (b) Risk management structure Management has overall responsibility for establishing and supervising the risk management structure of the Group. Risk Management is under a separated structure from business areas, reporting directly to senior management, to ensure exemption of conflict of interest, and segregation of functions appropriate to good corporate governance and market practices. The risk management policies of the Group are established to identify and analyze the risks faced, to set appropriate risk limits and controls, and to monitor risks and adherence to the limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and in the activities of the Group. The Group, through its training and management standards and procedures, developed a disciplined and constructive control environment within which all its employees are aware of their duties and obligations. Regarding the subsidiary XP CCTVM and the others subsidiaries components of XP Prudential Conglomerate (Brazilian Central Bank oversight definition), the organizational structure is based on the recommendations proposed by the Basel Accord, in which procedures, policies and methodology are formalized consistent with risk tolerance and with the business strategy and the various risks inherent to the operations and/or processes, including market, liquidity, credit and operating risks. The Group seek to follow the same risk management practices as those applying to all companies. Such risk management processes are also related to going concern management procedures, mainly in terms of formulating impact analyses, business continuity plans, contingency plans, backup plans and crisis management. (c) Credit risk Credit risk is defined as the possibility of losses associated with the failure, by the borrower or counterparty, of their respective financial obligations under the agreed terms, the devaluation of the credit agreement resulting from the deterioration in the borrower’s risk rating, the reduction gains or remuneration, the advantages granted in the negotiation and the costs of recovery. The Risk Management document establishes its credit policy based on the composition of the portfolio by security, by internal rating of issuer and/or the issue, by the current economic activity, by the duration of the portfolio, by the macroeconomic variables, among others. The Credit Analysis department is also actively involved in this process and it is responsible for assessing the credit risk of issues and issuers with which it maintains or intends to maintain credit relationships, also using an internal credit risk allocation methodology (rating) to classify the likelihood of loss of counterparties. Management undertakes credit quality analysis of assets that are not past due or reduced to recoverable value. As of December 31, 2019 and 2018, such assets were substantially represented by Securities purchased under agreements to resell of which the counterparties are Brazilian banks with low credit risk, securities issued by the Brazilian government, as well as derivative financial instruments transactions, which are mostly traded on the stock exchange (B3 S.A. – Brasil, Bolsa, Balcão) and which, therefore, have its guarantee. The carrying amount of the financial assets representing the maximum exposure to credit risk is shown in the table below: 2019 2018 Financial assets Securities purchased under agreements to resell 9,490,090 6,570,609 Securities 27,326,481 7,142,041 Public securities 20,381,125 4,704,604 Private securities 6,945,356 2,437,437 Derivative financial instruments 4,085,004 1,692,031 Securities trading and intermediation 504,983 898,312 Accounts receivable 462,029 219,200 Other financial assets 20,191 60,423 Total 41,888,778 16,582,616 (d) Liquidity risk Liquidity risk is the possibility that the institution will not be able to efficiently honor its expected, unexpected, current or future obligations. Liquidity management operates in line with the Group’s strategy and business model, being compatible with the nature of operations, the complexity of its products and the relevance of risk exposure. This liquidity management policy establishes actions to be taken in cases of liquidity contingency, and these must be sufficient to generate a new meaning for cash within the required minimum limits. The group maintains an adequate level of liquidity at all times, always working with a minimum cash limit. This is done through management that is compatible and consistent with your ability obtaining resources in the market, with its budgetary targets for the evolution of the volume of its assets and is based on the management of cash flows, observing the minimum limits of daily cash balances and cash needs projections, in the management of stocks of highly liquid assets and simulations of adverse scenarios. Risk structure and management are the responsibility of the Risk department, reporting to the Executive Board, thus avoiding any conflict of interest with departments that require liquidity. (d1) Maturities of financial liabilities The tables below summarizes the Group’s financial liabilities into groupings based on their contractual maturities: 2019 Liabilities Up to From 2 to From 3 to From 1 to Above Contractual Securities loaned 2,021,707 — — — — 2,021,707 Derivative financial instruments 1,557,088 211,882 685,566 732,286 42,414 3,229,236 Securities sold under repurchase agreements 15,638,407 — — — — 15,638,407 Securities trading and intermediation 9,114,546 — — — — 9,114,546 Borrowings and lease liabilities 8,239 26,258 81,953 521,034 — 637,484 Debentures — — 435,230 400,000 — 835,230 Accounts payables 266,813 — — — — 266,813 Other financial liabilities 79,157 — — — 19,474 98,631 Total 28,685,957 238,140 1,167,519 1,688,550 61,888 31,842,054 2018 Liabilities Up to From 2 to 3 months From 3 to From 1 to 5 years Above Contractual Securities loaned 770,270 478,741 10,568 — — 1,259,579 Derivative financial instruments 152,971 182 242,506 560,798 34,942 991,399 Securities sold under repurchase agreements 68,738 5,439,405 1,132,551 — — 6,640,694 Securities trading and intermediation 5,306,628 — — — — 5,306,628 Borrowings and lease liabilities 19,032 22,752 72,705 355,120 — 469,609 Debentures — — — 406,538 — 406,538 Accounts payables 134,579 — — — — 134,579 Other financial liabilities 7,011 — — — — 7,011 Total 6,459,229 5,941,080 1,458,330 1,322,456 34,942 15,216,037 (e) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises mainly three types of risk: foreign exchange variation, interest rates and share prices. The aim of market risk management is to control exposure to market risks, within acceptable parameters, while optimizing return. Market risk management for operations is carried out through policies, control procedures and prior identification of risks in new products and activities, with the purpose to maintain market risk exposure at levels considered acceptable by the Group and to meet the business strategy and limits defined by the Risk Committee. The main tool used to measure and control the exposure risk of the Group to the market, mainly in relation to their trading assets portfolio, is the Maps Luna program, which calculates the capital allocation based on the exposure risk factors in the regulations issued by Brazil Central Bank (“BACEN”) for financial institutions, which are taken as a basis for the verification of the risk exposure of the assets of the Group. In order to comply with the provisions of the regulatory body, the financial institutions of the Group make daily control of the exposure by calculating the risk portions, recording the results in Document 2011—Daily Statement of Capital Requirements (DDR) in BACEN Circular Letter No, 3,331/08, submitting it daily to this institution. With the formalized rules, the Risk Department has the objective of controlling, monitoring and ensuring compliance with the pre-established non-compliance In addition to the control performed by the tool, the Group adopt guidelines to control the risk of the assets that mark the Treasury operations so that the own portfolios of the participating companies are composed of assets that have low volatility and, consequently, less exposure to risk, In the case of non-compliance (e1) Currency risk The Group is subject to foreign currency risk as they hold interest in XP Holding International, XP Advisors Inc, and XP Holding UK Ltd, whose equity as of December 31, 2019 was USD 43,323 thousand (US$ 37,671 thousand as of December 31, 2018), US$ 744 thousand (US$ 313 thousand as of December 31, 2018) and GBP 3,059 thousand (GBP 4,337 thousand as of December 31, 2018) respectively. The risk of the XP Holding International and XP Advisors Inc, is hedged with the objective of minimizing the volatility of the functional currency (BRL) against the US$ arising from foreign investment abroad (see Note 9). The foreign currency exposure risk of XP Holding UK Ltd, is not hedged. On December 31, 2017, the Company had a borrowing denominated in US$, which was settled in the amount of R$ 778,481 on August 31, 2018. (e2) Interest rate risk It arises from the possibility that the Group incur in gains or losses arising from fluctuations in interest rates on its financial assets and liabilities. Below are presented the risk rates that The Group are exposed: • Selic/DI • IGPM • IPCA • PRE • TJLP • Foreign exchange coupon (e3) Price risk Price risk is the risk arising from the change in the price of the investment fund portfolio and of shares listed on the stock exchange, held in the portfolio of the Group, which may affect its profit or loss, The price risk is controlled by the management of the Group, based on the diversification of its portfolio and/or through the use of derivatives contracts, such as options or futures. (e4) Sensitivity analysis According to the market information, the Group performed the sensitivity analysis by market risk factors considered relevant. The largest losses, by risk factor, in each of the scenarios were presented with an impact on the profit or loss, providing a view of the exposure by risk factor of the Group in exceptional scenarios. The following sensitivity analyzes do not consider the functioning dynamics of risk and treasury areas, since once these losses are detected, risk mitigation measures are quickly triggered, minimizing the possibility of significant losses. 2019 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed (907 ) (163,057 ) (445,866 ) Exchange coupons Foreign currencies coupon rate (67 ) 570 (854 ) Foreign currencies Exchange rates (2,102 ) (1,493 ) 43,908 Price indexes Inflation coupon rates (63 ) (782 ) (301 ) Shares Shares prices (442 ) (8,780 ) (57,390 ) (3,581 ) (173,542 ) (460,503 ) 2018 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed (559 ) (11,441 ) (22,881 ) Exchange coupons Foreign currencies coupon rate (9 ) (5,764 ) (11,529 ) Foreign currencies Exchange rates (386 ) (978 ) (5,027 ) Price indexes Inflation coupon rates (16 ) (798 ) (1,597 ) Shares Shares prices 877 (6,584 ) 4,873 (93 ) (25,565 ) (36,161 ) Scenario I: Increase of 1 basis point in the rates in the fixed interest rate yield, exchange coupons, inflation and 1 percentage point in the prices of shares and currencies; Scenario II: Project a variation of 25 percent in the rates of the fixed interest yield, exchange coupons, inflation, both rise and fall, being considered the largest losses resulting by risk factor; and Scenario III: Project a variation of 50 percent in the rates of the pre-fixed (f) Operating risk Operational risk is characterized by the possibility of losses resulting from external events or failure, deficiency or inadequacy of internal processes, people and systems, including legal risk. Operational risk events include the following categories: internal fraud; external fraud; labor demands and poor workplace safety; inappropriate practices relating to customers, products and services; damage to physical assets owned or used by XP; situations that cause the interruption of XP’s activities; and failures in information technology systems, processes or infrastructure. The Group’s main objective is to ensure the identification, classification and monitoring of situations that may generate financial losses, given the companies’ reputation, as well as any regulatory assessment due to the occurrence of an operational risk event, XP adopts the model of 3 lines of defense, in which the main responsibility for the development and implementation of controls to deal with operational risks is attributed to the Management within each business unit, seeking to manage mainly: (i) Requirements of segregation of functions, including independent authorization for transactions; (ii) Requirements of reconciliation and monitoring of transactions; (iii) Compliance with legal and regulatory requirements; (iv) Documentation of controls and procedures; (v) Requirements of periodic assessment of the operating risks faced and the adequacy of the controls and procedures for dealing with the identified risks; (vi) Development of contingency plans; (vii) Professional training and development; and (viii) Ethical and business standards; In addition, the Group’s financial institutions, in compliance with the provisions of Article 4, paragraph 2, of Resolution No, 3,380 / 06 of the National Monetary Council (“CMN”) of June 27, 2006, have a process that covers institutional policies, procedures, contingency and business continuity plans and systems for the occurrence of external events, in addition to formalizing the single structure required by the regulatory agency.

Capital Management

Capital Management	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Capital Management	24. Capital Management The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital, In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group also monitors capital on the basis of the net debt and the gearing ratio. Net debt is calculated as total debt (including borrowings, lease liabilities and debentures as shown in the consolidated balance sheet) less cash and cash equivalent (including cash, Securities purchased under agreements to resell and certificate deposits as shown in the consolidated statement of cash flows). The gearing ratio corresponds to the net debt expressed as a percentage of total capital. The net debt and corresponding gearing ratios as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, Borrowings and lease liabilities 644,439 637,484 Debentures 844,361 835,230 Total debt 1,488,800 1,472,714 Cash (249,950 ) (109,922 ) Securities purchased under agreements to resell (309,053 ) (654,057 ) Certificate deposits (Securities) (152,200 ) (123,817 ) Net debt 777,597 584,918 Total equity 7,604,939 7,153,396 Total capital 8,382,533 7,738,313 Gearing ratio % 9.28 % 7.56 % a) Minimum capital requirements Although capital is managed considering the consolidated position, certain subsidiaries are subject to minimum capital requirement from local regulators. The subsidiary XP CCTVM, leader of the Prudential Conglomerate, under BACEN regulation regime, is required to maintain a minimum capital and follow aspects from the Basel Accord, with the current strategy of maintaining its capital 1% above the minimum capital requirement. The subsidiary XP Vida e Previdência operates in Private Pension Business and is oversight by the SUSEP, being required to present Adjusted Shareholders’ Equity (PLA) equal to or greater than the Minimum Required Capital (“CMR”) and Venture Capital Liquidity (“CR”), CMR is equivalent to the highest value between base capital and venture capital. At March 31, 2020 the subsidiaries XP CCTVM and XP Vida e Previdência were in compliance with all capital requirements. There is no requirement for compliance with a minimum capital for the other Group companies. b) Financial covenants In relation to the long-term debt contracts, including multilateral instruments, recorded within “Borrowing and lease liabilities” and “Debentures” (Notes 9 and 10), the Group is required to comply with certain performance conditions, such as profitability and efficiency indexes. As of March 31, 2020, the amount of contracts under financial covenants is R$ 1,219,853 (December 31, 2019—R$ 1,217,308). The Group has complied with these covenants throughout the reporting period. Eventual failure of the Group to comply with such covenants may be considered as breach of contract and, as a result, considered for early settlement of related obligations.	34. Capital Management The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital, In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group also monitors capital on the basis of the net debt and the gearing ratio. Net debt is calculated as total debt (including borrowings, lease liabilities and debentures as shown in the consolidated balance sheet) less cash and cash equivalent (including cash, Securities purchased under agreements to resell and certificate deposits as shown in the consolidated statement of cash flows). The gearing ratio corresponds to the net debt expressed as a percentage of total capital. The net debt and corresponding gearing ratios at December 31, 2019 and 2018 were as follows: 2019 2018 Borrowings and lease liabilities 637,484 469,609 Debentures 835,230 406,538 Total debt 1,472,714 876,147 Cash (109,922 ) (68,407 ) Securities purchased under agreements to resell (654,057 ) (488,809 ) Certificate deposits (Securities) (123,817 ) (69,647 ) Net debt 584,918 249,284 Total equity 7,153,396 2,084,777 Total capital 7,738,313 2,334,061 Gearing ratio % 7,56 % 10,68 % (i) Minimum capital requirements Although capital is managed considering the consolidated position, certain subsidiaries are subject to minimum capital requirement from local regulators. The subsidiary XP CCTVM, leader of the Prudential Conglomerate, under BACEN regulation regime, is required to maintain a minimum capital and follow aspects from the Basel Accord, with the current strategy of maintaining its capital 1% above the minimum capital requirement. The subsidiary XP Vida e Previdência operates in Private Pension Business and is oversight by the SUSEP, being required to present Adjusted Shareholders’ Equity (PLA) equal to or greater than the Minimum Required Capital (“CMR”) and Venture Capital Liquidity (“CR”), CMR is equivalent to the highest value between base capital and venture capital. At December 31, 2019 the subsidiaries XP CCTVM and XP Vida e Previdência were in compliance with all capital requirements. There is no requirement for compliance with a minimum capital for the other Group companies. (ii) Financial covenants In relation to the long-term debt contracts, including multilateral instruments, recorded within “Borrowing and lease liabilities” and “Debentures” (Notes 15 and 16), the Group is required to comply with certain performance conditions, such as profitability and efficiency indexes. At December 31, 2019, the amount of contracts under financial covenants is R$ 1,217,308 (December 31, 2018 – R$ 876,147). The Group has complied with these covenants throughout the reporting period. Eventual failure of the Group to comply with such covenants may be considered as breach of contract and, as a result, considered for early settlement of related obligations.

Cash flow information

Cash flow information	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Cash flow information	25. Cash flow information a) Debt reconciliation Borrowings lease Debentures Total Total debt as of January 1, 2019 469,609 148,494 406,538 1,024,641 Payments (24,786 ) (7,490 ) — (32,276 ) Net foreign exchange differences — 134 — 134 Interest accrued 7,585 2,328 6,649 16,562 Interest paid (3,141 ) — — (3,141 ) Total debt as of March 31, 2019 449,267 143,466 413,187 1,005,920 Total debt as of January 1, 2020 382,078 255,406 835,230 1,472,714 Acquisitions / Issuance — 19,361 — 19,361 Payments (10,500 ) (15,558 ) — (26,058 ) Revaluation — (19,968 ) — (19,968 ) Net foreign exchange differences — 23,561 — 23,561 Interest accrued 4,486 6,145 9,131 19,762 Interest paid (572 ) — — (572 ) Total debt as of March 31, 2020 375,492 268,947 844,361 1,488,800	35. Cash flow information (i) Debt reconciliation Borrowings Lease Debentures Total Total debt as of January 1, 2017 — — — — Acquisitions / Issuance 826,000 — — 826,000 Net foreign exchange differences 35,116 — — 35,116 Interest accrued 5,908 — — 5,908 Total debt as of January 1, 2018 867,024 — — 867,024 Acquisitions / Issuance 325,370 — 400,000 725,370 Payments (689,634 ) — — (689,634 ) Net foreign exchange differences (35,091 ) — — (35,091 ) Interest accrued 56,125 — 6,538 62,663 Interest paid (54,185 ) — — (54,185 ) Total debt as of December 31, 2018 469,609 — 406,538 876,147 Change in accounting policy (Note 3.xxi) — 148,494 — 148,494 Total debt as of January 1, 2019 469,609 148,494 406,538 1,024,641 Acquisitions / Issuance — 124,196 400,000 524,196 Payments (85,353 ) (37,979 ) (11,815 ) (135,147 ) Net foreign exchange differences — 3,085 — 3,085 Interest accrued 26,250 17,610 40,507 84,367 Interest paid (28,428 ) — — (28,428 ) Total debt as of December 31, 2019 382,078 255,406 835,230 1,472,714

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary of significant accounting policies	This note provides a description of the significant accounting policies adopted in the preparation of these consolidated financial statements in addition to other policies that have been disclosed in other notes to these consolidated financial statements. These policies have been consistently applied to all periods presented, unless otherwise stated. (i) Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred; • liabilities incurred to the former owners of the acquired business; • equity interests issued by the Group; • fair value of any asset or liability resulting from a contingent consideration arrangement; and • fair value of any pre-existing Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition-related costs are expensed as incurred. The excess of the consideration transferred, amount of any non-controlling Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration, when applicable, is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. (ii) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 1) Financial assets Initial recognition and measurement On initial recognition, financial assets are classified as instruments measured at amortized cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit and loss (“FVPL”). The classification of financial assets at initial recognition is based on either (i) the Company’s business model for managing the financial assets and (ii) the instruments’ contractual cash flows characteristics. For a financial asset to be classified and measured at amortized cost or FVOCI, it needs to give rise to cash flows that are ‘Solely Payments of Principal and Interest’ (the “SPPI” criterion) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model considers whether the Company’s objective is to receive cash flows from holding the financial assets, from selling the assets or a combination of both. Purchases or sales of financial assets that require delivery of assets within a time frame set by regulation or market practice (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Classification and subsequent measurement (i) Financial assets at FVPL Financial assets at FVPL include Securities, financial assets designated upon initial recognition at FVPL, or financial assets mandatorily required to be measured at fair value. This category includes securities and Derivative financial instruments, including equity instruments which the Group had not irrevocably elected to classify at FVOCI. Financial assets are classified as fair value through profit and loss if they either fail the contractual cash flow test or in the Group’s business model are acquired for the purpose of selling or repurchasing in the near term. Financial assets may be designated at FVPL on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Derivative financial instruments, including separated embedded derivatives, are also classified as Securities unless they are designated as effective hedging instruments. Financial assets with cash flows that do not meet the SPPI criteria are classified and measured at FVPL, irrespective of the business model. Financial assets at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of income. The net gain or loss recognized in the statement of income includes any dividend or interest earned on the financial asset. Financial assets measured at FVTPL consist of Securities owned and sold short. A derivative embedded in a hybrid contract, with a financial liability or non-financial A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. (ii) Financial assets at FVOCI The Group measures financial assets at FVOCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and to sell. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. For financial assets at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of income and similarly to financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group’s financial assets at FVOCI includes certain debt instruments. Upon initial recognition, the Group can elect to classify irrevocably equity investments at FVOCI when they meet the definition of equity under IAS 32—“Financial Instruments: Presentation” and are not financial assets at FVPL. The classification is determined on an instrument-by-instrument Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as income in the statement of income when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. The Group has no equity instruments that have been irrevocably classified under this category. (iii) Financial assets at amortized cost A financial asset is measured at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold the financial asset in order to collect contractual cash flows. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. Financial assets at amortized cost are subsequently measured using the Effective Interest Rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost mainly includes ‘Securities’, ‘Securities purchased under agreements to resell’, ‘Securities trading and intermediation’, ‘Accounts receivable’ and ‘Other financial assets. The Company reclassifies financial assets only when its business approach for managing those assets changes. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • The contractual rights to receive cash flows from the asset have expired. • The Group has transferred its contractual rights to receive cash flows from the asset or has assumed a contractual obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its contractual rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months 12-month For accounts receivables and other contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at FVOCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before considering any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 2) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, amortized cost or as Derivative financial instruments designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of amortized cost, net of directly attributable transaction costs. The Group’s financial liabilities include ‘Securities Loaned’, ‘Derivative financial instruments’, ‘Securities purchased under agreements to resell’, ‘Securities trading and intermediation’, long-term debts such as ‘Borrowings and lease liabilities’ and ‘Debentures’, ‘Accounts payables’ and ‘Other financial liabilities’. Classification and subsequent measurement (i) Financial liabilities at FVPL Financial liabilities at FVPL include securities loaned and derivatives financial instruments designated upon initial recognition as at FVPL. Financial liabilities are classified as securities loaned if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as fair value through PL unless they are designated as effective hedging instruments. Gains or losses on liabilities at fair value through PL are recognized in the statement of income. Financial liabilities designated upon initial recognition at FVPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Securities loaned, and derivative financial instruments are classified as fair value through PL and recognized at fair value. (ii) Amortized cost After initial recognition, these financial liabilities are subsequently measured at amortized cost using the Effective Interest Method (“EIR”) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of income. This category generally applies to Securities sold under repurchase agreements, Securities trading and intermediation, ‘Borrowings and Lease Liabilities’, ‘Debentures’, ‘Accounts payables’ and ‘Other financial liabilities’. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of income. 3) Fair value of financial instruments The fair value of financial instruments actively traded in organized financial markets is determined based on purchase prices quoted in the market at the close of business at the reporting date, without deducting transaction costs. The fair value of financial instruments for which there is no active market is determined by using measurement techniques. These techniques may include the use of recent market transactions (on an arm’s length basis); reference to the current fair value of another similar instrument; analysis of discounted cash flows or other measurement models. See Note 32. 4) Derivative financial instruments and hedging activities Derivative financial instruments are financial contracts, the value of which is derived from the value of the underlying assets, interest rates, indexes or currency exchange rates. The Company uses derivative financial instruments to manage foreign exchange risk on pending security settlements in foreign currencies. The fair value of these contracts is nominal due to their short term to maturity. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, in the case of adoption of hedge accounting and, if so, the nature of the item being hedged. The Group adopts only net investment hedge to hedge a net investment in a foreign operation. In the case of the Derivative was not designated as a hedging instrument the initial recognition is at fair value on the date on which a derivative contract is entered and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Realized and unrealized gains and losses related to these contracts are recognized in the consolidated statements of income during the reporting period. The Company trades in futures contracts, which are agreements to buy or sell standardized amounts of a financial instrument at a predetermined future date and price, in accordance with terms specified by a regulated futures exchange, and subject to daily cash margining. The Company trades in futures in an attempt to mitigate interest rate risk, yield curve risk and liquidity risk. The Company also trades in forward contracts, which are non-standardized a) Net investment hedge Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in other comprehensive income within gains (losses) on net investment hedge. The gain or loss relating to the ineffective portion is recognized immediately in the statement of income within net income from financial instruments at fair value through profit or loss. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is partially or fully disposed of or sold. b) Hedge ineffectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To evaluate the effectiveness and to measure the ineffectiveness of such strategies, The Group uses the Dollar Offset Method. The Dollar Offset Method is a quantitative method that consists of comparing the change in fair value or cash flows of the hedging instrument with the change in fair value or cash flows of the hedged item attributable to the hedged risk. (iii) Cash and cash equivalents Cash is not subject to a significant risk of change in value and are held for the purpose of meeting short-term cash commitments and not for investments or other purposes. Transactions are considered short-term when they have maturities in three months or less from the date of acquisition. For purposes of consolidated statement of cash flows, cash equivalents refer to collateral held securities purchased under agreements to resell and bank deposit certificates measured at fair value through profit and loss that are readily convertible into a known cash amount and for which are no subject to a significant risk of change in value. (iv) Securities purchased under agreements to resell and obligations related to securities sold under repurchase agreements The Group has purchased securities with resale agreement (resale agreements) and sold securities with repurchase agreement (repurchase agreement) of financial assets. Resale and repurchase agreements are accounted for under Securities purchased under agreements to resell and Securities sold under repurchase agreements, respectively. The difference between the sale and repurchase prices is treated as interest and recognized over the life of the agreements using the effective interest rate method. The financial assets accepted as collateral in our resale agreements can be used by us, if provided for in the agreements, as collateral for our repurchase agreements or can be sold. (v) Securities trading and intermediation (receivable and payable) Refers to transactions at B3 S.A.—Brasil, Bolsa, Balcão (“B3”) on behalf of and on account of third parties. Brokerages on these transactions are classified as revenues and service provision expenses are recognized at the time of the transactions. These balances are offset and the net amount shown in the balance sheet when, and only when, there is a legal and enforceable right to offset and the intention to liquidate them on a net basis, or to realize the assets and settle the liabilities simultaneously. Amounts due from and to customers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the balance sheet date respectively. The due from customers balance is held for collection. These amounts are subdivided into the following items: • Cash and settlement records—Represented by the registration of transactions carried out on the stock exchanges on its own behalf and for customers; and • Debtors/Creditors pending settlement account—debtor or creditor balances of customers, in connection with transactions with fixed income securities, shares, commodities and financial assets, pending settlement as of the statement of reporting date. Sales transactions are offset and in the event the final amount is a credit, it will be recorded in liabilities, on the other hand if this amount is debt, it will be recorded in assets, provided that the offset balances refer to the same counterparty. These amounts are recognized initially at fair value and subsequently measured at amortized cost. At each reporting date, the Group shall measure the loss allowance on amounts due from customer at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month Any contractual payment which is more than 90 days past due is considered credit impaired. The estimated credit losses for brokerage clients and related activity was immaterial for all periods presented. (vi) Prepaid expenses Prepaid expenses are recognized as an asset in the balance sheet. These expenditures include incentives to IFAs, prepaid software licenses, certain professional services and insurance premiums. (vii) Leases As of January 1, 2019 the Group has adopted IFRS 16, replacing IAS 17, which was applicable until December 31, 2018. Both accounting practices are explained below. IAS 17—Leases Leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. IFRS 16 Leases Effective from January 1, 2019, IFRS 16 was issued in January 2016 and supersedes IAS 17 Leases Determining whether an Arrangement contains a Lease SIC-15 Operating Leases-Incentives SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease The Group has adopted IFRS 16 from January 1, 2019 using the modified retrospective method of adoption, under which the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application and not restated comparatives for the 2018 and 2017 reporting period. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. Practical expedients and exemptions applied In applying IFRS 16 for the first time, the Group has used the following permitted practical expedients: • applying only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application; • applying a single discount rate to a portfolio of leases with reasonably similar characteristics; • relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review – there were no onerous contracts as of January 1, 2019; • exempting leases contracts with a remaining lease term of less than 12 months as of January 1, 2019 and not containing a purchase option (short-term leases); • exempting lease contracts for which the underlying asset is of low value (low-value • excluding initial direct costs for the measurement of the right-of-use • using hindsight in determining the lease term where the contract contains options to extend or terminate the lease. i) Measurement of lease liabilities and right-of-use The Group leases its main offices and certain equipments under non-cancelable On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 9.0%. Operating lease commitments disclosed as of December 31, 2018 209,318 Discounted using the incremental borrowing rate of at the date of initial application (60,099 ) (Less): short-term leases recognized on a straight-line basis as expense (725 ) Lease liability recognized as of January 1, 2019 148,494 The associated right-of-use Lease liability recognized as of January 1, 2019 148,494 (Less): accrued lease payments as of December 31, 2018 (14,624 ) Total right-of-use 133,870 Represented by: Properties 123,262 Equipments 10,608 As a result of initial adoption, there is no impact to retained earnings in equity on January 1, 2019. Right-of-use “Right-of-use ii) Summary of new accounting policies Set out below are the new accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use The Group recognizes right-of-use Right-of-use The cost of right-of-use right-of-use Right-of Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance Short-term leases and leases of low-value The Group applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value low-value Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). (viii) Property and equipment All property and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items and, if applicable, net of tax credits. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item is material and can be measured reliably. All other repairs and maintenance expenditures are charged to profit or loss during the period in which they are incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Annual Rate (%) Data Processing Systems 20 % Furniture and equipment 10 % Security systems 10 % Facilities 10 % Assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting date and adjusted prospectively, if appropriate. An asset’s carrying amount is written down immediately to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use, if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals or derecognition are determined by comparing the disposal proceeds (if any) with the carrying amount and are recognized in profit or loss. (ix) Intangible assets i) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of (i) the consideration transferred; (ii) the amount of any non-controlling non-controlling Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ii) Software and development costs Certain direct development costs associated with internally developed software and software enhancements of the Group’s technology platform is capitalized. Capitalized costs, which occur post determination by management of technical feasibility, include external services and internal payroll costs. These costs are recorded as intangible assets when development is complete, and the asset is ready for use, and are amortized on a straight-line basis, generally over a period of five years. Research and pre-feasibility iii) Other intangible assets Separately acquired intangible assets are measured at cost on initial recognition. The cost of intangible assets acquired in a business combination corresponds to their fair value at the acquisition date. After initial recognition, intangible assets are stated at cost, less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets other than (i) above, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful life of intangible assets is assessed as finite or indefinite. As of December 31, 2019 and 2018, the Group does not hold indefinite life intangible assets, except for goodwill. Intangible assets with finite useful lives are amortized over their estimated useful lives and tested for impairment whenever there is an indication that their carrying amount may be not be recovered. The period and method of amortization for intangible assets with finite lives are reviewed at least at the end of each fiscal year or when there are indicators of impairment. Changes in estimated useful lives or expected consumption of future economic benefits embodied in the assets are considered to modify the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization of intangible assets with definite lives is recognized in profit or loss in the e

Significant estimated and judge

Significant estimated and judgements	12 Months Ended
	Dec. 31, 2019
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Significant estimated and judgements	4. Significant estimated and judgements The preparation of the financial statements according to accounting policies described in Note 3 requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts for assets, liabilities, revenues and expenses. Actual results may differ from these estimates. In addition, this note also explains where there have been actual adjustments this year as a result of and error and of changes to previous estimates. Information about uncertainties on assumptions and estimates that have a significant risk of resulting in a material adjustment in the future fiscal year is included as follows: (i) Estimation fair value of certain financial assets The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. (ii) Impairment of financial assets The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history and existing market conditions, as well as forward-looking estimates at the end of each reporting period. (iii) Recognition of deferred tax asset for carried-forward tax losses Deferred tax assets are recognized for all unused tax losses to the extent that sufficient taxable profit will likely be available to allow the use of such losses. Significant judgment from management is required to determine the amount of deferred tax assets that can be recognized, based on the likely timing and level of future taxable profits, together with future tax planning strategies. The Group has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiaries where a deferred tax asset has been recognized. The losses can be carried forward indefinitely and have no expiry date. (iv) Property and equipment and intangible assets useful lives Property and equipment and intangible assets include the use of estimates to determine the useful life for depreciation and amortization purposes. Useful life determination requires estimates in relation to the expected technological advances and alternative uses of assets. There is a significant element of judgment involved in making technological development assumptions, since the timing and nature of future technological advances are difficult to predict. As of December 31, 2019, the Group did not identify evidence that could indicate that useful lives described in Note 3 ((viii) and (ix)) should be revised. Therefore, the Group concluded that changes to the estimated useful live was not deemed necessary. (v) Impairment of non-financial The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. Intangible assets with indefinite useful lives and goodwill are tested for impairment annually at the level of the CGU, as appropriate, and when circumstances indicate that the carrying value may be impaired. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. Technological obsolescence, suspension of certain services and other changes in circumstances that demonstrate the need for recording a possible impairment are also regarded in estimates. (vi) Provision for contingent liabilities Provisions for the judicial and administrative proceedings are recorded when the risk of loss of administrative or judicial proceeding is considered probable and the amounts can be reliably measured, based on the nature, complexity and history of lawsuits and the opinion of legal counsel internal and external. Provisions are made when the risk of loss of judicial or administrative proceedings is assessed as probable and the amounts involved can be measured with sufficient accuracy, based on best available information. They are fully or partially reversed when the obligations cease to exist or are reduced. Given the uncertainties arising from the proceedings, it is not practicable to determine the timing of any outflow (cash disbursement).

Group structure

Group structure	12 Months Ended
	Dec. 31, 2019
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Group structure	5. Group structure (i) Subsidiaries The following are the direct and indirect interests of Company in its subsidiaries for the purposes of these consolidated financial statements: % of Group’s interest (i) Entity name Country of Principal activities 2019 2018 2017 Directly controlled XP Investimentos S.A. Brazil Holding 100.00 % 100.00 % 100.00 % Indirectly controlled XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. Brazil Broker-dealer 100.00 % 100.00 % 100.00 % XP Investments US, LLC USA Broker-dealer 100.00 % 100.00 % 100.00 % XP Investments UK LLP UK Inter-dealer broker 100.00 % 100.00 % 99.90 % Sartus Capital LTD UK Investment advisor 100.00 % 100.00 % 100.00 % XP Private (Europe) S.A. UK Investment advisor 100.00 % 100.00 % 100.00 % XP Vida e Previdência S.A. (v) Brazil Private pension and insurance 100.00 % 100.00 % — Banco XP S.A. (vi) Brazil Multipurpose bank 100.00 % — — Xperience Market Services LLC (vi) USA Non-operational 100.00 % — — Chamaleon Bravery Unipessoal LDA (vi) Portugal Investment Advisor (pending 100.00 % — — XP Holding Investimentos S.A. Brazil Financial Holding — — 100.00 % XP Controle 3 Participações S.A. Brazil Financial Holding 100.00 % 100.00 % 100.00 % XPE Infomoney Educação Assessoria Empresarial e Participações Ltda. Brazil Digital Content services 99.99 % 99.70 % 96.69 % Tecfinance Informática e Projetos de Sistemas Ltda. Brazil Rendering of IT services 99.76 % 99.73 % 99.73 % XP Corretora de Seguros Ltda. Brazil Insurance Broker 99.99 % 99.82 % 99.81 % XP Gestão de Recursos Ltda. Brazil Asset management 93.70 % 92.80 % 91.65 % XP Finanças Assessoria Financeira Ltda. Brazil Investment consulting service 99.99 % 99.99 % 99.95 % Infostocks Informações e Sistemas Ltda. Brazil Mediation of information 99.99 % 99.99 % 99.99 % XP Advisory Gestão Recursos Ltda. Brazil Asset management 99.57 % 99.52 % 99.52 % XDEX Intermediação Ltda. (iii) Brazil Intermediary and service agency — — 99.99 % XP Holding International LLC USA International financial holding 100.00 % 100.00 % 100.00 % XP Advisory US USA Investment advisor 100.00 % 100.00 % 100.00 % XP Holding UK Ltd UK International financial holding 100.00 % 100.00 % 100.00 % XP Vista Asset Management Ltda. (iv) Brazil Asset management 99.42 % 99.60 % — XP Controle 4 Participações S.A. (v) Brazil Insurance holding 100.00 % 100.00 % — Leadr Serviços Online Ltda. (vi) Brazil Social media 99.99 % — — Spiti Análise Ltda. (vi) Brazil Research (pending regulatory 99.99 % — — Consolidated investments funds Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Gladius Fundo de Investimento Multimercado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado Brazil Investment fund 100.00 % 100.00 % 100.00 % Galea Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Spatha Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % — Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP Brazil Investment fund 100.00 % 100.00 % — Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado (vi) Brazil Investment fund 100.00 % — — Balista Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado (vi) Brazil Investment fund 100.00 % — — Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (vi) Brazil Investment fund 100.00 % — — XP Short Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior (vii) Brazil Investment fund — — 100.00 % XP Pacote Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior (vii) Brazil Investment fund — — 100.00 % (i) The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii) Subsidiaries legally merged into their respective immediate parent, with no impact on the consolidated financial statements. (iii) Relates to subsidiary incorporated in 2017 sold to Company’s controlling shareholders in 2018 at its early stages. (iv) Subsidiary acquired in 2018. See further details in Note 5 (ii) below. (v) Subsidiaries incorporated in 2018 for operating in the private pension and life insurance business, which is regulated by the Superintendency of Private Insurance (SUSEP) in Brazil. (vi) New subsidiaries and investment funds incorporated in the year. (vii) Investment funds closed during the year. (ii) Business combinations Acquisition of Rico Corretora de Títulos e Valores Mobiliários S.A. On August 10th, 2017, following the approval of the Central Bank, the Group acquired Rico Corretora de Títulos e Valores Mobiliários S.A. (“Rico”) through the acquisition of its sole parent FLAFLU Participações S.A. (“FLAFLU”). With this transaction, the Group aimed to extend its operations in brokerage and securities distribution market to retail, through expanding the customer base and absorbing innovative technology in online market developed by Rico, in view of the complementary nature of positioning between the brands. Details of the net assets acquired, the goodwill and the purchase consideration are as follows: Fair value Assets Cash 96 Financial instruments (FVPL) 356,648 Financial instruments (FVOCI) 20,212 Accounts receivable 1,915 Other assets 11,582 Deferred tax assets 3,751 Property and equipment (Note 13 (a)) 1,728 Intangible assets (Note 13 (b)) 75,813 471,745 Liabilities Social and statutory obligations (560 ) Tax and social security obligations (12,651 ) Securities trading and intermediation (322,371 ) Provisions and continget liabilities (Note 25) (7,921 ) Other liabilities (5,217 ) (348,720 ) Total identifiable net assets at fair value 123,025 Goodwill arising on acquisition (Note 13 (b)) 281,702 Purchase consideration transferred 404,727 Analysis of cash flows on acquisition Consideration paid in cash 404,727 Net cash acquired with the subsidiary (96 ) Net of cash flow on acquisition (investing activities) 404,631 For the purchase price allocation, the following intangible assets were identified. The valuation techniques used for measuring the fair value of separately identified intangible assets acquired were as follows: Assets Amount Method Expected Customer list 50,077 Multi-period excess earning method 8 years Trademark 19,304 Relief from royalty 10 years Technology 2,028 Relief from royalty 3 years The fair value of the consideration given was R$ 404,727. The goodwill is attributable to the workforce and the high profitability of the acquired business. It will be deductible for tax purposes. The fair value and gross contractual amount of trade accounts receivable was the same—R$ 1,915. There was no other contingent liability recognized on the acquisition for a pending lawsuit, apart from R$ 7,921 already provisioned, related to tax contingencies (Note 25). Acquisition-related costs of R$ 690 are included in administrative expenses in profit or loss and in operating cash flows in the statement of cash flows. From the acquisition date, Rico contributed revenues of R$ 53,942 and net profit of R$ 12,125 to the Group’s consolidated statement of profit and loss for the year ended December 31, 2017. If the acquisition had occurred on January 1, 2017, consolidated pro-forma Acquisition of XP Vista On January 5, 2018, the Group acquired 99.60% of shares of XP Vista Asset Management Ltda. (“XP Vista”), an asset management entity, through the acquisition of its controlling shareholder Marathon Investimentos e Participações S.A for a consideration of R$ 10,938, mostly comprised of cash in the amount of R$ 525. Goodwill in the amount of R$ 9,799, attributable to sinergies expected from the combined operations within the Group. Marathon was subsequently incorporated by the Group. (iii) Subscription (redemptions) of non-controlling In 2016, certain non-controlling (iv) Other transactions with non-controlling In the course of its business, the Group admits individual partners to join the share capital of certain subsidiaries while others might decide to leave the subsidiaries resulting in gains or losses recorded directly to equity. For the year ended December 31, 2019, the Group recorded a gain of R$ 374 (2018 – R$ 409 gain), while non-controlling

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Accounts receivable	10. Accounts receivable 2019 2018 Customers (a) 458,776 203,604 Dividends and interest receivable on equity capital—Funds 7,052 18,852 Other 702 181 (-) Expected losses on accounts receivable (4,501 ) (3,437 ) Total 462,029 219,200 (a) Refers to receivables from management fee arising from the distribution of funds and amounts receivable related to service provision, which have an average term of 30 days. There is no concentration on the balances receivable as of December 31, 2019 and 2018.

Prepaid expenses

Prepaid expenses	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Prepaid expenses	12. Prepaid expenses 2019 2018 Incentives for business acceleration program 11,349 22,125 Marketing expenses 9,678 41,276 Commissions and premiums paid in advance 49,233 21,431 Services paid in advance 2,043 5,180 Other expenses paid in advance 17,381 6,711 Total 89,684 96,723 Current 56,605 56,302 Non-current 33,079 40,421

Securities sold under repurchas

Securities sold under repurchase agreements	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Securities sold under repurchase agreements	14. Securities sold under repurchase agreements 2019 2018 National Treasury Notes (NTNs) 8,533,113 1,153,547 National Treasury Bills (LTNs) 5,653,994 5,142,881 Financial Treasury Bills (LFTs) 1,451,300 344,266 Total 15,638,407 6,640,694 As of December 31, 2018, securities sold under repurchase agreements were agreed with average interest rates of 4,48% p.a. (2018—6,40% p.a.), with assets pledged as collateral (Note 6).

Securities trading and intermed

Securities trading and intermediation	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Securities trading and intermediation	17. Securities trading and intermediation Represented by operations at B3 on behalf of and on account of third parties, with liquidation operating cycle between D+1 and D+3. 2019 2018 Cash and settlement records 13,823 164,322 Debtors pending settlement 477,646 731,611 Other 13,514 2,379 Total Assets 504,983 898,312 Cash and settlement records 474,759 90,056 Creditors pending settlement 8,639,787 5,216,572 Total Liabilities 9,114,546 5,306,628

Other financial liabilities

Other financial liabilities	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Other financial liabilities	18. Other financial liabilities 2019 2018 Customer deposits (a) 70,191 — Structured operations certificates (b) 19,474 — Foreign exchange portfolio 8,962 7,011 Other financial liabilities 4 — Total 98,631 7,011 Current 79,157 7,011 Non-current 19,474 — (a) Mainly related to the financial resources of XP Vida e Previdência participant which is in process to be invested. (b) Related to structured operations certificates of Banco XP.

Social and Statutory obligation

Social and Statutory obligations	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Social and Statutory obligations	19. Social and Statutory obligations Social and Statutory obligations is mainly composed from the Group sharing program for its employees which does not extend to the Executive Board. As of December 31, 2019, the balance of unrealized gains on the balance sheet under the “Social and statutory obligations” line item is R$ 492,723 (R$ 251,690 as of December 31, 2018). 2019 2018 Obligations to non-controlling 35,666 27,137 Employee profit-sharing (a) 395,568 173,202 Salaries and other benefits payable 61,489 51,351 Total 492,723 251,690 (a) The Group has a bonus scheme for its employees based on profit sharing program as agreed under collective bargaining, which does not extend to the Executive Board. The bonus is calculated at each half of the year and payments made in the February and August.

Tax and social security obligat

Tax and social security obligations	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Tax and social security obligations	20. Tax and social security obligations 2019 2018 Income Tax (IRPJ and CSLL) (a) 264,258 69,001 Contributions over revenue (PIS and COFINS) 34,247 16,368 Taxes on services (ISS) 18,141 9,399 Contributions for Social Security (INSS) 7,712 3,368 Others 20,973 4,985 Total 345,331 103,121 Current 345,331 103,121 Non-current — — (a) The Group income tax liability is presented net of tax assets which the entities are allowed to offset during current year. The line includes current Corporate Income Tax (CIT) liability of R$ 594,037 (R$ 98,943—2018) and Prepayments CIT of R$ 361,771 (R$ 58,139—2018). The line also includes taxes that XP is responsible to pay on behalf of its clients (i.e., withholding taxes over client’s investments) in the amount of R$ 31,992 (R$ 28,197—2018).

Share-based plan_2

Share-based plan	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Share-based plan	30. Share-based plan a) Share-based Plan The establishment of the Plan was approved by the Board of Director’s meeting on December 6, 2019 and the first grant of RSUs and PSUs was on December 10, 2019. Under the Restricted Stock Unit plan, stocks are awarded at no cost to the recipient upon their grant date. RSUs are granted semi-annually, their vesting conditions are service related and they vest at a rate of 20% after three years, 20% after four years, and 60% after five years. After the vesting periods, common shares will be issued to the recipients. For the PSUs, the vesting is the following: (i) 33% will vest on the third year after the grant, (ii) 33%% will vest on the fourth year after the grant and (iii) 34% will vest on the fifth year after the grant date. Under the Performance Share Unit, stocks are granted to eligible participants and their vesting conditions are based on five-year period metrics and also based on the total shareholder return (TSR), including share price growth, dividends and capital returns. If an elegible participant ceases to be employed by the Company, within the vesting period, the rights will be forfeited, except in limited circumstances that are approved by the board on a case-bycase basis. Once the PSUs are vested, the shares of common stock that are delivered must be held for an additional one-year b) Fair value of shares granted Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model and underlying assumptions, which depends on the terms and conditions of the grant and the information available at the grant date. The Company uses certain methodologies to estimate fair value which include the following: • Estimation of fair value based on equity transactions with third parties close to the grant date; and • Other valuation techniques including share pricing models such as Monte Carlo. These estimates also require determination of the most appropriate inputs to the valuation models including assumptions regarding the expected life of a share-based payment or appreciation right, expected volatility of the price of the Group’s shares and expected dividend yield. c) Outstanding shares granted and valuation inputs The maximum number of shares available for issuance under the share-based plan shall not exceed 5% of the issued and outstanding shares. As of December 31, 2019, the outstanding number of Company reserved under the plans were 4,112,046 including 1,921,669 RSUs and 2,190,377 PSUs. For the year ended December 31, 2019, total compensation expense of both plans were R$7,502, including R$ 2,131 of tax provisions and does not include any tax benefits on total share-based compensation expense once, this expense is not deductible for tax purposes. The tax benefits will be perceived when the shares are converted into common shares. The weighted-average grant-date fair value of RSU and PSU shares was US$27 and US$ 34,56 respectively. There was no shares exercised, forfeited, expired or vested during 2019.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Subsequent events	36. Subsequent events (i) Visa Agreement On March 04, 2020, Banco XP (wholly owned subsidiary of XP Inc) entered into an agreement with Visa do Brasil Empreendimentos Ltda. (“Visa”) as an issuing partner of debit and credit cards. The initiative marks the entrance of XP Inc. in the credit card segment in Brazil. (ii) Impacts of COVID-19 Starting from January 2020, it was reported that a novel strain of coronavirus, later named COVID-19, which COVID-19

Basis of preparation of the f_2

Basis of preparation of the financial statements (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Basis of preparation of the unaudited interim condensed consolidated financial statements	a) Basis of preparation of the unaudited interim condensed consolidated financial statements The unaudited interim condensed consolidated financial statements as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 have been prepared in accordance with IAS 34 Interim Financial Reporting The unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2019 included in the Form 20-F for the year ended December 31, 2019 filed with the SEC (U.S Securities Exchange Commission) on April 29, 2020. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. The unaudited interim condensed consolidated financial statements are presented in Brazilian reais (“R$”), and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.
Basis of consolidation	b) Basis of consolidation There were no changes since December 31, 2019 in the accounting practices adopted for consolidation and in the direct and indirect interests of Company in its subsidiaries for the purposes of these unaudited interim condensed consolidated financial statements, except for the following item: % of Group’s interest (i) Entity name Country of Principal March 31, December 31, Indirectly controlled XP PE Gestão de Recursos Ltda. (ii) Brazil Private 99.10 % — (i) The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii) New operating subsidiaries incorporated in 2020.	(iii) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company as of December 31, 2019 and 2018 and for each of the years ended December 31, 2019, 2018 and 2017. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (refer to Note 5. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling
Segment reporting	c) Segment reporting In reviewing the operational performance of the Group and allocating resources, the chief operating decision maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”) and the Board of Directors (“BoD”), represented by statutory directors holders of ordinary shares of the immediate parent of the Company, reviews selected items of the statement of income and of comprehensive income. The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a combined basis for all subsidiaries. Disaggregated information is only reviewed at the revenue level (Note 16), with no corresponding detail at any margin or profitability levels. The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the unaudited interim condensed consolidated statements of income and of comprehensive income and unaudited interim condensed consolidated balance sheet. See Note 16 (c) for a breakdown of total revenue and income and selected assets by geographic location	(iv) Segment reporting In reviewing the operational performance of the Group and allocating resources, the chief operating decision maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”) and the Board of Directors (“BoD”), represented by statutory directors holders of ordinary shares of the immediate parent of the Company, reviews selected items of the statement of income and of comprehensive income. The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a combined basis for all subsidiaries. Disaggregated information is only reviewed at the revenue level (Note 26), with no corresponding detail at any margin or profitability levels. The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the consolidated statement of income and of comprehensive income and consolidated balance sheet. See Note 26 (c) for a breakdown of revenues and income and selected assets from external customers by country of domicile.
Impacts related COVID-19 in the current period	d) Impacts related COVID-19 Starting from January 2020, it was reported that a novel strain of coronavirus, later named COVID-19, Although the Group have not identified relevant impacts to its financial performance as at March 31, 2020, the Group is monitoring COVID-19 As a consequence of this pandemic, most of the Group’s employees is working from home. Based on thorough assessments about the well-being and performance of our workforce, management announced on June 11, 2020, the permanent and company-wide adoption of the home-office model. The reduction in such footprint and the potential financial consequences of such actions are being analyzed by management. Additionally, XP Inc announced its intention to establish new corporate headquarters outside the city of São Paulo (“Villa XP”), with an innovative architecture comprising workstations, meeting rooms and common areas. The financial impacts of such initiative are still under evaluation.
New standards, interpretations and amendments not yet adopted	e) New standards, interpretations and amendments not yet adopted The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended December 31, 2019. Certain new accounting standards and interpretations have been published that are not mandatory for the period ended March 31, 2020, and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future financial statements periods and on foreseeable future transactions. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.
Estimates	f) Estimates The preparation of unaudited interim condensed consolidated financial statements of the Group requires management to make judgments and estimates and to adopt assumptions that affect the amounts presented referring to revenues, expenses, assets and liabilities at the reporting date. Actual results may differ from these estimates. In preparing these unaudited interim condensed consolidated financial statements, the significant judgements and estimates made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that are set the consolidated financial statements for the year ended December 31, 2019.
Foreign currency translation		(v) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Brazilian Reais (“R$”), which is the Group functional and presentation currency. The functional currency for all the Company’s subsidiaries in Brazil is also the Brazilian reais. Certain subsidiaries outside of Brazil have different functional currencies, including US Dollar (“USD”), Euro (“EUR”), Pound sterling (“GBP”) and Swiss Franc (“CHF”). (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of income and other comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within interest expense on debt. Non-monetary non-monetary non-monetary (iii) Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.
Business combinations		(i) Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred; • liabilities incurred to the former owners of the acquired business; • equity interests issued by the Group; • fair value of any asset or liability resulting from a contingent consideration arrangement; and • fair value of any pre-existing Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition-related costs are expensed as incurred. The excess of the consideration transferred, amount of any non-controlling Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration, when applicable, is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.
Financial instruments		(ii) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 1) Financial assets Initial recognition and measurement On initial recognition, financial assets are classified as instruments measured at amortized cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit and loss (“FVPL”). The classification of financial assets at initial recognition is based on either (i) the Company’s business model for managing the financial assets and (ii) the instruments’ contractual cash flows characteristics. For a financial asset to be classified and measured at amortized cost or FVOCI, it needs to give rise to cash flows that are ‘Solely Payments of Principal and Interest’ (the “SPPI” criterion) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model considers whether the Company’s objective is to receive cash flows from holding the financial assets, from selling the assets or a combination of both. Purchases or sales of financial assets that require delivery of assets within a time frame set by regulation or market practice (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Classification and subsequent measurement (i) Financial assets at FVPL Financial assets at FVPL include Securities, financial assets designated upon initial recognition at FVPL, or financial assets mandatorily required to be measured at fair value. This category includes securities and Derivative financial instruments, including equity instruments which the Group had not irrevocably elected to classify at FVOCI. Financial assets are classified as fair value through profit and loss if they either fail the contractual cash flow test or in the Group’s business model are acquired for the purpose of selling or repurchasing in the near term. Financial assets may be designated at FVPL on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Derivative financial instruments, including separated embedded derivatives, are also classified as Securities unless they are designated as effective hedging instruments. Financial assets with cash flows that do not meet the SPPI criteria are classified and measured at FVPL, irrespective of the business model. Financial assets at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of income. The net gain or loss recognized in the statement of income includes any dividend or interest earned on the financial asset. Financial assets measured at FVTPL consist of Securities owned and sold short. A derivative embedded in a hybrid contract, with a financial liability or non-financial A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. (ii) Financial assets at FVOCI The Group measures financial assets at FVOCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and to sell. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. For financial assets at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of income and similarly to financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group’s financial assets at FVOCI includes certain debt instruments. Upon initial recognition, the Group can elect to classify irrevocably equity investments at FVOCI when they meet the definition of equity under IAS 32—“Financial Instruments: Presentation” and are not financial assets at FVPL. The classification is determined on an instrument-by-instrument Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as income in the statement of income when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. The Group has no equity instruments that have been irrevocably classified under this category. (iii) Financial assets at amortized cost A financial asset is measured at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold the financial asset in order to collect contractual cash flows. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. Financial assets at amortized cost are subsequently measured using the Effective Interest Rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost mainly includes ‘Securities’, ‘Securities purchased under agreements to resell’, ‘Securities trading and intermediation’, ‘Accounts receivable’ and ‘Other financial assets. The Company reclassifies financial assets only when its business approach for managing those assets changes. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • The contractual rights to receive cash flows from the asset have expired. • The Group has transferred its contractual rights to receive cash flows from the asset or has assumed a contractual obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its contractual rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months 12-month For accounts receivables and other contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at FVOCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before considering any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 2) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, amortized cost or as Derivative financial instruments designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of amortized cost, net of directly attributable transaction costs. The Group’s financial liabilities include ‘Securities Loaned’, ‘Derivative financial instruments’, ‘Securities purchased under agreements to resell’, ‘Securities trading and intermediation’, long-term debts such as ‘Borrowings and lease liabilities’ and ‘Debentures’, ‘Accounts payables’ and ‘Other financial liabilities’. Classification and subsequent measurement (i) Financial liabilities at FVPL Financial liabilities at FVPL include securities loaned and derivatives financial instruments designated upon initial recognition as at FVPL. Financial liabilities are classified as securities loaned if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as fair value through PL unless they are designated as effective hedging instruments. Gains or losses on liabilities at fair value through PL are recognized in the statement of income. Financial liabilities designated upon initial recognition at FVPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Securities loaned, and derivative financial instruments are classified as fair value through PL and recognized at fair value. (ii) Amortized cost After initial recognition, these financial liabilities are subsequently measured at amortized cost using the Effective Interest Method (“EIR”) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of income. This category generally applies to Securities sold under repurchase agreements, Securities trading and intermediation, ‘Borrowings and Lease Liabilities’, ‘Debentures’, ‘Accounts payables’ and ‘Other financial liabilities’. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of income. 3) Fair value of financial instruments The fair value of financial instruments actively traded in organized financial markets is determined based on purchase prices quoted in the market at the close of business at the reporting date, without deducting transaction costs. The fair value of financial instruments for which there is no active market is determined by using measurement techniques. These techniques may include the use of recent market transactions (on an arm’s length basis); reference to the current fair value of another similar instrument; analysis of discounted cash flows or other measurement models. See Note 32. 4) Derivative financial instruments and hedging activities Derivative financial instruments are financial contracts, the value of which is derived from the value of the underlying assets, interest rates, indexes or currency exchange rates. The Company uses derivative financial instruments to manage foreign exchange risk on pending security settlements in foreign currencies. The fair value of these contracts is nominal due to their short term to maturity. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, in the case of adoption of hedge accounting and, if so, the nature of the item being hedged. The Group adopts only net investment hedge to hedge a net investment in a foreign operation. In the case of the Derivative was not designated as a hedging instrument the initial recognition is at fair value on the date on which a derivative contract is entered and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Realized and unrealized gains and losses related to these contracts are recognized in the consolidated statements of income during the reporting period. The Company trades in futures contracts, which are agreements to buy or sell standardized amounts of a financial instrument at a predetermined future date and price, in accordance with terms specified by a regulated futures exchange, and subject to daily cash margining. The Company trades in futures in an attempt to mitigate interest rate risk, yield curve risk and liquidity risk. The Company also trades in forward contracts, which are non-standardized a) Net investment hedge Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in other comprehensive income within gains (losses) on net investment hedge. The gain or loss relating to the ineffective portion is recognized immediately in the statement of income within net income from financial instruments at fair value through profit or loss. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is partially or fully disposed of or sold. b) Hedge ineffectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To evaluate the effectiveness and to measure the ineffectiveness of such strategies, The Group uses the Dollar Offset Method. The Dollar Offset Method is a quantitative method that consists of comparing the change in fair value or cash flows of the hedging instrument with the change in fair value or cash flows of the hedged item attributable to the hedged risk.
Cash and cash equivalents		(iii) Cash and cash equivalents Cash is not subject to a significant risk of change in value and are held for the purpose of meeting short-term cash commitments and not for investments or other purposes. Transactions are considered short-term when they have maturities in three months or less from the date of acquisition. For purposes of consolidated statement of cash flows, cash equivalents refer to collateral held securities purchased under agreements to resell and bank deposit certificates measured at fair value through profit and loss that are readily convertible into a known cash amount and for which are no subject to a significant risk of change in value.
Securities purchased under agreements to resell and obligations related to securities sold under repurchase agreements		(iv) Securities purchased under agreements to resell and obligations related to securities sold under repurchase agreements The Group has purchased securities with resale agreement (resale agreements) and sold securities with repurchase agreement (repurchase agreement) of financial assets. Resale and repurchase agreements are accounted for under Securities purchased under agreements to resell and Securities sold under repurchase agreements, respectively. The difference between the sale and repurchase prices is treated as interest and recognized over the life of the agreements using the effective interest rate method. The financial assets accepted as collateral in our resale agreements can be used by us, if provided for in the agreements, as collateral for our repurchase agreements or can be sold.
Securities trading and intermediation (receivable and payable)		(v) Securities trading and intermediation (receivable and payable) Refers to transactions at B3 S.A.—Brasil, Bolsa, Balcão (“B3”) on behalf of and on account of third parties. Brokerages on these transactions are classified as revenues and service provision expenses are recognized at the time of the transactions. These balances are offset and the net amount shown in the balance sheet when, and only when, there is a legal and enforceable right to offset and the intention to liquidate them on a net basis, or to realize the assets and settle the liabilities simultaneously. Amounts due from and to customers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the balance sheet date respectively. The due from customers balance is held for collection. These amounts are subdivided into the following items: • Cash and settlement records—Represented by the registration of transactions carried out on the stock exchanges on its own behalf and for customers; and • Debtors/Creditors pending settlement account—debtor or creditor balances of customers, in connection with transactions with fixed income securities, shares, commodities and financial assets, pending settlement as of the statement of reporting date. Sales transactions are offset and in the event the final amount is a credit, it will be recorded in liabilities, on the other hand if this amount is debt, it will be recorded in assets, provided that the offset balances refer to the same counterparty. These amounts are recognized initially at fair value and subsequently measured at amortized cost. At each reporting date, the Group shall measure the loss allowance on amounts due from customer at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month Any contractual payment which is more than 90 days past due is considered credit impaired. The estimated credit losses for brokerage clients and related activity was immaterial for all periods presented.
Prepaid expenses		(vi) Prepaid expenses Prepaid expenses are recognized as an asset in the balance sheet. These expenditures include incentives to IFAs, prepaid software licenses, certain professional services and insurance premiums.
Leases		(vii) Leases As of January 1, 2019 the Group has adopted IFRS 16, replacing IAS 17, which was applicable until December 31, 2018. Both accounting practices are explained below. IAS 17—Leases Leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. IFRS 16 Leases Effective from January 1, 2019, IFRS 16 was issued in January 2016 and supersedes IAS 17 Leases Determining whether an Arrangement contains a Lease SIC-15 Operating Leases-Incentives SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease The Group has adopted IFRS 16 from January 1, 2019 using the modified retrospective method of adoption, under which the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application and not restated comparatives for the 2018 and 2017 reporting period. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. Practical expedients and exemptions applied In applying IFRS 16 for the first time, the Group has used the following permitted practical expedients: • applying only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application; • applying a single discount rate to a portfolio of leases with reasonably similar characteristics; • relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review – there were no onerous contracts as of January 1, 2019; • exempting leases contracts with a remaining lease term of less than 12 months as of January 1, 2019 and not containing a purchase option (short-term leases); • exempting lease contracts for which the underlying asset is of low value (low-value • excluding initial direct costs for the measurement of the right-of-use • using hindsight in determining the lease term where the contract contains options to extend or terminate the lease. i) Measurement of lease liabilities and right-of-use The Group leases its main offices and certain equipments under non-cancelable On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 9.0%. Operating lease commitments disclosed as of December 31, 2018 209,318 Discounted using the incremental borrowing rate of at the date of initial application (60,099 ) (Less): short-term leases recognized on a straight-line basis as expense (725 ) Lease liability recognized as of January 1, 2019 148,494 The associated right-of-use Lease liability recognized as of January 1, 2019 148,494 (Less): accrued lease payments as of December 31, 2018 (14,624 ) Total right-of-use 133,870 Represented by: Properties 123,262 Equipments 10,608 As a result of initial adoption, there is no impact to retained earnings in equity on January 1, 2019. Right-of-use “Right-of-use ii) Summary of new accounting policies Set out below are the new accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use The Group recognizes right-of-use Right-of-use The cost of right-of-use right-of-use Right-of Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance Short-term leases and leases of low-value The Group applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value low-value Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).
Property and equipment		(viii) Property and equipment All property and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items and, if applicable, net of tax credits. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item is material and can be measured reliably. All other repairs and maintenance expenditures are charged to profit or loss during the period in which they are incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Annual Rate (%) Data Processing Systems 20 % Furniture and equipment 10 % Security systems 10 % Facilities 10 % Assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting date and adjusted prospectively, if appropriate. An asset’s carrying amount is written down immediately to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use, if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals or derecognition are determined by comparing the disposal proceeds (if any) with the carrying amount and are recognized in profit or loss.
Intangible assets		(ix) Intangible assets i) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of (i) the consideration transferred; (ii) the amount of any non-controlling non-controlling Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ii) Software and development costs Certain direct development costs associated with internally developed software and software enhancements of the Group’s technology platform is capitalized. Capitalized costs, which occur post determination by management of technical feasibility, include external services and internal payroll costs. These costs are recorded as intangible assets when development is complete, and the asset is ready for use, and are amortized on a straight-line basis, generally over a period of five years. Research and pre-feasibility iii) Other intangible assets Separately acquired intangible assets are measured at cost on initial recognition. The cost of intangible assets acquired in a business combination corresponds to their fair value at the acquisition date. After initial recognition, intangible assets are stated at cost, less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets other than (i) above, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful life of intangible assets is assessed as finite or indefinite. As of December 31, 2019 and 2018, the Group does not hold indefinite life intangible assets, except for goodwill. Intangible assets with finite useful lives are amortized over their estimated useful lives and tested for impairment whenever there is an indication that their carrying amount may be not be recovered. The period and method of amortization for intangible assets with finite lives are reviewed at least at the end of each fiscal year or when there are indicators of impairment. Changes in estimated useful lives or expected consumption of future economic benefits embodied in the assets are considered to modify the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization of intangible assets with definite lives is recognized in profit or loss in the expense category consistent with the use of intangible assets. The useful lives of the intangible assets are shown below: Estimate useful life (years) Software 3-5 Internally developed intangible 3-7 Customer list 2-8 Trademarks 10-20 Gains and losses resulting from the disposal or derecognition of intangible assets are measured as the difference between the net disposal proceeds (if any) and their carrying amount and are recognized in profit or loss.
Impairment of non-financial assets		(x) Impairment of non-financial Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash-generating units (CGU’s)). For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs (or groups of CGUs) that is expected to benefit from the synergies of the combination, which are identified at the operating segment level. Non-financial
Taxes		(xi) Taxes i) Current income and social contribution taxes Each of Group’s entities pay Federal Income Tax (IRPJ) and Social Contribution on Net Income (CSLL) under one of two different methods: • APM—Actual Profit Method, where the taxpayer calculates both taxes based on its actual taxable income, after computing all income, gains and tax-deductible • PPM—Presumed Profit Method, where taxpayer calculates IRPJ and CSLL applying a presumed profit margin over the operating revenues. It is important to emphasize that the profit margin is defined by Brazilian Revenue Service (RFB) according to type of services rendered and/or goods sold. Under the PPM method, both taxes are due on a quarterly basis and no prepayment are required during the quarters. This method can be adopted only by entities with gross revenue up to a annually revised threshold determined by tax authorities. The tax rates applicable to APM or PPM are also defined according to entities’ main activity: • Federal Income Tax (IRPJ)—tax rate of 15% calculated on taxable income and a surcharge of 10% calculated on the taxable income amount that exceeds R$ 20 per month (or R$ 240 annually). • Social Contribution on Net Income (CSLL)—tax rate of 9% calculated on taxable income. However, financial institutions (i.e., XP CCTVM and Banco XP) and insurance companies (i.e., XP Vida e Previdência) are subject to a higher CSLL rate of 15%. From 2015 to 2018, this rate was temporarily increased to 20% by means of federal Law 12.169/2015 ii) Deferred income and social contribution taxes Deferred income tax and social contribution are recognized, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred taxes are not accounted for if they arise from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognized only to the extent it is probable that future taxable profit will be available against which the temporary differences and/or tax losses can be utilized. In accordance with the Brazilian tax legislation, loss carryforwards can be used to offset up to 30% of taxable profit for the year and do not expire. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except for a deferred tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are presented net in the statement of financial position when there is a legally enforceable right and the intention to offset them upon the calculation of current taxes, generally when related to the same legal entity and the same jurisdiction. Accordingly, deferred tax assets and liabilities in different entities or in different countries are generally presented separately, and not on a net basis. iii) Sales and other taxes Revenues, expenses and assets are recognized net of sales tax, except: • When the sales taxes incurred on the purchase of goods or services are not recoverable from tax authorities, in which case the sales tax is recognized as part of the cost of acquiring the asset or expense item, as applicable; • When the amounts receivable or payable are stated with the amount of sales taxes included. The net amount of sales taxes, recoverable or payable to the tax authority, is included as part of receivables or payables in the balance sheet, and net of corresponding revenue or cost / expense, in the statement of income. Sales revenues in Brazil are subject to taxes and contributions, at the following statutory rates: • PIS and COFINS are contributions levied by the Brazilian Federal government on gross revenues. These amounts are invoiced to and collected from the Group’s customers and recognized as deductions to gross revenue (Note 26) against tax liabilities, as we are acting as tax withholding agents on behalf of the tax authorities. PIS and COFINS paid on certain purchases may be claimed back as tax credits to offset PIS and COFINS payable. These amounts are recognized as Recoverable taxes (Note 11) and are offset monthly against Taxes payable and presented net, as the amounts are due to the same tax authority. PIS and COFINS are contributions calculated on two different regimes according to Brazilian tax legislation: cumulative method and non-cumulative The non-cumulative Otherwise, the cumulative method should be adopted by entities under the Presumed Profit Method (PPM) and is also mandatory to Financial and Insurance Companies. The rate applicable to companies under PPM are PIS 0.65% and COFINS 3.00%. Financial entities (i.e., XP CCTVM) and Insurance companies (i.e., XP Vida e Previdência) have a different percentage of COFINS with the surcharge of 1.00%, totaling 4.00%. • ISS is a tax levied by municipalities on revenues from the provision of services. ISS tax is added to amounts invoiced to the Group’s customers for the services the Group renders. These are recognized as deductions to gross revenue (Note 26) against tax liabilities, as the Group acts as agent collecting these taxes on behalf of municipal governments. The rates may vary from 2.00% to 5.00%. The ISS stated in the table is applicable to the city of São Paulo and Rio de Janeiro refers to the rate most commonly levied on the Group’s operations. • INSS is a social security charge levied on wages paid to employees.
Equity security loans		(xii) Equity security loans Represent liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income which relates mainly to equity securities received with a fixed term payable, based on the fair value of the securities plus pro rata interest over the period of the loan. Equity securities borrowed are recognized as unrestricted assets on the statement of financial position and may be sold to third parties. The Equity security loans is recorded as a trading liability and measured at fair value with any gains or losses included in the income statement under net fair value gains/(losses) on financial instruments (Note 26 b).
Borrowings and debentures		(xiii) Borrowings and debentures Borrowings and debentures are recognized initially at fair value, net of transaction costs incurred, and subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in the statement of income over the period of the borrowings using the effective interest rate method. Borrowing and debentures costs are recognized as interest expense on debt in the period in which they are incurred. The Group does not have qualifying assets to which costs could be capitalized.
Accounts payables		(xiv) Accounts payables Accounts payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Accounts payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.
Private pension liabilities		(xv) Private pension liabilities Private pension plans, relates to accumulation of financial resources, called PGBL (Plan Generator of Benefits), a plan that aims at accumulating funds for participant’s retirement in life, and VGBL (Redeemable Life Insurance), a financial product structured as a pension plan. In both products, the contribution received from the participant is applied to a Specially Constituted Investment Fund (“FIE”) and accrues interest based on FIE investments. The private pension products offered by Company do not contain significant insurance risk where the Company accepts significant insurance risk from participants by agreeing to compensate them if a specified uncertain future event adversely affects them. These products also do not contain any discretionary participation features. Therefore, the contracts are accounted for under the scope of IFRS 9, Financial Instruments (“IFRS 9”).
Provisions		(xvi) Provisions Provisions for legal claims (labor, civil and tax) are recognized when: (i) the Group has a present legal or constructive obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. Provisions do not include future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax
Employee benefits		(xvii) Employee benefits i) Short-term obligations Liabilities in connection with short-term employee benefits are measured on a non-discounted The liability is recognized for the expected amount to be paid under the plans of cash bonus or short-term profit sharing if the Group has a legal or constructive obligation of paying this amount due to past service provided by employees and the obligation may be reliably estimated. ii) Share-based plan The establishment of the shared-based plan was approved by the board of Director’s meeting on December 6, 2019. The Company launched two share-based plans, the Restricted Stock Unit “RSU” and the Performance Share Unit (“PSU”). The shared-based plans are designed to provided long-term incentives to certain employees, directors, and other eligible service providers in exchange for their services. For both plans, management commits to grant shares of XP Inc to the defined participants. The cost of share-based compensation is measured using the fair value at the grant date. The cost is expensed together with a corresponding increase in equity over the service period or on the grant date when the grant relates to past services. The total amount to be expensed is determined by reference to the fair value of the tranche shares granted at the grant date, which is also based on: • Including any market performance conditions; • Including the impact of any non-market • Including the impact of any non-vesting The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of shares that are expected to vest based on the non-market When the shares are vested, the Company transfers the correspondent number of shares to the participant. The shares received by the participants, net of any directly attributable transactions costs (including withholding taxes) are credited directly to equity. The significant judgments, estimates and assumptions regarding share-based payments and activity relating to share-based payments are discussed further in Note 30. iii) Profit-sharing and bonus plans The Group recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the owners of the Company after certain adjustments, and distributed based on individual and collective performance, including qualitative and quantitative indicators. Employee profit-sharing terms are broader established by means of annual collective bargaining with workers’ unions. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
Share capital		(xviii) Share capital Common shares are classified in equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Earnings per share		(xix) Earnings per share Basic earnings per share is calculated by dividing the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary and preferred shares by the weighted average number of ordinary and preferred shares outstanding during the year, adjusted for bonus elements in ordinary and preferred shares issued during the year and excluding treasury shares (Note 31). Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential common and preferred shares, and the weighted average number of additional common and preferred shares that would have been outstanding assuming the conversion of all dilutive potential common and preferred shares.
Revenue and income		(xx) Revenue and income 1) Revenue from contracts with customers Revenue is recognized when the Group has transferred control of the services to the customers, in an amount that reflects the consideration the Group expects to collect in exchange for those services. The Group applies the following five steps: i) identification of the contract with a customer; ii) identification of the performance obligations in the contract; iii) determination of the transaction price; iv) allocation of the transaction price to the performance obligations in the contract; and v) recognition of revenue when or as the entity satisfies a performance obligation. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. The Group has discretion to involve and contract a third-party providers in providing services to the customer on its behalf. The Group presents the revenues and associated costs to such third-party providers on a gross basis where it is deemed to be the principal and on a net basis where it is deemed to be the agent. Generally, the Group is deemed to be the principal in these arrangements because the Group controls the promised services before they are transferred to customers, and accordingly presents the revenue gross of related costs. The Group main types of revenues contracts are: i) Brokerage commission Brokerage commission revenue consist of revenue generated through commission-based brokerage services on each transaction carried out on i.e. the stock exchanges for customers, recognized at a point in time (trade date) as the performance obligation is satisfied. ii) Securities placement Securities placement revenue refers to fees and commissions earned on the placement of a wide range of securities on behalf of issuers and other capital raising activities, such as mergers and acquisitions, including related finance advisory services. The act of placing the securities is the sole performance obligation and revenue is recognized at the point in time when the underlying transaction is complete under the engagement terms and it is probable that a significant revenue reversal will not occur. iii) Management fees Management fees relates substantially to (i) services as investments advisor from funds, investment clubs and wealth management; and (ii) distributions of quotas from investments funds managed by others. Revenue is recognized over the period of time when this performance obligation is delivered, and generally based on an agreed-upon fixed percentage of the net asset value of each fund on a monthly basis. A part of management fees are performance-based (performance fees), which are recognized for the delivery of asset management services and calculated based on appreciation of the net asset value of the funds, subject to certain thresholds, such as internal rates of returns or hurdle rates in accordance with the terms of the fund’s constitution. Performance fees, which includes variable consideration, are only recognized after an assessment of the facts and circumstances and when it is highly probable that significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. iv) Insurance brokerage fee Refers to insurance brokerage, capitalization, pension plans and health insurance through the intermediation of the sale of insurance services. Revenues are recognized after the provision of brokerage services to insurers. Products that were sold through XP Corretora de Seguros are inspected monthly, and amounts received from commission are recognized as revenue at a point in time as the performance obligation is satisfied. v) Educational services Educational revenue relates to advising and consulting on finance, financial planning, business management and the development of courses and business training programs in the national territory through the development and management of courses. vi) Other services Other services refers to revenue related to finance advisory services, advertisements on the Group’s website and sponsorship on events held by the Group. 2) Net income from financial instruments Net income from financial instruments include realized gains and losses on the sales of investments, unrealized gains and losses resulting from our investments measured at fair value and interest earned on both cash balances and investments in connection with our trading activities. These gains and losses are outside the scope of IFRS 15 but in scope of IFRS 9 – Financial Instruments, and the related accounting policies are disclosed in Note 3.
Changes in accounting policies		(xxi) Changes in accounting policies (xx.1) IFRS 16—Leases As indicate in note above the group has adopted IFRS 16 Leases, starting from January 1, 2019, leases of property, plant and equipment where the group, as lessee, has substantially all the risks and rewards of ownership were classified as operating leases (note 3(vii)). The new policy is described Note 3(vii) and the impact of the change in Note 13(d). (xx.2) IFRIC Interpretation 23—Uncertainty over Income Tax Treatment The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes • Whether an entity considers uncertain tax treatments separately; • The assumptions an entity makes about the examination of tax treatments by taxation authorities; • How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates; • How an entity considers changes in facts and circumstances. An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed. The Group applied the interpretation and did not have significant impact on the consolidated financial statements.

Basis of preparation of the f_3

Basis of preparation of the financial statements (Tables)	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Summary of direct and indirect interests of Company	There were no changes since December 31, 2019 in the accounting practices adopted for consolidation and in the direct and indirect interests of Company in its subsidiaries for the purposes of these unaudited interim condensed consolidated financial statements, except for the following item: % of Group’s interest (i) Entity name Country of Principal March 31, December 31, Indirectly controlled XP PE Gestão de Recursos Ltda. (ii) Brazil Private 99.10 % — (i) The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii) New operating subsidiaries incorporated in 2020.

Securities purchased (sold) u_2

Securities purchased (sold) under resale (repurchase) agreements (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of securities purchased under agreements to resell	a) Securities purchased under agreements to resell March 31, 2020 December 31, 2019 Available portfolio 3,294,442 971,991 National Treasury Notes (NTNs) 3,221,176 771,099 Financial Treasury Bills (LFTs) — 195,980 National Treasury Bills (LTNs) 73,266 4,912 Collateral held 11,622,352 8,518,099 National Treasury Bills (LTNs) 293,787 1,764,410 National Treasury Notes (NTNs) 11,328,565 6,753,689 Total 14,916,794 9,490,090	2019 2018 Available portfolio 971,991 488,809 National Treasury Notes (NTNs) 771,099 65,136 Financial Treasury Bills (LFTs) 195,980 38,014 National Treasury Bills (LTNs) 4,912 385,659 Collateral held 8,518,099 6,081,800 National Treasury Bills (LTNs) 1,764,410 4,911,635 National Treasury Notes (NTNs) 6,753,689 1,170,165 Total 9,490,090 6,570,609
Summary of Securities sold under repurchase agreements	b) Securities sold under repurchase agreements March 31, 2020 December 31, 2019 National Treasury Bills (LTNs) 16,829,549 8,533,113 National Treasury Notes (NTNs) 3,057,813 5,653,994 Financial Treasury Bills (LFTs) 1,220,908 1,451,300 Agribusiness receivables certificates (CRA) 3,031 — Total 21,111,301 15,638,407

Securities (Tables)

Securities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of securities classified at fair value through profit and loss and at fair value through other comprehensive income	a) Securities classified at fair value through profit and loss and at fair value through other comprehensive income March 31, 2020 December 31, 2019 Gross Fair value Gross Fair Value Financial assets At fair value through profit and loss 24,911,824 25,091,723 22,332,936 22,443,392 Agribusiness receivables certificates 532,281 515,994 598,085 589,525 Bank deposit certificates (i) 270,022 272,972 244,071 246,827 Brazilian government bonds 15,461,665 15,669,359 15,404,300 15,494,046 Certificate of real estate receivable 211,458 205,546 75,922 75,123 Debentures 1,017,997 973,503 885,344 885,068 Financial credit bills 83,762 82,765 98,068 106,759 Investment funds 4,525,734 4,525,734 3,047,198 3,047,198 USA government bonds 1,856,714 1,857,216 — — Real estate credit bill 1,367 1,392 1,282 1,300 Stocks issued by public-held company 312,547 312,547 1,562,965 1,562,965 Structured transaction certificate 305,188 332,039 237,112 256,381 Others (ii) 333,089 342,656 178,589 178,200 At fair value through other comprehensive income 4,836,127 4,896,387 2,608,325 2,616,118 National treasury bill 4,836,127 4,896,387 2,608,325 2,616,118 (i) Bank deposit certificates include R$ 152,200 (December 31, 2019—R$ 123,817) is being presented as cash equivalents in the statements of cash flows. (ii) Mainly related to bonds issued and traded overseas.	a) Securities classified at fair value through profit and loss and at fair value through other comprehensive income are presented in the following table: 2019 2018 Gross carrying Fair value Gross carrying Fair value Financial assets At fair value through profit or loss 22,332,936 22,443,392 6,262,735 6,290,971 Agribusiness receivables certificates 598,085 589,525 85,668 85,874 Bank deposit certificates (i) 244,071 246,827 172,451 171,725 Brazilian government bonds 15,404,300 15,494,046 3,826,902 3,853,534 Certificate of real estate receivable 75,922 75,123 208,442 207,167 Debentures 885,344 885,068 325,459 326,403 Financial credit bills 98,068 106,759 45,040 44,663 Investment funds 3,047,198 3,047,198 279,013 279,013 Others (ii) 178,589 178,200 167,714 167,716 Real estate credit bill 1,282 1,300 3,697 4,883 Structured transaction certificate 237,112 256,381 21,275 22,949 Stocks issued by public-held company 1,562,965 1,562,965 1,127,074 1,127,044 At fair value through other comprehensive income 2,608,325 2,616,118 688,731 695,778 National treasury bill 2,608,325 2,616,118 688,731 695,778 (i) Bank deposit certificates include R$ 123,817 (2018 – R$ 69,647) is being presented as cash equivalents in the statements of cash flows. (ii) Mainly related to bonds issued and traded overseas.
Summary of securities evaluated at amortized cost	b) Securities evaluated at amortized cost March 31, 2020 December 31, 2019 Gross Book Value Gross Book Value Financial assets At amortized cost 1,267,826 1,267,826 2,266,971 2,266,971 Bonds 1,267,826 1,267,826 2,266,971 2,266,971	b) Securities evaluated at amortized cost are presented in the following table: 2019 2018 Gross carrying Book value Gross carrying Book value Financial assets At amortized cost Bonds 2,266,971 2,266,971 155,292 155,292
Summary of securities on the financial liabilities classified at fair value through profit or loss	c) Securities on the financial liabilities classified at fair value through profit or loss March 31, 2020 December 31, 2019 Gross Book value Gross Book Value Financial liabilities At fair value through profit or loss Securities loaned 721,131 721,131 2,021,707 2,021,707	c) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table: 2019 2018 Gross carrying Book value Gross carrying Book value Financial liabilities At fair value through profit or loss Securities loaned 2,021,707 2,021,707 1,259,579 1,259,579
Summary of securities classified by maturity	d) Securities classified by maturity Assets Liabilities March 31, December 31, March 31, December 31, Financial assets At fair value through P&L and at OCI Current 8,417,190 9,804,819 721,131 2,021,707 Non-stated 5,405,233 4,999,333 721,131 2,021,707 Up to 3 months 1,814,839 257,544 — — From 3 to 12 months 1,197,118 4,547,942 — — Non-current 21,570,920 15,254,691 — — After one year 21,570,920 15,254,691 — — Evaluated at amortized cost Current 1,267,826 2,266,971 — — Up to 3 months 423,837 807,218 — — From 3 to 12 months 843,989 1,459,753 — — Total 31,255,936 27,326,481 721,131 2,021,707	Below is presented the securities classified by maturity: Assets Liabilities 2019 2018 2019 2018 Financial assets At fair value through PL and at OCI Current 9,804,819 1,875,374 2,021,707 1,192,877 Non-stated 4,999,333 1,425,401 2,021,707 — Up to 3 months 257,544 192,208 — 1,184,972 From 3 to 12 months 4,547,942 257,765 — 7,905 Non-current 15,254,691 5,111,375 — 66,702 After one year 15,254,691 5,111,375 — 66,702 Evaluated at amortized cost Current 2,266,971 155,292 — — Non-staded 807,218 — — — From 3 to 12 months 1,459,753 155,292 — — Total 27,326,481 7,142,041 2,021,707 1,259,579

Derivative financial instrume_2

Derivative financial instruments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument	Below is the composition of the derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity: March 31, 2020 Notional Fair Value % Up to From 3 to Above Assets Options 380,556,621 7,156,611 84 2,612,257 2,482,728 2,061,626 Swap contracts 3,864,467 789,707 8 392,631 11,953 385,123 Forward contracts 707,973 567,259 7 545,521 3,679 18,059 Future contracts 6,201 1,216 1 1,216 — — Total 385,135,262 8,514,793 100 3,551,625 2,498,360 2,464,808 Liabilities Options 439,211,735 6,469,055 86 1,932,259 2,354,129 2,182,667 Swap contracts 2,915,357 425,108 6 22,309 13,866 388,933 Forward contracts 4,223,982 631,912 8 558,697 73,152 63 Total 446,351,074 7,526,075 100 2,513,265 2,441,147 2,571,663 December 31, 2019 Notional Fair Value % Up to From 3 to Above Assets Options 498,484,022 2,742,035 67 1,837,073 577,177 327,785 Swap contracts 3,955,473 1,133,768 27 10,418 700,668 422,682 Forward contracts 1,857,542 187,392 5 159,163 28,175 54 Future contracts 15,920,584 21,809 1 21,809 — — Total 520,217,621 4,085,004 100 2,028,463 1,306,020 750,521 Liabilities Options 488,482,756 2,741,592 85 1,745,532 637,393 358,667 Swap contracts 3,420,857 485,164 14 15,838 40,687 428,639 Forward contracts 164,209 2,480 1 1,693 325 462 Total 492,067,822 3,229,236 100 1,763,063 678,405 787,768	Below is the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity: 2019 Fair Value % Up to From 3 to Above Assets Swap contracts 1,133,768 27 10,418 700,668 422,682 Forward contracts 187,392 5 159,163 28,175 54 Future contracts 21,809 1 21,809 — — Options 2,742,035 67 1,837,073 577,177 327,785 Total 4,085,004 100 2,028,463 1,306,020 750,521 Liabilities Options 2,741,592 85 1,745,532 637,393 358,667 Forward contracts 2,480 1 1,693 325 462 Swap contracts 485,164 14 15,838 40,687 428,639 Total 3,229,236 100 1,763,063 678,405 787,768 2018 Fair value % Up to 3 months From 3 to 12 Above 12 months Assets Swap contracts 244,262 14 4,675 25,054 214,533 Forward contracts 573,963 34 363,863 210,100 — Future contracts 6,599 1 4,613 1,986 — Options 867,207 51 255,281 234,742 377,184 Total 1,692,031 100 628,432 471,882 591,717 Liability Options 726,497 73 128,470 217,387 380,640 Forward contracts 17,170 2 16,972 25 173 Swap contracts 247,732 25 7,710 25,094 214,928 Total 991,399 100 153,152 242,506 595,741
Summary of positions with derivative financial instruments		Positions with derivative financial instruments as of December 31, 2019 and 2018 are shown below: 2019 Assets Liabilities Fair value Notional Fair value Notional Swaps 1,133,768 3,955,473 485,164 3,420,857 Forward contracts 187,392 1,857,542 2,480 164,209 Futures contracts 21,809 15,920,584 — — Options 2,742,035 498,484,022 2,741,592 488,482,756 Total 4,085,004 520,217,621 3,229,236 492,067,822 2018 Assets Liabilities Fair value Notional Fair value Notional Swaps 244,262 3,454,728 247,732 3,981,304 Forward contracts 573,963 809,202 17,170 19,142 Futures contracts 6,599 5,679,425 — — Options 867,207 78,746,383 726,497 82,579,675 Total 1,692,031 88,689,738 991,399 86,580,121
Summary of derivatives financial instruments by index		Derivatives financial instruments by index: 2019 2018 Notional Fair Value Notional Fair Value Swap Contracts Asset Position Interest 3,955,473 1,133,768 3,454,728 244,262 Liability Position Interest 3,420,857 (485,164 ) 3,981,304 (247,732 ) Forward Contracts Asset Position Foreign exchange 1,710,648 40,499 239,478 4,239 Share — — 342,681 342,681 Interest 146,893 146,893 227,043 227,043 Liability Position Foreign exchange 162,551 (822 ) 2,234 (262 ) Shares 1,658 (1,658 ) 16,908 (16,908 ) Future Contracts Purchase commitments Foreign exchange 965 329 5,679,425 6,599 Interest 15,919,619 21,480 — — Options Purchase commitments Foreign exchange 37,500 82,369 1,734,063 115,570 Share 1,770,220 210,448 5,500,627 365,631 Commodities — — 213 1,582 Interest 496,676,302 2,449,218 71,511,480 384,424 Commitments to sell Foreign exchange 37,500 (94,612 ) 2,059,104 (171,918 ) Shares 2,511,960 (229,291 ) 3,245,796 (172,748 ) Commodities — — 130 (1,391 ) Interest 485,933,296 (2,417,689 ) 77,274,645 (380,440 ) Assets 4,085,004 1,692,031 Liabilities (3,229,236 ) (991,399 ) Net 855,768 700,632

Hedge accounting (Tables)

Hedge accounting (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of detailed information about hedging instruments	The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. Hedged item Hedge instrument Book Value Variation in Nominal Variation in ineffectiveness Strategies Assets Liabilities March 31, 2020 Foreign exchange risk Hedge of net investment in foreign operations 228,563 — 52,428 385,484 (56,496 ) Total 228,563 — 52,428 385,484 (56,496 ) December 31, 2019 Foreign exchange risk Hedge of net investment in foreign operations 186,412 — 5,946 248,896 (7,133 ) Total 186,412 — 5,946 248,896 (7,133 )	The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. Hedged item Hedge instrument Book Value Variation in Nominal Variation in Strategies Assets Liabilities 2019 Foreign exchange risk Hedge of net investment in foreign operations 186,412 — 5,946 248,896 (7,133 ) Total 186,412 — 5,946 248,896 (7,133 ) 2018 Foreign exchange risk Hedge of net investment in foreign operations 147,179 — 18,645 225,901 (17,495 ) Total 147,179 — 18,645 225,901 (17,495 ) 2017 Foreign exchange risk Hedge of net investment in foreign operations 100,323 — 2,034 145,552 (2,386 ) Total 100,323 — 2,034 145,552 (2,386 )

Recoverable taxes (Tables)

Recoverable taxes (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of Securities Trading and Intermediation Assets and Liabilities	Represented by operations at B3 on behalf of and on account of third parties, with liquidation operating cycle between D+1 and D+3. March 31, December 31, Cash and settlement records 49 13,823 Debtors pending settlement 956,760 477,646 Other 58,976 13,514 Total Assets 1,015,785 504,983 Cash and settlement records 557,632 474,759 Creditors pending settlement 12,775,907 8,639,787 Total Liabilities 13,333,539 9,114,546	Represented by operations at B3 on behalf of and on account of third parties, with liquidation operating cycle between D+1 and D+3. 2019 2018 Cash and settlement records 13,823 164,322 Debtors pending settlement 477,646 731,611 Other 13,514 2,379 Total Assets 504,983 898,312 Cash and settlement records 474,759 90,056 Creditors pending settlement 8,639,787 5,216,572 Total Liabilities 9,114,546 5,306,628
Summary of Recoverable Taxes		2019 2018 Prepayments of income taxes (IRPJ and CSLL) 225,465 182,021 Contributions over revenue (PIS and COFINS) 16,859 533 Taxes on services (ISS) 846 698 Value added taxes (VAT) 150 98 Total 243,320 183,350 Current 243,320 183,350 Non-current — —

Property, equipment, intangib_2

Property, equipment, intangible assets and lease (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of Property and Equipment	a) Changes in the period Property and equipment Intangible assets As of January 1, 2019 99,127 504,915 Additions 11,375 8,061 Write-offs (56 ) (56 ) Depreciation / amortization in the period (4,672 ) (7,055 ) As of March 31, 2019 105,774 505,865 Cost 146,865 626,921 Accumulated depreciation / amortization (41,092 ) (121,056 ) As of January 1, 2020 142,464 553,452 Additions 20,746 19,914 Write-offs (324 ) — Transfers (2,083 ) 2,083 Depreciation / amortization in the period (6,255 ) (15,648 ) As of March 31, 2020 154,548 559,801 Cost 211,839 672,045 Accumulated depreciation / amortization (57,291 ) (112,244 )	(a) Property and equipment Data Furniture Security Facilities Fixed Total Balance as of January 1, 2017 9,679 8,677 459 8,789 1,061 28,665 Additions 6,308 6,309 5,650 9,915 2,187 30,369 Business combination (Note 5 (ii)) 804 412 34 478 1,728 Write-offs (149 ) (1,690 ) (9 ) (2,503 ) — (4,351 ) Transfers 709 2,181 — 358 (3,248 ) — Depreciations in the year (3,608 ) (2,628 ) (1,227 ) (1,875 ) — (9,338 ) Balance as of December 31, 2017 13,743 13,261 4,907 15,162 — 47,073 Cost 27,400 19,124 6,403 19,281 — 72,208 Accumulated depreciation (13,657 ) (5,863 ) (1,496 ) (4,119 ) — (25,135 ) XP Inc. and its subsidiaries Notes to consolidated financial statements December 31, 2019, 2018 and 2017 (In thousands of Brazilian Reais, unless otherwise stated) [GRAPHIC] Data Furniture Security Facilities Fixed Total Balance as of January 1, 2018 13,743 13,261 4,907 15,162 — 47,073 Additions 22,319 10,448 376 9,930 40,076 83,149 Write-offs (40 ) (924 ) (30 ) (5,078 ) (553 ) (6,625 ) Transfers 31 2,109 192 37,191 (39,523 ) — Depreciation in the year (7,282 ) (3,253 ) (2,892 ) (11,043 ) — (24,470 ) Balance as of December 31, 2018 28,771 21,641 2,553 46,162 — 99,127 Cost 48,023 29,613 6,388 47,843 — 131,867 Accumulated depreciation (19,252 ) (7,972 ) (3,835 ) (1,681 ) — (32,740 ) Balance as of January 1, 2019 28,771 21,641 2,553 46,162 — 99,127 Additions 15,039 9,942 664 22,315 24,539 72,499 Write-offs (304 ) (2,047 ) — (6,112 ) — (8,463 ) Transfers — 2,409 — 22,130 (24,539 ) — Depreciation in the year (9,059 ) (4,189 ) (1,673 ) (5,778 ) — (20,699 ) Balance as of December 31, 2019 34,447 27,756 1,544 78,717 — 142,464 Cost 62,235 38,086 7,716 84,726 — 192,763 Accumulated depreciation (27,788 ) (10,330 ) (6,172 ) (6,009 ) — (50,299 )
Summary of Right-of-use Assets and Lease Liabilities	c) Leases Set out below, are the carrying amounts of the Group’s right-of-use Right-of-use assets Lease liabilities As of January 1, 2019 133,870 148,494 Depreciation expense (3,430 ) — Interest expense — 2,328 Effects of exchange rate (1,281 ) 134 Payment of lease liabilities — (7,490 ) As of March 31, 2019 129,159 143,466 As of December 31, 2019 227,478 255,406 Additions (i) 19,273 19,361 Depreciation expense (9,623 ) — Interest expense — 6,145 Revaluation (ii) (19,968 ) (19,968 ) Impairment (3,040 ) — Effects of exchange rate 22,016 23,561 Payment of lease liabilities — (15,558 ) As of March 31, 2020 236,136 268,947 Current — 56,581 Non-current 236,136 212,367 (i) Additions to right-of-use (ii) Revaluation of discount rate that represent the current market assessment.	d) Leases Set out below, are the carrying amounts of the Group’s right-of-use Right-of-use assets Lease liabilities As of January 1, 2019 133,870 148,494 Additions (i) 123,529 124,283 Depreciation expense (32,831 ) — Interest expense — 17,613 Effects of exchange rate 2,910 2,995 Payment of lease liabilities — (37,979 ) As of December 31, 2019 227,478 255,406 Current — 52,771 Non-current 227,478 202,635 (i) Additions to right-of-use
Summary of Intangible Assets		(b) Intangible assets Software Goodwill Costumer Trademarks Other Total Balance as of January 1, 2017 16,871 90,999 9,179 1,799 4,422 123,270 Additions 12,243 — — 33 8,351 20,627 Business combination (Note 5 ii)) 4,404 281,702 50,077 19,304 2,028 357,515 Write-offs (140 ) — — — — (140 ) Transfers (799 ) — — — 799 — Amortization in the year (6,879 ) — (9,286 ) (898 ) (1,002 ) (18,065 ) Balance as of December 31, 2017 25,700 372,701 49,970 20,238 14,598 483,207 Cost 35,489 372,701 72,072 21,230 18,753 520,245 Accumulated Amortization (9,789 ) — (22,102 ) (992 ) (4,155 ) (37,038 ) Balance as of January 1, 2018 25,700 372,701 49,970 20,238 14,598 483,207 Additions 27,828 — — 1,009 24,680 53,517 Business combination — 9,799 — — — 9,799 Write-offs (15 ) — — — (13,275 ) (13,290 ) Amortization in the year (14,742 ) — (8,426 ) (2,024 ) (3,126 ) (28,318 ) Balance as of December 31, 2018 38,771 382,500 41,544 19,223 22,877 504,915 Cost 56,127 382,500 72,072 22,239 31,308 564,246 Accumulated amortization (17,356 ) — (30,528 ) (3,016 ) (8,431 ) (59,331 ) Balance as of January 1, 2019 38,771 382,500 41,544 19,223 22,877 504,915 Additions 51,348 — 27,000 — 10,601 88,949 Write-offs (2,283 ) — — (33 ) (466 ) (2,782 ) Amortization in the year (21,526 ) — (7,945 ) (2,702 ) (5,457 ) (37,630 ) Balance as of December 31, 2019 66,310 382,500 60,599 16,488 27,555 553,452 Cost 104,270 382,500 105,977 22,239 39,823 654,809 Accumulated amortization (37,960 ) — (45,378 ) (5,751 ) (12,268 ) (101,357 )

Borrowings and lease liabilit_2

Borrowings and lease liabilities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of Detailed Information About Borrowings	Interest rate % Maturity March 31, December 31, Bank borrowings—domestic (i) 113% of March 2021 42,124 52,668 Related parties 42,124 52,668 Financial institution (ii) CDI + April 2023 333,368 329,410 Third parties 333,368 329,410 Total borrowings 375,492 382,078 Lease liabilities 268,947 255,406 Total borrowings and lease liabilities 644,439 637,484 Current 405,498 116,450 Non-current 238,941 521,034 (*) Brazilian Interbank Offering Rate (CDI) (i) Loan agreement with Itaú Unibanco with maturity on March 8, 2021, payable in 36 monthly installments. (ii) Loan agreement entered into on March 28, 2018 with the International Finance Corporation (IFC). The principal amount is due on the maturity date and accrued interests payable at every six months.	Interest rate % Maturity 2019 2018 Bank borrowings—domestic (i) 113% of CDI (*) March 2021 52,668 94,921 Related parties 52,668 94,921 Bank borrowings—domestic (ii) 111% of CDI (*) July 2019 — 44,352 Financial institution (iii) CDI (*) April 2023 329,410 330,336 Third parties 329,410 374,688 Total borrowings 382,078 469,609 Lease liabilities (Note 13.(d)) 255,406 — Total borrowings and lease liabilities 637,484 469,609 Current 116,450 114,489 Non-current 521,034 355,120 (*) Brazilian Interbank Offering Rate (CDI) (i) Loan agreement with Itaú Unibanco with maturity on March 8, 2021, payable in 36 monthly installments. (ii) Loan agreement with Banco JP Morgan S.A., hired in connection with the acquisition of Rico, payable in seven quarterly installments. In July 2019, the loan was fully settled. (iii) Loan agreement entered into on March 28, 2018 with the International Finance Corporation (IFC). The principal amount is due on the maturity date and accrued interests payable at every six months.

Debentures (Tables)

Debentures (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of Detailed Information About Debentures Issued	Issuance Quantity Annual rate Issuance Maturity Unit value at Unit value at period-end Book 1st 400,000 108.0% CDI 9/28/2018 9/28/2020 R$ 1,000.00 R$ 1,093.87 438,010 2st 400,000 107.5% CDI 5/15/2019 5/15/2022 R$ 1,000.00 R$ 1,016.83 406,351 Total 800,000 844,361
Summary of Detailed Information on Debentures Outstanding	March 31, December 31, Principal 800,000 800,000 Interest 56,258 47,127 Payments (11,897 ) (11,897 ) Total 844,361 835,230 Current 444,361 435,230 Non-current 400,000 400,000
Summary of Detailed Information About Debentures Issued		Issuance Quantity (units) Annual rate Issuance date Maturity date Unit value at Unit value at period-end Book value 1st 400,000 108,0% CDI 9/28/2018 9/28/2020 R$ 1,000.00 R$ 1,082.01 433,262 2st 400,000 107,5% CDI 5/15/2019 5/15/2022 R$ 1,000.00 R$ 1,005.88 401,968 Total 800,000 835,230
Summary of Detailed Information on Debentures Outstanding		2019 2018 Principal 800,000 400,000 Interest 47,127 6,538 Payments (11,897 ) — Total 835,230 406,538 Current 435,230 — Non-current 400,000 406,538

Private pension liabilities (Ta

Private pension liabilities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Net Defined Benefit Liability (Asset)	a) Changes in the period Three months period 2020 2019 As of January 1 3,759,090 16,059 Contributions received 278,357 1,766 Transfer with third party plans 1,636,370 31,777 Redemptions paid (46,585 ) — Gain (loss) from FIE (472,144 ) 324 As of March 31 5,155,088 49,926 Contributions invested in FIEs (Note 4 (a)) 5,155,088 49,926	Changes in the period 2019 2018 As of January 1 16,059 — Contributions received 609,639 16,059 Transfer with third party plans 3,047,492 — Withdraws (20,153 ) — Interest received from FIE 106,053 — As of December 31 3,759,090 16,059 Contributions invested in FIEs 3,759,090 16,059

Income tax (Tables)

Income tax (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Temporary Difference, Unused Tax Losses And Unused Tax Credit	Deferred tax assets (DTA) and deferred tax liabilities (DTL) are comprised of the main following components: Balance Sheet Net change in the three March 31, December 31, March 31, March 31, 2019 Tax losses carryforwards 39,298 17,146 22,152 (29,611 ) Goodwill on business combinations (i) 14,714 22,303 (7,589 ) (9,068 ) Provisions for IFAs’ commissions 64,669 68,041 (3,372 ) — Revaluations of financial assets at fair value (26,370 ) 25,259 (51,629 ) (2,486 ) Expected credit losses 13,695 5,666 8,029 (75 ) Financial instruments taxed on redemption — — — 9,852 Profit sharing plan 71,309 141,136 (69,828 ) 51,494 Net gain on hedge instruments 22,706 (36,384 ) 59,091 (1,080 ) Share based plan 14,187 2,950 11,237 — Other provisions 47,304 33,284 14,019 776 Total 261,512 279,401 (17,890 ) 19,802 Deferred tax assets 261,512 284,533 Deferred tax liabilities — (5,132 ) (i) For tax purposes, goodwill is amortized over 5 years on a straight-line basis when the entity acquired is sold or merged into another entity.	Balance Sheet Net change in the year 2019 2018 2019 2018 2017 Tax losses carryforwards 17,146 55,358 (38,212 ) 37,774 17,584 Goodwill on business combinations (i) 22,303 59,993 (37,690 ) (56,789 ) (51,327 ) Provisions for IFAs’ commissions 68,041 31,031 37,010 4,744 26,156 Revaluations of financial assets at fair value 25,259 1,397 23,862 (2,427 ) 4,030 Expected credit losses 5,666 3,079 2,587 (2,345 ) 4,329 Financial instruments taxed on redemption — (13,041 ) 13,041 (6,230 ) (6,811 ) Profit sharing plan 141,136 — 141,136 — — Net gain on hedge instruments (36,384 ) (1,441 ) (34,943 ) (51,423 ) 49,382 Share-base compensation 2,950 — 2,950 Other provisions 33,284 4,024 29,260 (2,572 ) 5,251 Total 279,401 140,400 139,001 (79,268 ) 48,594 Deferred tax assets 284,533 152,425 Deferred tax liabilities (5,132 ) (12,025 ) (i) For tax purposes, goodwill is amortized over 5 years on a straight-line basis when the entity acquired is sold or merged into another entity.
Summary Of Reconciliation Of Changes In Deferred Tax Liability Asset	The changes in the net deferred tax were recognized as follows: Three months period 2020 2019 As of January 1 279,401 140,400 Foreign exchange variations 21,055 (114 ) Charges to statement of income (47,072 ) 18,643 Tax relating to components of other comprehensive income 8,128 1,273 As of March 31 261,512 160,202	The changes in the net deferred tax were recognized as follows: 2019 2018 2017 At January 1 140,400 219,668 171,074 Foreign exchange variations (3,461 ) (9,259 ) (1,155 ) Business combination (Note 5 (ii)) — — 3,751 Charges to statement of income 139,411 (76,455 ) 45,325 Tax relating to components of other comprehensive income 3,051 6,446 673 At December 31 279,401 140,400 219,668
Summary Of Income Tax Calculation	The following is a reconciliation of income tax expense to profit (loss) for the year, calculated by applying the combined Brazilian statutory rates at 34% for the period ended March 31: Three months period 2020 2019 Income before taxes 516,531 303,227 Combined tax rate in Brazil (i) 34 % 34 % Tax expense at the combined rate 175,620 103,097 Income (loss) from entities not subject to taxation (9,246 ) (48 ) Effects from entities taxed at different rates 14,287 6,505 Effects from entities taxed at different method (ii) (64,678 ) (4,968 ) Intercompany transactions with different taxation (9,156 ) (7,767 ) Tax incentives 605 — Non deductible expenses (non-taxable 6,586 717 Others 4,959 (4,747 ) Total 118,977 92,789 Effective tax rate 23.03 % 30.60 % Current 71,905 111,432 Deferred 47,072 (18,643 ) Total expense 118,977 92,789 (i) Considering that XP Inc. is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of 34% demonstrated above is the current rate applied to XP Investimentos S.A. which is the holding company of all operating entities of XP Inc. in Brazil. (ii) Certain eligible subsidiaries adopted the PPM tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. Additionally, some entities and investment funds adopt different taxation regimes according to the applicable rules in their jurisdictions.	2019 2018 2017 Income before taxes 1,544,109 640,728 575,507 Combined tax rate in Brazil (a) 34,00 % 34,00 % 34,00 % Tax expense at the combined rate 524,997 217,848 195,672 Income from entities not subject to taxation (9,551 ) (3,647 ) (5,101 ) Effects from entities taxed at different rates 25,948 16,444 9,078 Effects from entities taxed at different method (b) (24,089 ) (18,183 ) (25,971 ) Intercompany transactions with different taxation (50,138 ) (38,255 ) (30,264 ) Tax incentives (9,772 ) (1,408 ) (265 ) Non-deductible (non-taxable 10,888 (689 ) 175 Others (13,658 ) 3,288 8,642 Total 454,625 175,398 151,966 Effective tax rate 29,44 % 27,20 % 26,38 % Current 594,037 98,943 197,291 Deferred (139,412 ) 76,455 (45,325 ) Total expense 454,625 175,398 151,966 (a) Considering that XP Inc. is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of 34% demonstrated above is the current rate applied to XP Investimentos S.A. which is the holding company of all operanting entities of XP Inc. in Brazil. (b) Certain eligible subsidiaries adopted the PPM tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries.
Summary Of Analysis Other Comprehensive Income By Item	The tax (charge)/credit relating to components of other comprehensive income is as follows: Before tax (Charge) After tax Foreign exchange variation of investees located abroad 1,325 — 1,325 Gains (losses) on net investment hedge (1,277 ) 434 (843 ) Changes in the fair value of financial assets at fair value (2,021 ) 838 (1,183 ) As of March 31, 2019 (1,973 ) 1,272 (701 ) Foreign exchange variation of investees located abroad 56,560 — 56,560 Gains (losses) on net investment hedge (85,600 ) 29,104 (56,496 ) Changes in the fair value of financial assets at fair value 52,467 (20,977 ) 31,490 As of March 31, 2020 23,427 8,127 31,554	The tax (charge)/credit relating to components of other comprehensive income is as follows: Before tax (Charge) / Credit After tax Foreign exchange variation of investees located abroad 2,034 — 2,034 Gains (losses) on net investment hedge (3,124 ) 738 (2,386 ) Changes in the fair value of financial assets at fair value 275 (65 ) 210 As of December 31, 2017 (815 ) 673 (142 ) Foreign exchange variation of investees located abroad 18,645 — 18,645 Gains (losses) on net investment hedge (26,508 ) 9,013 (17,495 ) Changes in the fair value of financial assets at fair value 6,727 (2,567 ) 4,160 As of December 31, 2018 (1,136 ) 6,446 5,310 Foreign exchange variation of investees located abroad 6,823 — 6,823 Gains (losses) on net investment hedge (10,543 ) 3,410 (7,133 ) Changes in the fair value of financial assets at fair value 1,058 (360 ) 698 As of December 31, 2019 (2,662 ) 3,050 388

Related party transactions (Tab

Related party transactions (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of Transactions Between Related Parties Explanatory	The main transactions carried with related parties, under commutative conditions, including interest rates, terms and guarantees, and period-end Assets/(Liabilities) Revenue/(Expenses) Three months period ended Relation and transaction March 31, December 31, 2020 2019 Shareholders with significant influence (i) 175,859 (732,420 ) (26,039 ) (9,841 ) Securities 152,636 123,813 3,780 2,094 Securities purchased under agreements to resell 64,999 196,009 (30,087 ) — Accounts receivable 348 594 797 61 Securities sold under repurchase agreements — (1,000,168 ) — — Borrowings (42,124 ) (52,668 ) (529 ) (11,996 ) (i) These transactions are related to Itaú Unibanco who became shareholder of the Company in 2018 and since then a related party.	The main transactions carried with related parties for year-end Assets/(Liabilities) Revenue/(Expenses) Relation and transaction 2019 2018 2019 2018 2017 Shareholders with significant influence (i) (732,420 ) (451,481 ) (49,779 ) (40,585 ) — Securities 123,813 69,647 10,381 147,258 — Securities purchased under agreements to resell 196,009 — 1,550 — — Accounts receivable 594 — 1,025 — — Securities sold under repurchase agreements (1,000,168 ) (426,207 ) (58,078 ) (3,586 ) — Borrowings (52,668 ) (94,921 ) (4,657 ) (184,257 ) — (i) These transactions are related to Itaú Unibanco who became shareholder of the Company in 2018 and since then a related party. Therefore, transactions and balances with Itaú Unibanco in 2017 are not being reported as transactions with related parties.
Summary of Key Management Personnel Compensation Expense		Key management includes executive statutory directors, members of the Board of Directors and Executive Boards. The compensation paid or payable to key management for their services is shown below: 2019 2018 2017 Fixed compensation 4,821 3,329 2,708 Variable compensation 22,060 30,316 18,316 Total 26,881 33,645 21,024

Provisions and contingent lia_2

Provisions and contingent liabilities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Other Provisions	March 31, December 31, Tax contingencies 9,956 9,878 Civil contingencies 2,412 2,673 Labor contingencies 2,529 2,642 Total provision 14,897 15,193 Judicial deposits (i) 10,050 18,403 (i) There are circumstances in which the Group is questioning the legitimacy of certain litigations or claims filed against it. As a result, either because of a judicial order or based on the strategy adopted by management, the Group might be required to secure part or the whole amount in question by means of judicial deposits, without this being characterized as the settlement of the liability. These amounts are classified as “Other assets” on the consolidated balance sheets and referred above for information.	2019 2018 Tax contingencies 9,878 9,392 Civil contingencies 2,673 5,610 Labor contingencies 2,642 2,472 Total provision 15,193 17,474 Judicial deposits (a) 18,403 14,850 (a) There are circumstances in which the Group is questioning the legitimacy of certain litigations or claims filed against us. As a result, either because of a judicial order or based on the strategy adopted by management, the Group might be required to secure part or the whole amount in question by means of judicial deposits, without this being characterized as the settlement of the liability. These amounts are classified as “Other assets” on the consolidated balance sheets, and referred above for information.
Summary Of Changes In Other Provisions	Changes in the provision during the three months period Three months period 2020 2019 As of January 1 15,193 17,474 Monetary correction 325 336 Provisions accrued 159 11 Provisions reversed (546 ) — Payments (234 ) (318 ) As of March 31 14,897 17,503
'Summary Of Contingent Liabilities	Below is summarized these possible claims by nature: March 31, 2020 December 31, 2019 Tax (i) 69,963 69,386 Civil (ii) 89,419 81,414 Labor 4,600 3,151 Total 163,982 153,951 (i) In December 2019, the Group was notified by tax authorities for a requirement of social security contributions due to employee profit sharing payments related to the calendar year 2015, allegedly in violation of Brazilian Law 10,101/00. Currently, the case at administrative level in assessment by the Administrative Council of Tax Appeals (“CARF”), awaiting the decision on the Group’s appeal. There are other favorable CARF precedents on the subject and the Group obtained legal opinions that support the Group’s defense and current practice. (ii) The Group is defendant in 456 civil claims by customers and investment agents, mainly related to portfolio management, risk rating, copyrights and contract termination. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.	Below is summarized these claims by nature: 2019 2018 Tax (i) 69,386 19,971 Civil (ii) 81,414 64,820 Labor 3,151 4,532 Total 153,951 89,323 (i) In December 2019, the Group was notified by tax authorities for a requirement of social security contributions due to employee profit sharing payments related to the calendar year 2015, allegedly in violation of Brazilian Law 10,101/00. Currently, the case at administrative level in assessment by the Administrative Council of Tax Appeals (“CARF”), awaiting the decision on the Group’s appeal. There are other favorable CARF precedents on the subject and the Group obtained legal opinions that support the Group’s defense and current practice. (ii) The Group is defendant in 6 civil claims by customers and investment agents, mainly related to portfolio management, risk rating, copyrights and contract termination. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.
Summary Of Changes In Other Provisions		Changes in the provision during the year 2019 2018 2017 Balance at January 1 17,474 11,843 5,334 Monetary correction 2,492 1,667 2,226 Provision/(Reversal) (1,601 ) 7,897 3,531 Business combination (Note 5 (ii)) — — 7,921 Payments (3,172 ) (3,933 ) (7,169 ) Balance at December 31 15,193 17,474 11,843

Total revenue and income (Table

Total revenue and income (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Disaggregation Of Revenue By Major Service Lines	Disaggregation of revenue by major service lines are as follows: Three months period ended March 31, 2020 2019 Major service lines Brokerage commission 504,644 288,819 Securities placement 348,174 160,391 Management fees 255,049 140,858 Insurance brokerage fee 29,226 18,548 Educational services 25,700 13,750 Other services 94,085 43,709 1,256,878 666,075 (-) Sales taxes and contributions on revenue (i) (104,932 ) (66,828 ) 1,151,946 599,247 (i) Mostly related to taxes on services (ISS) and contributions on revenue (PIS and COFINS).
Summary Of Net Income From Financial Instruments	b) Net income from financial instruments Three months period ended March 31, 2020 2019 Net Income of financial instruments at fair value through profit or loss 391,689 274,520 Net Income of financial instruments measured at amortized cost and at fair value through other comprehensive income 207,299 65,822 (-) Taxes and contributions on financial income (16,093 ) (5,597 ) 582,895 334,745
Summary Of Disaggregation By Geographic Location	Breakdown of total net revenue and income and selected assets by geographic location: Three months period ended March 31, 2020 2019 Brazil 1,634,093 863,587 United Stated of America 91,890 62,958 Europe 8,858 7,447 Total revenue and income 1,734,841 933,992 March 31, 2020 December 31, 2019 Brazil 1,162,433 1,208,737 United Stated of America 147,374 224,244 Europe 7,475 16,476 Selected assets (i) 1,317,282 1,449,457 (i) Selected assets are total assets of the Group, less: cash, financial assets and deferred tax assets and are presented by geographic location.
Summary Of Disaggregation Of Revenue By Major Service Lines		a) Net revenue from services rendered Revenue from contracts with customers derives mostly from services rendered and fees charged at daily transactions from customers, therefore mostly recognized at a point in time. Disaggregation of revenue by major service lines are as follows: 2019 2018 2017 Major service lines Brokerage commission 1,288,135 861,068 639,615 Securities placement 1,154,786 631,949 401,402 Management fees 1,035,224 527,644 221,936 Insurance brokerage fee 106,438 56,713 29,167 Educational services 97,986 42,653 18,682 Other services 275,467 160,409 111,647 3,958,036 2,280,436 1,422,449 (-) Sales taxes and contributions on revenue (i) (362,264 ) (225,887 ) (138,833 ) 3,595,772 2,054,549 1,283,616 (i) Mostly related to taxes on services (ISS) and contributions on revenue (PIS and COFINS).
Summary Of Net Income From Financial Instruments		b) Net income from financial instruments 2019 2018 2017 Net Income of financial instruments at fair value through profit or loss 1,360,207 821,617 562,895 Net Income of financial instruments measured at amortized cost and at fair value through other comprehensive income 199,947 114,442 79,380 (-) Taxes and contributions on financial income (28,118 ) (32,155 ) (19,241 ) 1,532,036 903,904 623,034
Summary Of Disaggregation By Geographic Location		c) Disaggregation by geographic location 2019 2018 2017 Brazil 4,790,236 2,716,459 1,751,419 United States 307,456 204,207 131,198 Europe 30,116 37,787 24,033 Total Revenue and Income 5,127,808 2,958,453 1,906,650 2019 2018 Brazil 1,208,737 881,434 United States 224,244 31,829 Europe 16,476 7,556 Selected assets (i) 1,449,457 920,819 (i) Selected assets are Total assets of the Company, less: financial assets and deferred tax assets and are presented by geographic location.

Operating costs (Tables)

Operating costs (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Operating Costs	Three months period 2020 2019 Commission costs 441,951 242,831 Operating losses and provisions 38,303 2,901 Other costs 98,562 62,024 Clearing house fees 63,504 34,513 Third parties’ services 18,148 19,579 Other 16,910 7,932 Total 578,816 307,756	2019 2018 2017 Commission costs 1,269,309 750,103 455,241 Operating losses and provisions 23,332 9,989 7,148 Other costs 313,419 181,154 117,491 Clearing house fees 201,083 96,896 71,419 Third parties’ services 76,669 53,124 28,953 Other 35,667 31,134 17,119 Total 1,606,060 941,246 579,880

Operating expenses by nature (T

Operating expenses by nature (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Operating Expense By Nature	Three months period 2020 2019 Selling expenses 28,476 24,518 Advertising and publicity 28,476 24,518 Administrative expenses 578,116 368,285 Personnel expenses 400,980 255,844 Compensation 177,119 71,466 Employee profit-sharing and bonus 103,020 150,185 Executives profit-sharing 72,677 10,143 Benefits 17,549 10,834 Social charges 30,052 12,515 Other 563 701 Other taxes expenses 6,843 6,635 Depreciation of property and equipment and right-of-use 15,878 8,102 Amortization of intangible assets 15,648 7,055 Other administrative expenses 138,767 90,649 Data processing 55,947 33,328 Technical services 20,768 15,360 Third parties’ services 40,193 21,968 Rent expenses 3,390 6,318 Communication 4,499 3,454 Travel 5,699 3,674 Legal and judicial 677 414 Other 7,594 6,133 Total 606,592 392,803	2019 2018 2017 Selling expenses 155,115 96,075 32,881 Advertising and publicity 155,115 96,075 32,881 Administrative expenses 1,891,481 1,176,805 649,585 Personnel expenses 1,261,887 712,060 428,772 Compensation 408,394 221,746 134,535 Employee profit-sharing and bonus 645,992 356,938 217,982 Executives profit-sharing 67,547 50,656 28,802 Benefits 47,457 35,922 16,697 Social charges 88,960 45,115 28,836 Other 3,537 1,683 1,920 Other taxes expenses 39,691 43,945 20,749 Depreciation of property and equipment and right-of-use 53,530 26,278 9,338 Amortization of intangible assets 37,630 26,510 18,065 Other administrative expenses 498,743 368,012 172,661 Data processing 178,860 130,678 71,861 Technical services 85,782 76,476 26,985 Third parties’ services 145,730 63,333 19,006 Rent expenses 10,575 41,950 16,492 Communication 17,495 11,457 11,276 Travel 21,676 13,804 9,791 Legal and judicial 3,406 9,023 2,638 Other 35,219 21,291 14,612 Total 2,046,596 1,272,880 682,466

Other operating income (expen_2

Other operating income (expenses), net (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Other Operating Income Net	Three months period 2020 2019 Other operating income 27,666 90,613 Recovery of charges and expenses 501 51,800 Reversal of operating provisions 704 4,392 Revenue from incentives from Tesouro Direto, B3 and others 21,672 8,855 Interest received on tax 2,281 22,931 Other 2,508 2,635 Other operating expenses (41,549 ) (5,437 ) Legal proceedings and agreement with customers (10,246 ) (437 ) Losses on write-off (59 ) (3 ) Fines and penalties (624 ) (730 ) Associations and regulatory fees (3,321 ) (839 ) Charity (16,596 ) (1,250 ) Other (10,703 ) (2,178 ) Total (13,883 ) 85,176	2019 2018 2017 Other operating income 208,245 20,682 23,764 Recovery of charges and expenses 53,453 6,873 3,165 Reversal of operating provisions 9,767 2,641 2,684 Revenue from incentives from Tesouro Direto and B3 101,615 9,931 4,226 Other 43,410 1,237 13,689 Other operating expenses (54,888 ) (51,971 ) (31,468 ) Legal proceedings and agreement with customers (9,499 ) (16,385 ) (18,370 ) Tax incentive expenses (10,265 ) (2,015 ) (2,980 ) Losses on write-off (7,060 ) (11,064 ) (1,503 ) Fines and penalties (1,191 ) (7,446 ) (2,755 ) Associations and regulatory fees (4,216 ) (3,059 ) (2,073 ) Charity (6,751 ) (5,938 ) (50 ) Other (15,906 ) (6,064 ) (3,737 ) Total 153,357 (31,289 ) (7,704 )

Earnings per share (basic and_2

Earnings per share (basic and diluted) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary of Earnings Per Share	The following table reflects the net income and share data used in the basic and diluted earnings per share (“EPS”) calculations: Three months period 2020 2019 Net income attributable to Parent company 396,860 209,215 Basic weighted average quantity of shares (a) 551,800 509,247 Basic earnings per share—R$ 0.7192 0.4108 Share-based incentive program (a) 4,096 — Diluted weighted average quantity of shares 555,896 509,247 Diluted earnings per share—R$ 0.7139 0.4108 (a) Thousands of shares.	2019 2018 2017 Net income 1,080,484 461,440 413,874 Basic weighted average quantity of shares (1) 511,462 493,117 484,919 Basic earnings per share 2,1125 0,9358 0,8535 Share-based incentive program (1)(2) 248 — — Diluted weighted average quantity of shares (1) 511,710 493,117 484,919 Diluted earnings per share 2,1115 0,9358 0,8535 (1) Thousands of shares. (2) See Note 30.

Determination of fair value (Ta

Determination of fair value (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Fair Value Measurement Of Assets And Liabilities	Below are the Group financial assets and liabilities by level within the fair value hierarchy. The Group assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels: March, 31 2020 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 22,640,753 2,450,970 25,091,723 25,091,723 Derivative financial instruments 1,215 8,513,577 8,514,793 8,514,793 Fair value through other comprehensive income Securities 4,896,387 — 4,896,387 4,896,387 Evaluated at amortized cost Securities — 1,267,826 1,267,826 1,267,826 Securities purchased under agreements to resell — 14,916,794 14,916,794 14,916,794 Securities trading and intermediation — 1,015,785 1,015,785 1,015,785 Accounts receivable — 424,702 424,702 424,702 Loan operations — 63,589 63,589 63,589 Other financial assets — 25,472 25,472 25,472 Financial liabilities Fair value through profit or loss Securities loaned 721,131 — 721,131 721,131 Derivative financial instruments — 7,526,075 7,526,075 7,526,075 Evaluated at amortized cost Securities sold under repurchase agreements — 21,111,301 21,111,301 21,111,301 Securities trading and intermediation — 13,333,539 13,333,539 13,333,539 Borrowings and lease liabilities — 644,184 644,184 644,439 Debentures — 832,810 832,810 844,361 Accounts payables — 265,197 265,197 265,197 Structured operations certificates — 150,461 150,461 150,461 Other financial liabilities — 31,485 31,485 31,485 December 31, 2019 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 20,277,031 2,166,361 22,443,392 22,443,392 Derivative financial instruments 21,809 4,063,195 4,085,004 4,085,004 Fair value through other comprehensive income Securities 2,616,118 — 2,616,118 2,616,118 Evaluated at amortized cost Securities — 3,914,923 3,914,923 2,266,971 Securities purchased under agreements to resell — 9,490,090 9,490,090 9,490,090 Securities trading and intermediation — 504,983 504,983 504,983 Accounts receivable — 462,029 462,029 462,029 Loan operations — 386 386 386 Other financial assets — 19,805 19,805 19,805 Financial liabilities Fair value through profit or loss Securities loaned 2,021,707 — 2,021,707 2,021,707 Derivative financial instruments — 3,229,236 3,229,236 3,229,236 Evaluated at amortized cost Securities sold under repurchase agreements — 15,638,407 15,638,407 15,638,407 Securities trading and intermediation — 9,114,546 9,114,546 9,114,546 Borrowings and lease liabilities — 633,781 633,781 637,484 Debentures — 836,001 836,001 835,230 Accounts payables — 266,813 266,813 266,813 Structured operations certificates — 19,474 19,474 19,474 Other financial liabilities — 79,127 79,127 79,157
Summary Of Fair Value Measurement Of Assets And Liabilities		2019 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 20,277,031 2,166,361 22,443,392 22,443,392 Derivative financial instruments 21,809 4,063,195 4,085,004 4,085,004 Fair value through other comprehensive income Securities 2,616,118 — 2,616,118 2,616,118 Evaluated at amortized cost Securities — 3,914,923 3,914,923 2,266,971 Securities purchased under agreements to resell — 9,490,090 9,490,090 9,490,090 Securities trading and intermediation — 504,983 504,983 504,983 Accounts receivable — 462,029 462,029 462,029 Other financial assets — 20,191 20,191 20,191 Financial liabilities Fair value through profit or loss Securities loaned 2,021,707 — 2,021,707 2,021,707 Derivative financial instruments — 3,229,236 3,229,236 3,229,236 Evaluated at amortized cost Securities sold under repurchase agreements — 15,638,407 15,638,407 15,638,407 Securities trading and intermediation — 9,114,546 9,114,546 9,114,546 Borrowings and lease liabilities — 633,781 633,781 637,484 Debentures — 836,001 836,001 835,230 Accounts payables — 266,813 266,813 266,813 Other financial liabilities — 98,601 98,601 98,631 2018 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 5,259,591 1,031,380 6,290,971 6,290,971 Derivative financial instruments 6,599 1,685,432 1,692,031 1,692,031 Fair value through other comprehensive income Securities 695,778 — 695,778 695,778 Evaluated at amortized cost Securities — 153,709 153,709 155,292 Securities purchased under agreements to resell — 6,568,246 6,568,246 6,570,609 Securities trading and intermediation — 898,312 898,312 898,312 Accounts receivable — 219,200 219,200 219,200 Other financial assets — 60,423 60,423 60,423 Financial liabilities Fair value through profit or loss Securities loaned 1,259,579 — 1,259,579 1,259,579 Derivative financial instruments — 991,399 991,399 991,399 Evaluated at amortized cost Securities sold under repurchase agreements — 6,792,316 6,792,316 6,640,694 Securities trading and intermediation — 5,306,628 5,306,628 5,306,628 Borrowings — 459,487 459,487 469,609 Debentures — 406,540 406,540 406,538 Accounts payables — 134,579 134,579 134,579 Other financial liabilities — 7,011 7,011 7,011

Capital Management (Tables)

Capital Management (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Summary Of Net Debt And Corresponding Gearing Ratios	The net debt and corresponding gearing ratios as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, Borrowings and lease liabilities 644,439 637,484 Debentures 844,361 835,230 Total debt 1,488,800 1,472,714 Cash (249,950 ) (109,922 ) Securities purchased under agreements to resell (309,053 ) (654,057 ) Certificate deposits (Securities) (152,200 ) (123,817 ) Net debt 777,597 584,918 Total equity 7,604,939 7,153,396 Total capital 8,382,533 7,738,313 Gearing ratio % 9.28 % 7.56 %	The net debt and corresponding gearing ratios at December 31, 2019 and 2018 were as follows: 2019 2018 Borrowings and lease liabilities 637,484 469,609 Debentures 835,230 406,538 Total debt 1,472,714 876,147 Cash (109,922 ) (68,407 ) Securities purchased under agreements to resell (654,057 ) (488,809 ) Certificate deposits (Securities) (123,817 ) (69,647 ) Net debt 584,918 249,284 Total equity 7,153,396 2,084,777 Total capital 7,738,313 2,334,061 Gearing ratio % 7,56 % 10,68 %

Cash flow information (Tables)

Cash flow information (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Schedule Of Debt Reconciliation	a) Debt reconciliation Borrowings lease Debentures Total Total debt as of January 1, 2019 469,609 148,494 406,538 1,024,641 Payments (24,786 ) (7,490 ) — (32,276 ) Net foreign exchange differences — 134 — 134 Interest accrued 7,585 2,328 6,649 16,562 Interest paid (3,141 ) — — (3,141 ) Total debt as of March 31, 2019 449,267 143,466 413,187 1,005,920 Total debt as of January 1, 2020 382,078 255,406 835,230 1,472,714 Acquisitions / Issuance — 19,361 — 19,361 Payments (10,500 ) (15,558 ) — (26,058 ) Revaluation — (19,968 ) — (19,968 ) Net foreign exchange differences — 23,561 — 23,561 Interest accrued 4,486 6,145 9,131 19,762 Interest paid (572 ) — — (572 ) Total debt as of March 31, 2020 375,492 268,947 844,361 1,488,800	(i) Debt reconciliation Borrowings Lease Debentures Total Total debt as of January 1, 2017 — — — — Acquisitions / Issuance 826,000 — — 826,000 Net foreign exchange differences 35,116 — — 35,116 Interest accrued 5,908 — — 5,908 Total debt as of January 1, 2018 867,024 — — 867,024 Acquisitions / Issuance 325,370 — 400,000 725,370 Payments (689,634 ) — — (689,634 ) Net foreign exchange differences (35,091 ) — — (35,091 ) Interest accrued 56,125 — 6,538 62,663 Interest paid (54,185 ) — — (54,185 ) Total debt as of December 31, 2018 469,609 — 406,538 876,147 Change in accounting policy (Note 3.xxi) — 148,494 — 148,494 Total debt as of January 1, 2019 469,609 148,494 406,538 1,024,641 Acquisitions / Issuance — 124,196 400,000 524,196 Payments (85,353 ) (37,979 ) (11,815 ) (135,147 ) Net foreign exchange differences — 3,085 — 3,085 Interest accrued 26,250 17,610 40,507 84,367 Interest paid (28,428 ) — — (28,428 ) Total debt as of December 31, 2019 382,078 255,406 835,230 1,472,714

Summary of significant accoun_2

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary of Adoption of IFRS 16 On Lease Liabilities	On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 9.0%. Operating lease commitments disclosed as of December 31, 2018 209,318 Discounted using the incremental borrowing rate of at the date of initial application (60,099 ) (Less): short-term leases recognized on a straight-line basis as expense (725 ) Lease liability recognized as of January 1, 2019 148,494
Summary of Right-Of-Use Assets Related to Property and Equipment Leases	The associated right-of-use Lease liability recognized as of January 1, 2019 148,494 (Less): accrued lease payments as of December 31, 2018 (14,624 ) Total right-of-use 133,870 Represented by: Properties 123,262 Equipments 10,608
Summary of Depreciation of Property and Equipment	Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Annual Rate (%) Data Processing Systems 20 % Furniture and equipment 10 % Security systems 10 % Facilities 10 %
Summary of Useful Lives of the Intangible Assets	The amortization of intangible assets with definite lives is recognized in profit or loss in the expense category consistent with the use of intangible assets. The useful lives of the intangible assets are shown below: Estimate useful life (years) Software 3-5 Internally developed intangible 3-7 Customer list 2-8 Trademarks 10-20

Group structure (Tables)

Group structure (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary of Direct and Indirect Interests of Company in Its Subsidiaries	The following are the direct and indirect interests of Company in its subsidiaries for the purposes of these consolidated financial statements: % of Group’s interest (i) Entity name Country of Principal activities 2019 2018 2017 Directly controlled XP Investimentos S.A. Brazil Holding 100.00 % 100.00 % 100.00 % Indirectly controlled XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. Brazil Broker-dealer 100.00 % 100.00 % 100.00 % XP Investments US, LLC USA Broker-dealer 100.00 % 100.00 % 100.00 % XP Investments UK LLP UK Inter-dealer broker 100.00 % 100.00 % 99.90 % Sartus Capital LTD UK Investment advisor 100.00 % 100.00 % 100.00 % XP Private (Europe) S.A. UK Investment advisor 100.00 % 100.00 % 100.00 % \ XP Vida e Previdência S.A. (v) Brazil Private pension and insurance 100.00 % 100.00 % — Banco XP S.A. (vi) Brazil Multipurpose bank 100.00 % — — Xperience Market Services LLC (vi) USA Non-operational 100.00 % — — Chamaleon Bravery Unipessoal LDA (vi) Portugal Investment Advisor (pending 100.00 % — — XP Holding Investimentos S.A. Brazil Financial Holding — — 100.00 % XP Controle 3 Participações S.A. Brazil Financial Holding 100.00 % 100.00 % 100.00 % XPE Infomoney Educação Assessoria Empresarial e Participações Ltda. Brazil Digital Content services 99.99 % 99.70 % 96.69 % Tecfinance Informática e Projetos de Sistemas Ltda. Brazil Rendering of IT services 99.76 % 99.73 % 99.73 % XP Corretora de Seguros Ltda. Brazil Insurance Broker 99.99 % 99.82 % 99.81 % XP Gestão de Recursos Ltda. Brazil Asset management 93.70 % 92.80 % 91.65 % XP Finanças Assessoria Financeira Ltda. Brazil Investment consulting service 99.99 % 99.99 % 99.95 % Infostocks Informações e Sistemas Ltda. Brazil Mediation of information 99.99 % 99.99 % 99.99 % XP Advisory Gestão Recursos Ltda. Brazil Asset management 99.57 % 99.52 % 99.52 % XDEX Intermediação Ltda. (iii) Brazil Intermediary and service agency — — 99.99 % XP Holding International LLC USA International financial holding 100.00 % 100.00 % 100.00 % XP Advisory US USA Investment advisor 100.00 % 100.00 % 100.00 % XP Holding UK Ltd UK International financial holding 100.00 % 100.00 % 100.00 % XP Vista Asset Management Ltda. (iv) Brazil Asset management 99.42 % 99.60 % — XP Controle 4 Participações S.A. (v) Brazil Insurance holding 100.00 % 100.00 % — Leadr Serviços Online Ltda. (vi) Brazil Social media 99.99 % — — Spiti Análise Ltda. (vi) Brazil Research (pending regulatory 99.99 % — — Consolidated investments funds Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Gladius Fundo de Investimento Multimercado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado Brazil Investment fund 100.00 % 100.00 % 100.00 % Galea Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Spatha Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % — Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP Brazil Investment fund 100.00 % 100.00 % — Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado (vi) Brazil Investment fund 100.00 % — — Balista Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado (vi) Brazil Investment fund 100.00 % — — Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (vi) Brazil Investment fund 100.00 % — — XP Short Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior (vii) Brazil Investment fund — — 100.00 % XP Pacote Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior (vii) Brazil Investment fund — — 100.00 % (i) The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii) Subsidiaries legally merged into their respective immediate parent, with no impact on the consolidated financial statements. (iii) Relates to subsidiary incorporated in 2017 sold to Company’s controlling shareholders in 2018 at its early stages. (iv) Subsidiary acquired in 2018. See further details in Note 5 (ii) below. (v) Subsidiaries incorporated in 2018 for operating in the private pension and life insurance business, which is regulated by the Superintendency of Private Insurance (SUSEP) in Brazil. (vi) New subsidiaries and investment funds incorporated in the year. (vii) Investment funds closed during the year.
Summary of the Net Assets Acquired, the Goodwill	Details of the net assets acquired, the goodwill and the purchase consideration are as follows: Fair value Assets Cash 96 Financial instruments (FVPL) 356,648 Financial instruments (FVOCI) 20,212 Accounts receivable 1,915 Other assets 11,582 Deferred tax assets 3,751 Property and equipment (Note 13 (a)) 1,728 Intangible assets (Note 13 (b)) 75,813 471,745 Liabilities Social and statutory obligations (560 ) Tax and social security obligations (12,651 ) Securities trading and intermediation (322,371 ) Provisions and continget liabilities (Note 25) (7,921 ) Other liabilities (5,217 ) (348,720 ) Total identifiable net assets at fair value 123,025 Goodwill arising on acquisition (Note 13 (b)) 281,702 Purchase consideration transferred 404,727 Analysis of cash flows on acquisition Consideration paid in cash 404,727 Net cash acquired with the subsidiary (96 ) Net of cash flow on acquisition (investing activities) 404,631
Summary of Intangible Assets Acquired	For the purchase price allocation, the following intangible assets were identified. The valuation techniques used for measuring the fair value of separately identified intangible assets acquired were as follows: Assets Amount Method Expected Customer list 50,077 Multi-period excess earning method 8 years Trademark 19,304 Relief from royalty 10 years Technology 2,028 Relief from royalty 3 years

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary of Accounts receivable	2019 2018 Customers (a) 458,776 203,604 Dividends and interest receivable on equity capital—Funds 7,052 18,852 Other 702 181 (-) Expected losses on accounts receivable (4,501 ) (3,437 ) Total 462,029 219,200 (a) Refers to receivables from management fee arising from the distribution of funds and amounts receivable related to service provision, which have an average term of 30 days. There is no concentration on the balances receivable as of December 31, 2019 and 2018.

Prepaid expenses (Tables)

Prepaid expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary of Prepaid Expenses	2019 2018 Incentives for business acceleration program 11,349 22,125 Marketing expenses 9,678 41,276 Commissions and premiums paid in advance 49,233 21,431 Services paid in advance 2,043 5,180 Other expenses paid in advance 17,381 6,711 Total 89,684 96,723 Current 56,605 56,302 Non-current 33,079 40,421

Securities sold under repurch_2

Securities sold under repurchase agreements (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary of Securities Sold under Repurchase Agreements	2019 2018 National Treasury Notes (NTNs) 8,533,113 1,153,547 National Treasury Bills (LTNs) 5,653,994 5,142,881 Financial Treasury Bills (LFTs) 1,451,300 344,266 Total 15,638,407 6,640,694

Other financial liabilities (Ta

Other financial liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary of Other Financial Liabilities	2019 2018 Customer deposits (a) 70,191 — Structured operations certificates (b) 19,474 — Foreign exchange portfolio 8,962 7,011 Other financial liabilities 4 — Total 98,631 7,011 Current 79,157 7,011 Non-current 19,474 — (a) Mainly related to the financial resources of XP Vida e Previdência participant which is in process to be invested. (b) Related to structured operations certificates of Banco XP.

Social and Statutory obligati_2

Social and Statutory obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Summary Of Social And Statutory Obligations	2019 2018 Obligations to non-controlling 35,666 27,137 Employee profit-sharing (a) 395,568 173,202 Salaries and other benefits payable 61,489 51,351 Total 492,723 251,690 (a) The Group has a bonus scheme for its employees based on profit sharing program as agreed under collective bargaining, which does not extend to the Executive Board. The bonus is calculated at each half of the year and payments made in the February and August.

Tax and social security oblig_2

Tax and social security obligations (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary Of Tax And Social Security Obligations	2019 2018 Income Tax (IRPJ and CSLL) (a) 264,258 69,001 Contributions over revenue (PIS and COFINS) 34,247 16,368 Taxes on services (ISS) 18,141 9,399 Contributions for Social Security (INSS) 7,712 3,368 Others 20,973 4,985 Total 345,331 103,121 Current 345,331 103,121 Non-current — — (a) The Group income tax liability is presented net of tax assets which the entities are allowed to offset during current year. The line includes current Corporate Income Tax (CIT) liability of R$ 594,037 (R$ 98,943—2018) and Prepayments CIT of R$ 361,771 (R$ 58,139—2018). The line also includes taxes that XP is responsible to pay on behalf of its clients (i.e., withholding taxes over client’s investments) in the amount of R$ 31,992 (R$ 28,197—2018).

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary Of Issuances And Conversions Of Shares	Below is a summary of the issuances and conversions of shares during 2019, 2018 and 2017, after giving effect to the share split mentioned before: Class A (prior Class B (prior Total Shares As of January 1, 2017 325,011,655 159,906,862 484,918,517 Transfer of classes (49,011,642 ) 49,011,642 — As of December 31, 2017 276,000,013 208,918,504 484,918,517 Issued for cash — 24,328,617 24,328,617 Transfer of classes (20,867,198 ) 20,867,198 — As of December 31, 2018 255,132,815 254,114,319 509,247,134 Corporate reorganization 30,807,911 (30,807,911 ) — Transfer of classes 25,687,428 (25,687,428 ) — Initial public offering 42,553,192 — 42,553,192 As of December 31, 2019 354,181,346 197,618,980 551,800,326
Summary Of Dividends Distribution	The proposal and payment of dividends recorded in the Company’s financial statements, subject to the approval of the shareholders in General Meetings, is detailed below: 2019 2018 2017 Net income 1,089,485 465,330 423,541 Total dividends 500,000 200,000 314,998 At January 1 — 125,000 — Amount recognized in the year 500,000 200,000 314,998 Dividends paid in the year (500,000 ) (325,000 ) (189,998 ) At December 31 — — 125,000

Management of financial risks_2

Management of financial risks and financial instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Summary Of Financial Assets Representing The Maximum Exposure To Credit Risk	The carrying amount of the financial assets representing the maximum exposure to credit risk is shown in the table below: 2019 2018 Financial assets Securities purchased under agreements to resell 9,490,090 6,570,609 Securities 27,326,481 7,142,041 Public securities 20,381,125 4,704,604 Private securities 6,945,356 2,437,437 Derivative financial instruments 4,085,004 1,692,031 Securities trading and intermediation 504,983 898,312 Accounts receivable 462,029 219,200 Other financial assets 20,191 60,423 Total 41,888,778 16,582,616
Summary Of Financial Liabilities Into Groupings Based On Their Contractual Maturities	The tables below summarizes the Group’s financial liabilities into groupings based on their contractual maturities: 2019 Liabilities Up to From 2 to From 3 to From 1 to Above Contractual Securities loaned 2,021,707 — — — — 2,021,707 Derivative financial instruments 1,557,088 211,882 685,566 732,286 42,414 3,229,236 Securities sold under repurchase agreements 15,638,407 — — — — 15,638,407 Securities trading and intermediation 9,114,546 — — — — 9,114,546 Borrowings and lease liabilities 8,239 26,258 81,953 521,034 — 637,484 Debentures — — 435,230 400,000 — 835,230 Accounts payables 266,813 — — — — 266,813 Other financial liabilities 79,157 — — — 19,474 98,631 Total 28,685,957 238,140 1,167,519 1,688,550 61,888 31,842,054 2018 Liabilities Up to From 2 to 3 months From 3 to From 1 to 5 years Above Contractual Securities loaned 770,270 478,741 10,568 — — 1,259,579 Derivative financial instruments 152,971 182 242,506 560,798 34,942 991,399 Securities sold under repurchase agreements 68,738 5,439,405 1,132,551 — — 6,640,694 Securities trading and intermediation 5,306,628 — — — — 5,306,628 Borrowings and lease liabilities 19,032 22,752 72,705 355,120 — 469,609 Debentures — — — 406,538 — 406,538 Accounts payables 134,579 — — — — 134,579 Other financial liabilities 7,011 — — — — 7,011 Total 6,459,229 5,941,080 1,458,330 1,322,456 34,942 15,216,037
Summary Of Sensitivity Analysis	2019 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed (907 ) (163,057 ) (445,866 ) Exchange coupons Foreign currencies coupon rate (67 ) 570 (854 ) Foreign currencies Exchange rates (2,102 ) (1,493 ) 43,908 Price indexes Inflation coupon rates (63 ) (782 ) (301 ) Shares Shares prices (442 ) (8,780 ) (57,390 ) (3,581 ) (173,542 ) (460,503 ) 2018 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed (559 ) (11,441 ) (22,881 ) Exchange coupons Foreign currencies coupon rate (9 ) (5,764 ) (11,529 ) Foreign currencies Exchange rates (386 ) (978 ) (5,027 ) Price indexes Inflation coupon rates (16 ) (798 ) (1,597 ) Shares Shares prices 877 (6,584 ) 4,873 (93 ) (25,565 ) (36,161 )

Operations - Additional Informa

Operations - Additional Information (Detail) $ / shares in Units, R$ in Thousands, $ in Thousands	Dec. 13, 2019BRL (R$)shares	Dec. 13, 2019USD ($)$ / sharesshares	Nov. 30, 2019shares	Dec. 31, 2019BRL (R$)shares	Mar. 31, 2020shares	Dec. 01, 2019shares
Disclosure of classes of share capital [line items]
Percentage of ownership held by holding company				64.61%	64.61%
Reverse share split ratio			4:1
Issued capital before share split			2,036,988,542
Issued capital after share split			509,247,136
Number of shares issued new shares				42,553,192
Equity transaction cost | R$				R$ 22824
Class A Common Share [Member]
Disclosure of classes of share capital [line items]
Number of shares issued		72,510,641		2,000,000,000	2,000,000,000	257,456,251,558
Number of shares issued new shares	42,553,192	42,553,192		42,553,192
Number of shares issued existing shares	29,957,449	29,957,449
Shares issued to underwriters	10,876,596	10,876,596
Aggregate number of shares issued in public offering	83,387,237	83,387,237
Shares issued price per share | $ / shares		$ 27
Gross proceeds from shares issued	R$ 4705803	$ 1,148,936
Underwriting discounts and commissions | R$	200,977
Other offering expenses | R$	44,726
Equity issuance costs recognized in income statement | R$	21,902
Equity transaction cost | R$	R$ 22824

Basis of preparation of the f_4

Basis of preparation of the financial statements and changes to the Group's accounting policies - Summary of direct and indirect interests of Company (Detail) - XP PE Gesto de Recursos Ltda [member]	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2020
Disclosure of associates [line items]
Country of incorporation		Brazil
Principal activities		Private equity asset management
% of Group's interest	99.10%

Securities purchased (sold) u_3

Securities purchased (sold) under resale (repurchase) agreements - Summary of securities purchased under agreements to resell (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	R$ 309053	R$ 654057	R$ 133028	R$ 488809	R$ 420958
Available portfolio [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	3,294,442	971,991		488,809
Available portfolio [member] | National treasury notes [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	3,221,176	771,099		65,136
Available portfolio [member] | Financial Treasury Bills [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell		195,980		38,014
Available portfolio [member] | National Treasury Bills [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	73,266	4,912		385,659
Collateral held [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	11,622,352	8,518,099		6,081,800
Collateral held [member] | National treasury notes [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	11,328,565	6,753,689		1,170,165
Collateral held [member] | National Treasury Bills [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	293,787	1,764,410		4,911,635
Securities purchased under agreements to resell [member]
Summary of securities purchased under agreements to resell [Line Items]
Securities purchased under agreements to resell	R$ 14916794	R$ 9490090		R$ 6570609

Securities purchased (sold) u_4

Securities purchased (sold) under resale (repurchase) agreements - Additional Information (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of securities purchased under agreements to resell [Abstract]
Investments in purchase and sale commitments, interest rate	3.68%	4.63%		6.43%
Securities purchased under agreements to resel	R$ 309053	R$ 654057	R$ 133028	R$ 488809	R$ 420958
Securities sold under repurchase agreements, interest rate	364.00%	448.00%		640.00%

Securities purchased (sold) u_5

Securities purchased (sold) under resale (repurchase) agreements - Summary of Securities sold under repurchase agreements (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Detailed Information on Securities Sold under Repurchase Agreements [Line Items]
Financial Liabilities at Amortised Cost Securities Sold Under Repurchase Agreements	R$ 21111301	R$ 15638407	R$ 6640694
National treasury notes [member]
Disclosure of Detailed Information on Securities Sold under Repurchase Agreements [Line Items]
Financial Liabilities at Amortised Cost Securities Sold Under Repurchase Agreements	16,829,549	8,533,113	1,153,547
National Treasury Bills [member]
Disclosure of Detailed Information on Securities Sold under Repurchase Agreements [Line Items]
Financial Liabilities at Amortised Cost Securities Sold Under Repurchase Agreements	3,057,813	5,653,994	5,142,881
Financial Treasury Bills [member]
Disclosure of Detailed Information on Securities Sold under Repurchase Agreements [Line Items]
Financial Liabilities at Amortised Cost Securities Sold Under Repurchase Agreements	1,220,908	R$ 1451300	R$ 344266
Agribusiness Receivables Certificates [member]
Disclosure of Detailed Information on Securities Sold under Repurchase Agreements [Line Items]
Financial Liabilities at Amortised Cost Securities Sold Under Repurchase Agreements	R$ 3031

Securities - Summary of securit

Securities - Summary of securities classified at fair value through profit and loss and at fair value through other comprehensive income (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	R$ 33606516	R$ 26528396	R$ 7983002
Financial assets at fair value through other comprehensive income	4,896,387	2,616,118	695,778
Cost [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	24,911,824	22,332,936	6,262,735
Financial assets at fair value through other comprehensive income	4,836,127	2,608,325	688,731
Cost [member] | Agribusiness Receivables Certificates [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	532,281	598,085	85,668
Cost [member] | Bank deposit certificates [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	270,022	244,071	172,451
Cost [member] | Brazilian Government Bonds [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	15,461,665	15,404,300	3,826,902
Cost [member] | Certificate of Real Estate Receivable [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	211,458	75,922	208,442
Cost [member] | Debentures [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	1,017,997	885,344	325,459
Cost [member] | Financial credit bills [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	83,762	98,068	45,040
Cost [member] | Investment funds [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	4,525,734	3,047,198	279,013
Cost [member] | Others [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	333,089	178,589	167,714
Cost [member] | Real Estate Credit Bill [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	1,367	1,282	3,697
Cost [member] | Structured Transaction Certificate [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	305,188	237,112	21,275
Cost [member] | Stocks issued by public-held company [Member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	312,547	1,562,965	1,127,074
Cost [member] | National treasury bill [Member]
Disclosure of financial assets [line items]
Financial assets at fair value through other comprehensive income	4,836,127	2,608,325	688,731
Cost [member] | USA Government Bonds [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	1,856,714
Fair value [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	25,091,723	22,443,392	6,290,971
Financial assets at fair value through other comprehensive income	4,896,387	2,616,118	695,778
Fair value [member] | Agribusiness Receivables Certificates [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	515,994	589,525	85,874
Fair value [member] | Bank deposit certificates [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	272,972	246,827	171,725
Fair value [member] | Brazilian Government Bonds [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	15,669,359	15,494,046	3,853,534
Fair value [member] | Certificate of Real Estate Receivable [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	205,546	75,123	207,167
Fair value [member] | Debentures [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	973,503	885,068	326,403
Fair value [member] | Financial credit bills [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	82,765	106,759	44,663
Fair value [member] | Investment funds [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	4,525,734	3,047,198	279,013
Fair value [member] | Others [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	342,656	178,200	167,716
Fair value [member] | Real Estate Credit Bill [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	1,392	1,300	4,883
Fair value [member] | Structured Transaction Certificate [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	332,039	256,381	22,949
Fair value [member] | Stocks issued by public-held company [Member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	312,547	1,562,965	1,127,044
Fair value [member] | National treasury bill [Member]
Disclosure of financial assets [line items]
Financial assets at fair value through other comprehensive income	4,896,387	R$ 2616118	R$ 695778
Fair value [member] | USA Government Bonds [member]
Disclosure of financial assets [line items]
Financial assets At fair value through profit or loss	R$ 1857216

Securities - Summary of secur_2

Securities - Summary of securities classified at fair value through profit and loss and at fair value through other comprehensive income (Parenthetical) (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets [abstract]
Short-term deposits, classified as cash equivalents	R$ 152200	R$ 123817	R$ 142446	R$ 69647	R$ 261317

Securities - Summary of secur_3

Securities - Summary of securities evaluated at amortized cost (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Bonds	R$ 1267826	R$ 2266971	R$ 155292
Cost [member]
Disclosure of financial assets [line items]
Bonds	R$ 1267826	R$ 2266971	R$ 155292

Securities - Summary of secur_4

Securities - Summary of securities on the financial liabilities classified at fair value through profit or loss (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of offsetting of financial liabilities [line items]
Securities loaned	R$ 721131	R$ 2021707	R$ 1259579
Cost [member]
Disclosure of offsetting of financial liabilities [line items]
Securities loaned	R$ 721131	R$ 2021707	R$ 1259579

Securities - Summary of secur_5

Securities - Summary of securities classified by maturity (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of offsetting of financial liabilities [line items]
Financial assets	R$ 56217071	R$ 41888778	R$ 16582616
Financial liabilities	44,627,989	31,842,054	15,216,037
Financial Assets At Fair Value Through Profit Or Loss And Other Comprehensive Income Category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets	8,417,190	9,804,819	1,875,374
Non-current financial assets	21,570,920	15,254,691	5,111,375
Current financial liabilities	721,131	2,021,707	1,192,877
Non-current financial liabilities			66,702
Financial assets at amortised cost, category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets	1,267,826	2,266,971	155,292
Non Stated Maturity [member] | Financial Assets At Fair Value Through Profit Or Loss And Other Comprehensive Income Category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets	5,405,233	4,999,333	1,425,401
Current financial liabilities	721,131	2,021,707
Non Stated Maturity [member] | Financial assets at amortised cost, category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets		807,218
Not later than three months [member] | Financial Assets At Fair Value Through Profit Or Loss And Other Comprehensive Income Category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets	1,814,839	257,544	192,208
Current financial liabilities			1,184,972
Not later than three months [member] | Financial assets at amortised cost, category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets	423,837	807,218
From 3 to 12 months [member]
Disclosure of offsetting of financial liabilities [line items]
Financial liabilities		1,167,519	1,458,330
From 3 to 12 months [member] | Financial Assets At Fair Value Through Profit Or Loss And Other Comprehensive Income Category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets	1,197,118	4,547,942	257,765
Current financial liabilities			7,905
From 3 to 12 months [member] | Financial assets at amortised cost, category [member]
Disclosure of offsetting of financial liabilities [line items]
Current financial assets	843,989	1,459,753	155,292
Later than one year [member] | Financial Assets At Fair Value Through Profit Or Loss And Other Comprehensive Income Category [member]
Disclosure of offsetting of financial liabilities [line items]
Non-current financial assets	21,570,920	15,254,691	5,111,375
Non-current financial liabilities			66,702
Fair value [member]
Disclosure of offsetting of financial liabilities [line items]
Financial assets	31,255,936	27,326,481	7,142,041
Financial liabilities	R$ 721131	R$ 2021707	R$ 1259579

Derivative financial instrume_3

Derivative financial instruments - Summary of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	R$ 385135262	R$ 520217621	R$ 88689738
Derivative financial liabilities, notional amount	446,351,074	492,067,822	86,580,121
Derivative financial assets	8,514,793	4,085,004	1,692,031
Derivative financial liabilities	R$ 7526075	R$ 3229236	R$ 991399
Percentage of derivative financial assets	100.00%	100.00%	100.00%
Percentage of derivative financial liabilities	100.00%	100.00%	100.00%
Not later than three months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	R$ 3551625	R$ 2028463	R$ 628432
Derivative financial liabilities	2,513,265	1,763,063	153,152
From 3 to 12 months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	2,498,360	1,306,020	471,882
Derivative financial liabilities	2,441,147	678,405	242,506
Later than one year [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	2,464,808	750,521	591,717
Derivative financial liabilities	2,571,663	787,768	595,741
Swap contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	3,864,467	3,955,473	3,454,728
Derivative financial liabilities, notional amount	2,915,357	3,420,857	3,981,304
Derivative financial assets	789,707	1,133,768	244,262
Derivative financial liabilities	R$ 425108	R$ 485164	R$ 247732
Percentage of derivative financial assets	8.00%	27.00%	14.00%
Percentage of derivative financial liabilities	6.00%	14.00%	25.00%
Swap contract [member] | Not later than three months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	R$ 392631	R$ 10418	R$ 4675
Derivative financial liabilities	22,309	15,838	7,710
Swap contract [member] | From 3 to 12 months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	11,953	700,668	25,054
Derivative financial liabilities	13,866	40,687	25,094
Swap contract [member] | Later than one year [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	385,123	422,682	214,533
Derivative financial liabilities	388,933	428,639	214,928
Forward contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	707,973	1,857,542	809,202
Derivative financial liabilities, notional amount	4,223,982	164,209	19,142
Derivative financial assets	567,259	187,392	573,963
Derivative financial liabilities	R$ 631912	R$ 2480	R$ 17170
Percentage of derivative financial assets	7.00%	5.00%	34.00%
Percentage of derivative financial liabilities	8.00%	1.00%	2.00%
Forward contract [member] | Not later than three months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	R$ 545521	R$ 159163	R$ 363863
Derivative financial liabilities	558,697	1,693	16,972
Forward contract [member] | From 3 to 12 months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	3,679	28,175	210,100
Derivative financial liabilities	73,152	325	25
Forward contract [member] | Later than one year [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	18,059	54
Derivative financial liabilities	63	462	173
Futures contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	6,201	15,920,584	5,679,425
Derivative financial assets	R$ 1216	R$ 21809	R$ 6599
Percentage of derivative financial assets	1.00%	1.00%	1.00%
Futures contract [member] | Not later than three months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	R$ 1216	R$ 21809	R$ 4613
Futures contract [member] | From 3 to 12 months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets			1,986
Option contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	380,556,621	498,484,022	78,746,383
Derivative financial liabilities, notional amount	439,211,735	488,482,756	82,579,675
Derivative financial assets	7,156,611	2,742,035	867,207
Derivative financial liabilities	R$ 6469055	R$ 2741592	R$ 726497
Percentage of derivative financial assets	84.00%	67.00%	51.00%
Percentage of derivative financial liabilities	86.00%	85.00%	73.00%
Option contract [member] | Not later than three months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	R$ 2612257	R$ 1837073	R$ 255281
Derivative financial liabilities	1,932,259	1,745,532	128,470
Option contract [member] | From 3 to 12 months [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	2,482,728	577,177	234,742
Derivative financial liabilities	2,354,129	637,393	217,387
Option contract [member] | Later than one year [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	2,061,626	327,785	377,184
Derivative financial liabilities	R$ 2182667	R$ 358667	R$ 380640

Hedge accounting - Summary of d

Hedge accounting - Summary of detailed information about hedging instruments (Detail) pure in Thousands, R$ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020BRL (R$)	Dec. 31, 2019BRL (R$)	Dec. 31, 2018BRL (R$)	Dec. 31, 2017BRL (R$)
Disclosure of detailed information about hedging instruments [line items]
Hedged item, Book value of assets	R$ 228563	R$ 186412	R$ 147179	R$ 100323
Hedged item, Book value of liabilities	0	0	0	0
Hedged item, Variation in value recognized in Other comprehensive income	R$ 52428	R$ 5946	R$ 18645	R$ 2034
Hedge instrument, Nominal amount	385,484	248,896	225,901	145,552
Hedge instrument, Variation in the amounts used to calculate hedge ineffectiveness	R$ 56496	R$ 7133	R$ 17495	R$ 2386
Hedge of net investment in foreign operations [member]
Disclosure of detailed information about hedging instruments [line items]
Hedged item, Book value of assets	228,563	186,412	147,179	100,323
Hedged item, Book value of liabilities	0	0	0	0
Hedged item, Variation in value recognized in Other comprehensive income	R$ 52428	R$ 5946	R$ 18645	R$ 2034
Hedge instrument, Nominal amount	385,484	248,896	225,901	145,552
Hedge instrument, Variation in the amounts used to calculate hedge ineffectiveness	R$ 56496	R$ 7133	R$ 17495	R$ 2386

Accounts Receivable - Summary o

Accounts Receivable - Summary of Accounts receivable (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trade and other receivables [abstract]
Cash and settlement records	R$ 49	R$ 13823	R$ 164322
Debtors pending settlement	956,760	477,646	731,611
Other	58,976	13,514	2,379
Total Assets	1,015,785	504,983	898,312
Cash and settlement records	557,632	474,759	90,056
Creditors pending settlement	12,775,907	8,639,787	5,216,572
Total Liabilities	R$ 13333539	9,114,546	5,306,628
Customers		458,776	203,604
Dividends and interest receivable on equity capital-Funds		7,052	18,852
Other		702	181
(-) Expected losses on accounts receivable		(4,501)	(3,437)
Total		R$ 462029	R$ 219200

Property, Equipment, Intangib_3

Property, Equipment, Intangible Assets And Leases - Summary of Property and Equipment (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	R$ 142464	R$ 99127	R$ 99127	R$ 47073	R$ 28665
Additions	20,746	11,375	72,499	83,149	30,369
Business combination					1,728
Write-offs	(324)	(56)	(8,463)	(6,625)	(4,351)
Transfers	(2,083)
Depreciation / amortization	(6,255)	(4,672)	(20,699)	(24,470)	(9,338)
Ending balance	154,548	105,774	142,464	99,127	47,073
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	192,763	131,867	131,867	72,208
Ending balance	211,839	146,865	192,763	131,867	72,208
Accumulated impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(50,299)	(32,740)	(32,740)	(25,135)
Ending balance	(57,291)	(41,092)	(50,299)	(32,740)	(25,135)
Data Processing Systems [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	34,447	28,771	28,771	13,743	9,679
Additions			15,039	22,319	6,308
Business combination					804
Write-offs			(304)	(40)	(149)
Transfers				31	709
Depreciation / amortization			(9,059)	(7,282)	(3,608)
Ending balance			34,447	28,771	13,743
Data Processing Systems [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	62,235	48,023	48,023	27,400
Ending balance			62,235	48,023	27,400
Data Processing Systems [member] | Accumulated impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(27,788)	(19,252)	(19,252)	(13,657)
Ending balance			(27,788)	(19,252)	(13,657)
Furniture and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	27,756	21,641	21,641	13,261	8,677
Additions			9,942	10,448	6,309
Business combination					412
Write-offs			(2,047)	(924)	(1,690)
Transfers			2,409	2,109	2,181
Depreciation / amortization			(4,189)	(3,253)	(2,628)
Ending balance			27,756	21,641	13,261
Furniture and equipment [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	38,086	29,613	29,613	19,124
Ending balance			38,086	29,613	19,124
Furniture and equipment [member] | Accumulated impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(10,330)	(7,972)	(7,972)	(5,863)
Ending balance			(10,330)	(7,972)	(5,863)
Security Systems [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,544	2,553	2,553	4,907	459
Additions			664	376	5,650
Business combination					34
Write-offs				(30)	(9)
Transfers				192
Depreciation / amortization			(1,673)	(2,892)	(1,227)
Ending balance			1,544	2,553	4,907
Security Systems [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	7,716	6,388	6,388	6,403
Ending balance			7,716	6,388	6,403
Security Systems [member] | Accumulated impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(6,172)	(3,835)	(3,835)	(1,496)
Ending balance			(6,172)	(3,835)	(1,496)
Facilities [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	78,717	46,162	46,162	15,162	8,789
Additions			22,315	9,930	9,915
Business combination					478
Write-offs			(6,112)	(5,078)	(2,503)
Transfers			22,130	37,191	358
Depreciation / amortization			(5,778)	(11,043)	(1,875)
Ending balance			78,717	46,162	15,162
Facilities [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	84,726	47,843	47,843	19,281
Ending balance			84,726	47,843	19,281
Facilities [member] | Accumulated impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	R$ 6009	R$ 1681	(1,681)	(4,119)
Ending balance			(6,009)	(1,681)	(4,119)
Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance					1,061
Additions			24,539	40,076	2,187
Write-offs				(553)
Transfers			R$ 24539	R$ 39523	R$ 3248

Property, Equipment, Intangib_4

Property, Equipment, Intangible Assets And Leases - Summary of Intangible Assets (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	R$ 553452	R$ 504915	R$ 553452	R$ 504915	R$ 483207
Beginning balance	553,452	504,915	504,915	483,207	123,270
Additions	19,914	8,061	88,949	53,517	20,627
Business combination				9,799	357,515
Write-offs		(56)	(2,782)	(13,290)	(140)
Transfers	2,083
Depreciation / amortization	(15,648)	(7,055)	(37,630)	(28,318)	(18,065)
Ending balance	559,801	505,865	553,452	504,915	483,207
Cost [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	654,809	564,246	654,809	564,246	520,245
Beginning balance	654,809	564,246	564,246	520,245
Ending balance	672,045	626,921	654,809	564,246	520,245
Accumulated impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	(101,357)	(59,331)	(101,357)	(59,331)	(37,038)
Beginning balance	(101,357)	(59,331)	(59,331)	(37,038)
Ending balance	(112,244)	(121,056)	(101,357)	(59,331)	(37,038)
Software [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	66,310	38,771	66,310	38,771	25,700
Beginning balance	66,310	38,771	38,771	25,700	16,871
Additions			51,348	27,828	12,243
Business combination					4,404
Write-offs			(2,283)	(15)	(140)
Transfers					(799)
Depreciation / amortization			(21,526)	(14,742)	(6,879)
Ending balance			66,310	38,771	25,700
Software [member] | Cost [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	104,270	56,127	104,270	56,127	35,489
Beginning balance	104,270	56,127	56,127	35,489
Ending balance			104,270	56,127	35,489
Software [member] | Accumulated impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	(37,960)	(17,356)	(37,960)	(17,356)	(9,789)
Beginning balance	(37,960)	(17,356)	(17,356)	(9,789)
Ending balance			(37,960)	(17,356)	(9,789)
Goodwill [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	382,500	382,500	382,500	382,500	372,701
Beginning balance	382,500	382,500	382,500	372,701	90,999
Business combination				9,799	281,702
Ending balance			382,500	382,500	372,701
Goodwill [member] | Cost [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	382,500	382,500	382,500	382,500	372,701
Beginning balance	382,500	382,500	382,500	372,701
Ending balance			382,500	382,500	372,701
Customer list [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	60,599	41,544	60,599	41,544	49,970
Beginning balance	60,599	41,544	41,544	49,970	9,179
Additions			27,000
Business combination					50,077
Depreciation / amortization			(7,945)	(8,426)	(9,286)
Ending balance			60,599	41,544	49,970
Customer list [member] | Cost [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	105,977	72,072	105,977	72,072	72,072
Beginning balance	105,977	72,072	72,072	72,072
Ending balance			105,977	72,072	72,072
Customer list [member] | Accumulated impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	(45,378)	(30,528)	(45,378)	(30,528)	(22,102)
Beginning balance	(45,378)	(30,528)	(30,528)	(22,102)
Ending balance			(45,378)	(30,528)	(22,102)
Trademarks [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	16,488	19,223	16,488	19,223	20,238
Beginning balance	16,488	19,223	19,223	20,238	1,799
Additions				1,009	33
Business combination					19,304
Write-offs			(33)
Depreciation / amortization			(2,702)	(2,024)	(898)
Ending balance			16,488	19,223	20,238
Trademarks [member] | Cost [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	22,239	22,239	22,239	22,239	21,230
Beginning balance	22,239	22,239	22,239	21,230
Ending balance			22,239	22,239	21,230
Trademarks [member] | Accumulated impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	(5,751)	(3,016)	(5,751)	(3,016)	(992)
Beginning balance	(5,751)	(3,016)	(3,016)	(992)
Ending balance			(5,751)	(3,016)	(992)
Other intangible assets [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	27,555	22,877	27,555	22,877	14,598
Beginning balance	27,555	22,877	22,877	14,598	4,422
Additions			10,601	24,680	8,351
Business combination					2,028
Write-offs			(466)	(13,275)
Transfers					799
Depreciation / amortization			(5,457)	(3,126)	(1,002)
Ending balance			27,555	22,877	14,598
Other intangible assets [member] | Cost [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	39,823	31,308	39,823	31,308	18,753
Beginning balance	39,823	31,308	31,308	18,753
Ending balance			39,823	31,308	18,753
Other intangible assets [member] | Accumulated impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	(12,268)	(8,431)	(12,268)	(8,431)	(4,155)
Beginning balance	R$ 12268	R$ 8431	(8,431)	(4,155)
Ending balance			R$ 12268	R$ 8431	R$ 4155

Property, Equipment, Intangib_5

Property, Equipment, Intangible Assets And Leases - Summary of Right-of-use Assets and Lease Liabilities (Detail) - BRL (R$) R$ in Thousands	Jan. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [abstract]
Right-of-use-assets, Beginning balance	R$ 133870	R$ 227478	R$ 133870	R$ 133870
Additions to right-of-use assets		19,273		123,529
Depreciation, right-of-use assets		(9,623)	(3,430)	(32,831)
Revaluation right-of-use assets		(19,968)
Impairment right-of-use assets		(3,040)
Right of Use Assets Effects of Exchange Rate		22,016	(1,281)	2,910
Right-of-use-assets, Ending balance	133,870	236,136	129,159	227,478
Right of Use Assets Current		0		0
Right of Use Assets Noncurrent		236,136		227,478
Lease liabilities, Beginning balance	148,494	255,406	148,494	148,494
Additions To Lease Liabilities		19,361		124,283
Interest expense on lease liabilities		6,145	2,328	17,613
Revaluation lease Liabilities		(19,968)
Effects Of Exchange Rate on Lease Liabilities		23,561	134	2,995
Payment of lease liabilities	(14,624)	(15,558)	(7,490)	(37,979)
Lease liabilities, Ending balance	R$ 148494	268,947	R$ 143466	255,406
Current lease liabilities		56,581		52,771
Non-current lease liabilities		R$ 212367		R$ 202635

Property, Equipment, Intangib_6

Property, Equipment, Intangible Assets And Leases - Additional Information (Detail) R$ in Thousands	12 Months Ended
	Dec. 31, 2019BRL (R$)
Disclosure of detailed information about property, plant and equipment [abstract]
Rent expense from short-term leases and low-value assets	R$ 1746
Rent expense on lease liabilities	R$ 9225
Average pre-tax discount rate applied to cash flow projections	1322.00%

Borrowings And Lease Liabilit_3

Borrowings And Lease Liabilities - Summary of Detailed Information About Borrowings (Detail) - BRL (R$) R$ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Borrowings	R$ 375492	R$ 382078			R$ 469609
Lease liabilities	268,947	255,406	R$ 143466	R$ 148494	148,494
Total borrowings and lease liabilities	644,439	637,484			469,609
Borrowings and Lease Liabilities Current	405,498	116,450			114,489
Borrowings and Lease Liabilities Noncurrent	238,941	521,034			355,120
Related parties [member]
Disclosure of detailed information about borrowings [line items]
Borrowings	R$ 42124	R$ 52668			94,921
Related parties [member] | Bank Borrowings Domestic [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	113.00%	113.00%
Maturity	March 2021	March 2021
Borrowings	R$ 42124	R$ 52668			94,921
Third parties [member]
Disclosure of detailed information about borrowings [line items]
Borrowings	R$ 333368	R$ 329410			374,688
Third parties [member] | Bank Borrowings Domestic [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate		111.00%
Maturity		July 2019
Borrowings					44,352
Third parties [member] | Financial Institution Borrowings [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	0.774%	774.00%
Maturity	April 2023	April 2023
Borrowings	R$ 333368	R$ 329410			R$ 330336

Borrowings And Lease Liabilit_4

Borrowings And Lease Liabilities - Additional Information (Detail) - Ita Unibanco [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Maturity	March 8, 2021	March 8, 2021
Borrowings Term	36 months	36 months

Debentures - Additional Informa

Debentures - Additional Information (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	May 15, 2019	Dec. 31, 2018	Sep. 28, 2018
Disclosure of detailed information about borrowings [abstract]
Debentures issued	R$ 800000	R$ 800000	R$ 800000	R$ 400000	R$ 800000

Debentures - Summary of Detaile

Debentures - Summary of Detailed Information About Debentures Issued (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2020BRL (R$)Unit	Dec. 31, 2019BRL (R$)Unit	Dec. 31, 2018BRL (R$)
Disclosure of detailed information about borrowings [line items]
Quantity | Unit	800,000	800,000
Book value	R$ 844361000	R$ 835230000	R$ 406538000
Debenture One [member]
Disclosure of detailed information about borrowings [line items]
Quantity | Unit	400,000	400,000
Annual rate	108.00%	1080.00%
Issuance date	9/28/2018	9/28/2018
Maturity date	9/28/2020	9/28/2020
Unit value at issuance	R$ 1000.00	R$ 1000.00
it value at period-end	1,093.87	1,082.01
Book value	R$ 438010000	R$ 433262000
Debenture Two [member]
Disclosure of detailed information about borrowings [line items]
Quantity | Unit	400,000	400,000
Annual rate	107.50%	1075.00%
Issuance date	5/15/2019	5/15/2019
Maturity date	5/15/2022	5/15/2022
Unit value at issuance	R$ 1000.00	R$ 1000.00
it value at period-end	1,016.83	1,005.88
Book value	R$ 406351000	R$ 401968000

Debentures - Summary of Detai_2

Debentures - Summary of Detailed Information on Debentures Outstanding (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	May 15, 2019	Dec. 31, 2018	Sep. 28, 2018
Borrowing costs [abstract]
Principal	R$ 800000	R$ 800000	R$ 800000	R$ 400000	R$ 800000
Interest	56,258	47,127		6,538
Payments	(11,897)	(11,897)
Total	844,361	835,230		406,538
Current	444,361	435,230
Non-current	R$ 400000	R$ 400000		R$ 406538

Private Pension Liabilities - S

Private Pension Liabilities - Summary Of Net Defined Benefit Liability (Asset) (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of defined benefit plans [abstract]
Beginning balance	R$ 3759090	R$ 16059	R$ 16059
Contributions received	278,357	1,766	609,639	R$ 16059
Transfer with third party plans	1,636,370	31,777	3,047,492
Redemptions paid	(46,585)		(20,153)
Gain (loss) from FIE	(472,144)	324
Interest received from FIE			106,053
Ending Balance	5,155,088	49,926	3,759,090	16,059
Contributions invested in FIEs	R$ 5155088	R$ 49926	R$ 3759090	R$ 16059

Income Tax - Summary Of Tempora

Income Tax - Summary Of Temporary Difference, Unused Tax Losses And Unused Tax Credits (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	R$ 261512	R$ 160202	R$ 279401	R$ 140400	R$ 219668	R$ 171074
Deferred tax expense (income)	(17,890)	19,802	139,001	(79,268)	48,594
Deferred tax assets	261,512		284,533	152,425
Deferred tax liabilities			(5,132)	(12,025)
Tax Losses Carry forwards [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	39,298		17,146	55,358
Deferred tax expense (income)	22,152	(29,611)	(38,212)	37,774	17,584
Goodwill on Business Combinations [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	14,714		22,303	59,993
Deferred tax expense (income)	(7,589)	(9,068)	(37,690)	(56,789)	(51,327)
Provisions for IFAs Commissions [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	64,669		68,041	31,031
Deferred tax expense (income)	(3,372)		37,010	4,744	26,156
Revaluations of Financial Assets at Fair Value [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(26,370)		25,259	1,397
Deferred tax expense (income)	(51,629)	(2,486)	23,862	(2,427)	4,030
Expected Credit Losses [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	13,695		5,666	3,079
Deferred tax expense (income)	8,029	(75)	2,587	(2,345)	4,329
Financial Instruments Taxed on Redemption [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)				(13,041)
Deferred tax expense (income)		9,852	13,041	(6,230)	(6,811)
Profit Sharing Plan [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	71,309		141,136
Deferred tax expense (income)	(69,828)	51,494	141,136
Net Gain on Hedge Instruments [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	22,706		(36,384)	(1,441)
Deferred tax expense (income)	59,091	(1,080)	(34,943)	(51,423)	49,382
ShareBase Compensation [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	14,187		2,950
Deferred tax expense (income)	11,237		2,950
Other provisions [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	47,304		33,284	4,024
Deferred tax expense (income)	R$ 14019	R$ 776	R$ 29260	R$ 2572	R$ 5251

Income Tax - Summary Of Reconci

Income Tax - Summary Of Reconciliation Of Changes In Deferred Tax Liability Asset (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Beginning balance	R$ 279401	R$ 140400	R$ 140400	R$ 219668	R$ 171074
Foreign exchange variations	21,055	(114)	(3,461)	(9,259)	(1,155)
Business combination					3,751
Charges to statement of income	(47,072)	18,643	139,411	(76,455)	45,325
Tax relating to components of other comprehensive income	8,128	1,273	3,051	6,446	673
Ending Balance	R$ 261512	R$ 160202	R$ 279401	R$ 140400	R$ 219668

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of income tax [abstract]
Deferred tax assets not recognized	R$ 12237		R$ 18402	R$ 12025
Brazilian statutory rates	34.00%	34.00%	34.00%	34.00%	34.00%

Income Tax - Summary Of Income

Income Tax - Summary Of Income Tax Calculation (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income before taxes	R$ 516531	R$ 303227	R$ 1544109	R$ 640728	R$ 575507
Combined tax rate in Brazil	34.00%	34.00%	34.00%	34.00%	34.00%
Tax expense at the combined rate	R$ 175620	R$ 103097	R$ 524997	R$ 217848	R$ 195672
Income (loss) from entities not subject to taxation	(9,246)	(48)	(9,551)	(3,647)	(5,101)
Effects from entities taxed at different rates	14,287	6,505	25,948	16,444	9,078
Effects from entities taxed at different method	(64,678)	(4,968)	(24,089)	(18,183)	(25,971)
Intercompany transactions with different taxation	(9,156)	(7,767)	(50,138)	(38,255)	(30,264)
Tax incentives	605		(9,772)	(1,408)	(265)
Non deductible expenses (non-taxable income), net	6,586	717	10,888	(689)	175
Others	4,959	(4,747)	(13,658)	3,288	8,642
Total	R$ 118977	R$ 92789	R$ 454625	R$ 175398	R$ 151966
Effective tax rate	23.03%	30.60%	29.44%	27.20%	26.38%
Current	R$ 71905	R$ 111432	R$ 594037	R$ 98943	R$ 197291
Deferred	47,072	(18,643)	(139,412)	76,455	(45,325)
Total expense	R$ 118977	R$ 92789	R$ 454625	R$ 175398	R$ 151966

Income Tax - Disclosure Of Anal

Income Tax - Disclosure Of Analysis Other Comprehensive Income By Item (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of analysis of other comprehensive income by item [abstract]
Foreign exchange variation of investees located abroad	R$ 56560	R$ 1325	R$ 6823	R$ 18645	R$ 2034
Gains (losses) on net investment hedge	(85,600)	(1,277)	(10,543)	(26,508)	(3,124)
Changes in the fair value of financial assets at fair value	52,467	(2,021)	1,058	6,727	275
Other comprehensive income, before tax	23,427	(1,973)	(2,662)	(1,136)	(815)
Foreign exchange variation of investees located abroad			0	0	0
Gains (losses) on net investment hedge	29,104	434	3,410	9,013	738
Changes in the fair value of financial assets at fair value	(20,977)	838	(360)	(2,567)	(65)
Income tax relating to components of other comprehensive income	8,128	1,273	3,051	6,446	673
Foreign exchange variation of investees located abroad	56,560	1,325	6,823	18,645	2,034
Gains (losses) on net investment hedge	(56,496)	(843)	(7,133)	(17,495)	(2,386)
Changes in the fair value of financial assets at fair value	31,490	(1,183)	698	4,160	210
Other comprehensive income	R$ 31554	R$ 701	R$ 388	R$ 5310	R$ 142

Equity - Additional Information

Equity - Additional Information (Detail) $ / shares in Units, R$ in Thousands, $ in Thousands	Dec. 13, 2019shares	Dec. 11, 2019USD ($)shares	Nov. 30, 2019shares	Aug. 31, 2018BRL (R$)shares	Aug. 09, 2018shares	Mar. 31, 2017shares	Mar. 31, 2020BRL (R$)shares	Mar. 31, 2019BRL (R$)	Dec. 31, 2019BRL (R$)Voteshares	Dec. 31, 2018BRL (R$)shares	Dec. 31, 2017BRL (R$)shares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 01, 2019shares	Dec. 31, 2016shares
Disclosure of classes of share capital [line items]
Authorized share capital | $												$ 35	$ 35
Authorized shares							3,500,000,000		3,500,000,000			3,500,000,000	3,500,000,000
Authorized shares, par value | $ / shares												$ 0.00001	$ 0.00001
Authorized shares but unissued							500,000,000		500,000,000			500,000,000	500,000,000
Issued capital							R$ 23		R$ 23	R$ 21		$ 23	$ 23
Number of shares outstanding									551,800,326	509,247,134	484,918,517		551,800,326		484,918,517
Reverse share split ratio			4:1
Issued capital before share split			2,036,988,542
Issued capital after share split			509,247,136
Number of shares issued new shares									42,553,192
Outstanding number of Shares reserved under plans							4,096,401		4,112,046			4,096,401	4,112,046
Capital contributions received | R$									R$ 4504826	R$ 673294
Dividends distributed | R$							R$ 3432	R$ 490	511,143	204,090	R$ 318856
Equity attributable to owners of parent [member]
Disclosure of classes of share capital [line items]
Capital contributions received | R$									4,504,826	673,294
Dividends distributed | R$									R$ 500000	R$ 200000	314,998
Other reserves [member]
Disclosure of classes of share capital [line items]
Dividends distributed | R$											R$ 37437
Top of range [member]
Disclosure of classes of share capital [line items]
Maximum number of shares available for issuance under the share-based plan							5.00%		5.00%			5.00%	5.00%
Restricted Stock Units [member]
Disclosure of classes of share capital [line items]
Outstanding number of Shares reserved under plans							1,906,024		1,921,669			1,906,024	1,921,669
Performance Stock Units [Member]
Disclosure of classes of share capital [line items]
Outstanding number of Shares reserved under plans							2,190,377		2,190,377			2,190,377	2,190,377
Class A Common Share [Member]
Disclosure of classes of share capital [line items]
Common shares issued	72,510,641						2,000,000,000		2,000,000,000			2,000,000,000	2,000,000,000	257,456,251,558
Number of shares outstanding							354,181,346		354,181,346	255,132,815	276,000,013	354,181,346	354,181,346		325,011,655
Number of shares issued		83,387,238
Number of shares issued, value | $		$ 2
Authorized conversion of shares					83,468,792	196,046,598
Number of shares issued new shares	42,553,192								42,553,192
Authorized conversion of shares post reverse stock split					20,867,198	49,011,649
Class B common shares [member]
Disclosure of classes of share capital [line items]
Common shares issued							1,000,000,000		1,000,000,000			1,000,000,000	1,000,000,000	251,790,558
Number of shares outstanding							197,618,980		197,618,980	254,114,319	208,918,504	197,618,980	197,618,980		159,906,862
Number of shares issued				97,314,470
Authorized conversion of shares			30,807,911			28
Number of votes per share | Vote									10
Authorized conversion of shares post reverse stock split						7
Capital contributions received | R$				R$ 673294
Preference shares [member]
Disclosure of classes of share capital [line items]
Number of shares issued				24,328,617

Related Party Transactions - Su

Related Party Transactions - Summary of Transactions Between Related Parties Explanatory (Detail) - Entities with joint control or significant influence over entity [member] - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Due From Due To Related Party Transactions	R$ 175859	R$ 732420	R$ 732420	R$ 451481
Income Expense From Related Party Transactions	(26,039)	(9,841)	(49,779)	(40,585)
Securities [member]
Disclosure of transactions between related parties [line items]
Due From Due To Related Party Transactions	152,636	123,813	123,813	69,647
Income Expense From Related Party Transactions	3,780	2,094	10,381	147,258
Securities purchased under agreements to resell [member]
Disclosure of transactions between related parties [line items]
Due From Due To Related Party Transactions	64,999	196,009	196,009
Income Expense From Related Party Transactions	(30,087)		1,550
Accounts Receivable [member]
Disclosure of transactions between related parties [line items]
Due From Due To Related Party Transactions	348	594	594
Income Expense From Related Party Transactions	797	61	1,025
Securities sold under repurchase agreements [member]
Disclosure of transactions between related parties [line items]
Due From Due To Related Party Transactions		(1,000,168)	(1,000,168)	(426,207)
Income Expense From Related Party Transactions			(58,078)	(3,586)
Borrowings [member]
Disclosure of transactions between related parties [line items]
Due From Due To Related Party Transactions	(42,124)	(52,668)	(52,668)	(94,921)
Income Expense From Related Party Transactions	R$ 529	R$ 11996	R$ 4657	R$ 184257

Provisions and Contingent Lia_3

Provisions and Contingent Liabilities - Summary of Other Provisions (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of other provisions [line items]
Other provisions	R$ 14897	R$ 15193	R$ 17503	R$ 17474	R$ 11843	R$ 5334
Judicial deposits	10,050	18,403		14,850
Tax contingencies [member]
Disclosure of other provisions [line items]
Other provisions	9,956	9,878		9,392
Civil contingencies [member]
Disclosure of other provisions [line items]
Other provisions	2,412	2,673		5,610
Labor contingencies [member]
Disclosure of other provisions [line items]
Other provisions	R$ 2529	R$ 2642		R$ 2472

Provisions and Contingent Lia_4

Provisions and Contingent Liabilities - Summary of Changes in Other Provisions (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of other provisions [abstract]
Beginning balance	R$ 15193	R$ 17474	R$ 17474	R$ 11843	R$ 5334
Monetary correction	325	336	2,492	1,667	2,226
Provisions accrued	159	11
Provision/(Reversal)			(1,601)	7,897	3,531
Provisions reversed	(546)
Business combination (Note 5 (ii))					7,921
Payments	(234)	(318)	(3,172)	(3,933)	(7,169)
Ending balance	R$ 14897	R$ 17503	R$ 15193	R$ 17474	R$ 11843

Provisions and Contingent Lia_5

Provisions and Contingent Liabilities - Additional Information (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of contingent liabilities [line items]
Other provisions	R$ 14897	R$ 15193	R$ 17503	R$ 17474	R$ 11843	R$ 5334
Estimated financial effect of contingent liabilities	163,982	153,951		89,323
Tax contingencies [member]
Disclosure of contingent liabilities [line items]
Other provisions	9,956	9,878		9,392
Civil contingencies [member]
Disclosure of contingent liabilities [line items]
Other provisions	2,412	2,673		5,610
Judicial deposit assets	100	9,744		4,500
Labor contingencies [member]
Disclosure of contingent liabilities [line items]
Other provisions	R$ 2529	R$ 2642		R$ 2472

Provisions and Contingent Lia_6

Provisions and Contingent Liabilities - Summary of contingent liabilities (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	R$ 163982	R$ 153951	R$ 89323
Tax [Member]
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	69,963	69,386	19,971
Civil [Member]
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	89,419	81,414	64,820
Labor [Member]
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	R$ 4600	R$ 3151	R$ 4532

Provisions and Contingent Lia_7

Provisions and Contingent Liabilities - Summary of contingent liabilities (Parenthetical) (Detail)	Mar. 31, 2020	Dec. 31, 2019
Civil contingencies [member]
Disclosure of contingent liabilities [line items]
Number of pending claims	456	6

Total revenue and income - Summ

Total revenue and income - Summary of Disaggregation of Revenue by Major Service Lines (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Major service lines
Brokerage commission	R$ 504644	R$ 288819	R$ 1288135	R$ 861068	R$ 639615
Securities placement	348,174	160,391	1,154,786	631,949	401,402
Management fees	255,049	140,858	1,035,224	527,644	221,936
Insurance brokerage fee	29,226	18,548	106,438	56,713	29,167
Educational services	25,700	13,750	97,986	42,653	18,682
Other services	94,085	43,709	275,467	160,409	111,647
Revenue before Sales Taxes and Contributions on Revenue	1,256,878	666,075	3,958,036	2,280,436	1,422,449
(-) Sales taxes and contributions on revenue	(104,932)	(66,828)	(362,264)	(225,887)	(138,833)
Revenue	R$ 1151946	R$ 599247	R$ 3595772	R$ 2054549	R$ 1283616

Total revenue and income - Su_2

Total revenue and income - Summary of Net Income from Financial Instruments (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Net Income from Financial Instruments [Abstract]
Net Income of financial instruments at fair value through profit or loss	R$ 391689	R$ 274520	R$ 1360207	R$ 821617	R$ 562895
Net Income of financial instruments measured at amortized cost and at fair value through other comprehensive income	202,497	65,822	199,947	114,442	79,380
(-) Taxes and contributions on financial income	(16,093)	(5,597)	(28,118)	(32,155)	(19,241)
Net Income from Financial Instruments	R$ 582895	R$ 334745	R$ 1532036	R$ 903904	R$ 623034

Total revenue and income - Su_3

Total revenue and income - Summary of Disaggregation by Geographic Location (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Disaggregation by Geographic Location [Line Items]
Total Revenue and Income	R$ 1734841	R$ 933992	R$ 5127808	R$ 2958453	R$ 1906650
Selected assets	1,317,282	1,449,457	1,449,457	920,819
Brazil [member]
Disclosure of Disaggregation by Geographic Location [Line Items]
Total Revenue and Income	1,634,093	863,587	4,790,236	2,716,459	1,751,419
Selected assets	1,162,433	1,208,737	1,208,737	881,434
United States [member]
Disclosure of Disaggregation by Geographic Location [Line Items]
Total Revenue and Income	91,890	62,958	307,456	204,207	131,198
Selected assets	147,374	224,244	224,244	31,829
Europe [member]
Disclosure of Disaggregation by Geographic Location [Line Items]
Total Revenue and Income	8,858	7,447	30,116	37,787	R$ 24033
Selected assets	R$ 7475	R$ 16476	R$ 16476	R$ 7556

Operating costs - Summary of Op

Operating costs - Summary of Operating Costs (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Operating Expense [Abstract]
Commission costs	R$ 441951	R$ 242831	R$ 1269309	R$ 750103	R$ 455241
Operating losses and provisions	38,303	2,901	23,332	9,989	7,148
Other costs	98,562	62,024	313,419	181,154	117,491
Clearing house fees	63,504	34,513	201,083	96,896	71,419
Third parties' services	18,148	19,579	76,669	53,124	28,953
Other	16,910	7,932	35,667	31,134	17,119
Total	R$ 578816	R$ 307756	R$ 1606060	R$ 941246	R$ 579880

Operating expenses by nature -

Operating expenses by nature - Summary of Operating Expense by Nature (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating expense by nature [abstract]
Selling expenses	R$ 28476	R$ 24518	R$ 155115	R$ 96075	R$ 32881
Advertising and publicity	28,476	24,518	155,115	96,075	32,881
Administrative expenses	578,116	368,285	1,891,481	1,176,805	649,585
Personnel expenses	400,980	255,844	1,261,887	712,060	428,772
Compensation	177,119	71,466	408,394	221,746	134,535
Employee profit-sharing and bonus	103,020	150,185	645,992	356,938	217,982
Executives profit-sharing	72,677	10,143	67,547	50,656	28,802
Benefits	17,549	10,834	47,457	35,922	16,697
Social charges	30,052	12,515	88,960	45,115	28,836
Other	563	701	3,537	1,683	1,920
Other taxes expenses	6,843	6,635	39,691	43,945	20,749
Depreciation of property and equipment and right-of-use assets	15,878	8,102	53,530	26,278	9,338
Amortization of intangible assets	15,648	7,055	37,630	26,510	18,065
Other administrative expenses	138,767	90,649	498,743	368,012	172,661
Data processing	55,947	33,328	178,860	130,678	71,861
Technical services	20,768	15,360	85,782	76,476	26,985
Third parties' services	40,193	21,968	145,730	63,333	19,006
Rent expenses	3,390	6,318	10,575	41,950	16,492
Communication	4,499	3,454	17,495	11,457	11,276
Travel	5,699	3,674	21,676	13,804	9,791
Legal and judicial	677	414	3,406	9,023	2,638
Other	7,594	6,133	35,219	21,291	14,612
Total	R$ 606592	R$ 392803	R$ 2046596	R$ 1272880	R$ 682466

Other Operating Income (Expen_3

Other Operating Income (Expenses), Net - Summary of Other Operating Income (Expenses), Net (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Other Operating Income Net [Abstract]
Other operating income	R$ 27666	R$ 90613	R$ 208245	R$ 20682	R$ 23764
Recovery of charges and expenses	501	51,800	53,453	6,873	3,165
Reversal of operating provisions	704	4,392	9,767	2,641	2,684
Revenue from incentives from Tesouro Direto and B3	21,672	8,855	101,615	9,931	4,226
Interest received on tax	2,281	22,931
Other	2,508	2,635	43,410	1,237	13,689
Other operating expenses	(41,549)	(5,437)	(54,888)	(51,971)	(31,468)
Legal proceedings and agreement with customers	(10,246)	(437)	(9,499)	(16,385)	(18,370)
Tax incentive expenses			(10,265)	(2,015)	(2,980)
Losses on write-off and disposal of assets	(59)	(3)	(7,060)	(11,064)	(1,503)
Fines and penalties	(624)	(730)	(1,191)	(7,446)	(2,755)
Associations and regulatory fees	(3,321)	(839)	(4,216)	(3,059)	(2,073)
Charity	(16,596)	(1,250)	(6,751)	(5,938)	(50)
Other	(10,703)	(2,178)	(15,906)	(6,064)	(3,737)
Total	R$ 13883	R$ 85176	R$ 153357	R$ 31289	R$ 7704

Share-Based Plan - Additional I

Share-Based Plan - Additional Information (Detail) R$ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020BRL (R$)	Dec. 31, 2019BRL (R$)	Mar. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Description of vesting condition		(i) 33% will vest on the third year after the grant, (ii) 33%% will vest on the fourth year after the grant and (iii) 34% will vest on the fifth year after the grant date.
Outstanding number of Shares reserved under plans			4,096,401	4,112,046
compensation expense | R$	R$ 28408	R$ 7502
Tax provisions and does not include any tax benefits on total share-based compensation expens | R$	R$ 5187	R$ 2131
Number of Outstanding Share Forfeited			15,645
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum number of shares available for issuance under the share-based plan			5.00%	5.00%
Restricted Stock Units [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Description of vesting condition		Their vesting conditions are service related and they vest at a rate of 20% after three years, 20% after four years, and 60% after five years.
Outstanding number of Shares reserved under plans			1,906,024	1,921,669
weighted-average grant-date fair value | $			$ 27,000	$ 27,000
Performance Stock Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding number of Shares reserved under plans			2,190,377	2,190,377
weighted-average grant-date fair value | $			$ 3,456,000	$ 34,560

Earnings Per Share (Basic And_3

Earnings Per Share (Basic And Diluted) - Summary of Earnings Per Share (Detail) - BRL (R$) R$ / shares in Units, shares in Thousands, R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure of earnings per share [abstract]
Net income	R$ 396860	R$ 209215	R$ 1080484		R$ 461440		R$ 413874
Basic weighted average quantity of shares (1)	551,800	509,247	511,462		493,117		484,919
Basic earnings per share	R$ 0.7192	R$ 0.4108	R$ 2.1125	[1]	R$ 0.9358	[1]	R$ 0.8535	[1]
Share-based incentive program (1)(2)	4,096		248
Diluted weighted average quantity of shares	555,896	509,247	511,710		493,117		484,919
Diluted earnings per share	R$ 0.7139	R$ 0.4108	R$ 2.1115	[1]	R$ 0.9358	[1]	R$ 0.8535	[1]
[1]	The basic and diluted earnings per common share are in effect with the reverse share split occurred on November 30, 2019.

Determination Of Fair Value - S

Determination Of Fair Value - Summary Of Fair Value Measurement Of Assets And Liabilities (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial assets at Fair value through profit or loss
Securities	R$ 25091723	R$ 22443392	R$ 6290971
Derivative financial instruments	8,514,793	4,085,004	1,692,031
Fair value through other comprehensive income
Securities	4,896,387	2,616,118	695,778
Evaluated at amortized cost
Securities	1,267,826	2,266,971	155,292
Securities purchased under agreements to resell	14,916,794	9,490,090	6,570,609
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Loan operations	63,589	386
Other financial assets	25,472	20,191	60,423
Evaluated at amortized cost Securities	1,267,826	2,266,971	155,292
Securities purchased under agreements to resell	14,916,794	9,490,090	6,570,609
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Other financial assets	25,472	20,191	60,423
Evaluated at amortized cost Securities sold under repurchase agreements	21,111,301	15,638,407	6,640,694
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings	644,439	637,484	469,609
Debentures	844,361	835,230	406,538
Accounts payables	265,197	266,813	134,579
Other financial liabilities	31,485	98,631	7,011
Financial liabilities
Fair value through profit or loss Securities loaned	721,131	2,021,707	1,259,579
Derivative financial instruments	7,526,075	3,229,236	991,399
Evaluated at amortized cost Securities sold under repurchase agreements	21,111,301	15,638,407	6,640,694
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings and lease liabilities	644,439	637,484	469,609
Debentures	844,361	835,230	406,538
Accounts payables	265,197	266,813	134,579
Structured operations certificates	150,461	19,474
Financial assets at fair value, class [member]
Financial assets at Fair value through profit or loss
Securities	25,091,723	22,443,392	6,290,971
Derivative financial instruments	8,514,793	4,085,004	1,692,031
Fair value through other comprehensive income
Securities	4,896,387	2,616,118	695,778
Evaluated at amortized cost
Securities	1,267,826	3,914,923	153,709
Securities purchased under agreements to resell	14,916,794	9,490,090	6,568,246
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Loan operations	63,589	386
Other financial assets	25,472	20,191	60,423
Evaluated at amortized cost Securities	1,267,826	3,914,923	153,709
Securities purchased under agreements to resell	14,916,794	9,490,090	6,568,246
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Other financial assets	25,472	20,191	60,423
Evaluated at amortized cost Securities sold under repurchase agreements	21,111,301	15,638,407	6,792,316
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings	644,184	633,781	459,487
Debentures	832,810	836,001	406,540
Accounts payables	265,197	266,813	134,579
Other financial liabilities		98,601	7,011
Financial liabilities
Fair value through profit or loss Securities loaned	721,131	2,021,707	1,259,579
Derivative financial instruments	7,526,075	3,229,236	991,399
Evaluated at amortized cost Securities sold under repurchase agreements	21,111,301	15,638,407	6,792,316
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings and lease liabilities	644,184	633,781	459,487
Debentures	832,810	836,001	406,540
Accounts payables	265,197	266,813	134,579
Structured operations certificates	150,461	19,474
Level 1 of fair value hierarchy [member]
Financial assets at Fair value through profit or loss
Securities	22,640,753	20,277,031	5,259,591
Derivative financial instruments	1,215	21,809	6,599
Fair value through other comprehensive income
Securities	4,896,387	2,616,118	695,778
Financial liabilities
Fair value through profit or loss Securities loaned	721,131	2,021,707	1,259,579
Level 2 of fair value hierarchy [member]
Financial assets at Fair value through profit or loss
Securities	2,450,970	2,166,361	1,031,380
Derivative financial instruments	8,513,577	4,063,195	1,685,432
Evaluated at amortized cost
Securities	1,267,826	3,914,923	153,709
Securities purchased under agreements to resell	14,916,794	9,490,090	6,568,246
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Loan operations	63,589	386
Other financial assets	25,472	20,191	60,423
Evaluated at amortized cost Securities	1,267,826	3,914,923	153,709
Securities purchased under agreements to resell	14,916,794	9,490,090	6,568,246
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Other financial assets	25,472	20,191	60,423
Evaluated at amortized cost Securities sold under repurchase agreements	21,111,301	15,638,407	6,792,316
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings	644,184	633,781	459,487
Debentures	832,810	836,001	406,540
Accounts payables	265,197	266,813	134,579
Other financial liabilities		98,601	7,011
Financial liabilities
Derivative financial instruments	7,526,075	3,229,236	991,399
Evaluated at amortized cost Securities sold under repurchase agreements	21,111,301	15,638,407	6,792,316
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings and lease liabilities	644,184	633,781	459,487
Debentures	832,810	836,001	406,540
Accounts payables	265,197	266,813	R$ 134579
Structured operations certificates	R$ 150461	19,474
Financial assets at fair value, class [member]
Financial assets at Fair value through profit or loss
Securities		22,443,392
Derivative financial instruments		4,085,004
Fair value through other comprehensive income
Securities		R$ 2616118

Capital Management - Summary Of

Capital Management - Summary Of Net Debt And Corresponding Gearing Ratios (Detail) - BRL (R$)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Debt And Corresponding Gearing Ratios [abstract]
Borrowings and lease liabilities	R$ 644439000	R$ 637484000		R$ 469609000
Debentures	844,361,000	835,230,000		406,538,000
Total debt	1,488,800,000	1,472,714,000	R$ 1005920000	876,147,000	R$ 867024000
Cash	(249,950,000)	(109,922,000)	(224,997,000)	(68,407,000)	(153,218,000)
Securities purchased under agreements to resell	(309,053,000)	(654,057,000)	(133,028,000)	(488,809,000)	(420,958,000)
Certificate deposits (Securities)	(152,200,000)	(123,817,000)	R$ 142446000	(69,647,000)	R$ 261317000
Net debt	777,597,000	584,918,000		249,284,000
Total equity	7,604,948,000	7,153,396,000		2,084,777,000
Total capital	8,382,533,000	7,738,313,000		2,334,061,000
Gearing ratio	R$ 0.0928	R$ 0.0756		R$ 0.1068

Capital Management - Additional

Capital Management - Additional Information (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Debt And Corresponding Gearing Ratios [abstract]
Capital to maintain above minimum capital requirement	1.00%	1.00%
Contracts under financial covenants	R$ 1219853	R$ 1217308	R$ 876147

Cash Flow Information - Schedul

Cash Flow Information - Schedule Of Debt Reconciliation (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement [LineItems]
Acquisitions / Issuance	R$ 19361		R$ 524196	R$ 725370	R$ 826000
Payments	(26,058)	R$ 32276	(135,147)	(689,634)
Revaluation	(19,968)
Net foreign exchange differences	23,561	134	3,085	(35,091)	35,116
Interest accrued	19,762	16,562	84,367	62,663	5,908
Interest paid	(572)	(3,141)	(28,428)	(54,185)
Total debt as of December 31, 2018	1,488,800	1,005,920	1,472,714	876,147	867,024
New IFRS [member]
Statement [LineItems]
Total debt as of December 31, 2018	1,472,714	1,024,641	1,024,641
Change in accounting policy (Note 3.xxi)				148,494
Borrowings [member]
Statement [LineItems]
Acquisitions / Issuance				325,370	826,000
Payments	(10,500)	(24,786)	(85,353)	(689,634)
Net foreign exchange differences				(35,091)	35,116
Interest accrued	4,486	7,585	26,250	56,125	5,908
Interest paid	(572)	(3,141)	(28,428)	(54,185)
Total debt as of December 31, 2018	375,492	449,267	382,078	469,609	R$ 867024
Borrowings [member] | New IFRS [member]
Statement [LineItems]
Total debt as of December 31, 2018	382,078	469,609	469,609
Lease liabilities [member]
Statement [LineItems]
Acquisitions / Issuance	19,361		124,196
Payments	(15,558)	(7,490)	(37,979)
Revaluation	(19,968)
Net foreign exchange differences	23,561	134	3,085
Interest accrued	6,145	2,328	17,610
Total debt as of December 31, 2018	268,947	143,466	255,406
Lease liabilities [member] | New IFRS [member]
Statement [LineItems]
Total debt as of December 31, 2018	255,406	148,494	148,494
Change in accounting policy (Note 3.xxi)				148,494
Debentures [member]
Statement [LineItems]
Acquisitions / Issuance			400,000	400,000
Payments			(11,815)
Interest accrued	9,131	6,649	40,507	6,538
Total debt as of December 31, 2018	844,361	413,187	835,230	R$ 406538
Debentures [member] | New IFRS [member]
Statement [LineItems]
Total debt as of December 31, 2018	R$ 835230	R$ 406538	R$ 406538

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Summary of Significant Accounting Policies [Line Items]
Incremental borrowing rate applied to lease liabilities						9.00%
Tax rate on taxable income	34.00%	34.00%	34.00%	34.00%	34.00%
Surcharge on taxable income			10.00%
Monthly minimum income for surcharge			R$ 20
Annual minimum income for surcharge			R$ 240
Social contribution tax on net income			9.00%
Social contribution tax on net income, temporary increase			20.00%
Loss carryforwards used to offset taxable profit			30.00%
PIS tax rate			1.65%
COFINS tax rate			7.60%
Rate applicable to companies under PPM PIS			0.65%
Rate applicable to companies under PPM COFINS			3.00%
Federal Income Tax [member]
Summary of Significant Accounting Policies [Line Items]
Tax rate on taxable income			15.00%
Bottom of range [member]
Summary of Significant Accounting Policies [Line Items]
Percentage of taxes reducing gross revenues			2.00%
Top of range [member]
Summary of Significant Accounting Policies [Line Items]
Percentage of taxes reducing gross revenues			5.00%
Financial Institutions and Insurance Companies [member]
Summary of Significant Accounting Policies [Line Items]
Social contribution tax on net income			15.00%
Rate applicable to companies under PPM PIS			1.00%
Rate applicable to companies under PPM COFINS			4.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Adoption of IFRS 16 On Lease Liabilities (Detail) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Jan. 01, 2019
Accounting Policies [abstract]
Operating lease commitments disclosed as of December 31, 2018	R$ 209318
Discounted using the incremental borrowing rate of at the date of initial application	(60,099)
(Less): short-term leases recognized on a straight-line basis as expense	(725)
Lease liability recognized as of January 1, 2019	R$ 148494	R$ 268947	R$ 255406	R$ 143466	R$ 148494

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Right-Of-Use Assets Related to Property and Equipment Leases (Detail) - BRL (R$) R$ in Thousands	Jan. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies [Line Items]
Lease liability recognized as of January 1, 2019	R$ 148494	R$ 268947	R$ 143466	R$ 255406	R$ 148494
(Less): accrued lease payments as of December 31, 2018	(14,624)	(15,558)	(7,490)	(37,979)
Rights-of-use assets	133,870	R$ 236136	R$ 129159	R$ 227478	R$ 133870
Properties [member]
Summary of Significant Accounting Policies [Line Items]
Rights-of-use assets	123,262
Equipments [member]
Summary of Significant Accounting Policies [Line Items]
Rights-of-use assets	R$ 10608

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Depreciation of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2019
Data Processing Systems [member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation Annual Rate	20.00%
Furniture and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation Annual Rate	10.00%
Security Systems [member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation Annual Rate	10.00%
Facilities [member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation Annual Rate	10.00%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Useful Lives of the Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2019
Software [member] | Bottom of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	3 years
Software [member] | Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	5 years
Internally Developed Intangible [member] | Bottom of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	3 years
Internally Developed Intangible [member] | Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	7 years
Customer list [member] | Bottom of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	2 years
Customer list [member] | Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	8 years
Trademarks [member] | Bottom of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	10 years
Trademarks [member] | Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	20 years

Group structure - Summary of Di

Group structure - Summary of Direct and Indirect Interests of Company in Its Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
XP Investimentos SA [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Holding
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Investimentos Corretora de Cmbio Ttulos e Valores Mobilirios SA [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Broker-dealer
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Investments US LLC [member]
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	Broker-dealer
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Investments UK LLP [member]
Disclosure of subsidiaries [line items]
Country of incorporation	UK
Principal activities	Inter-dealer broker and Organized Trading Facility (OTF)
% of Group's interest (i)	100.00%	100.00%	99.90%
Sartus Capital LTD [member]
Disclosure of subsidiaries [line items]
Country of incorporation	UK
Principal activities	Investment advisor
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Private Europe SA [member]
Disclosure of subsidiaries [line items]
Country of incorporation	UK
Principal activities	Investment advisor
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Vida e Previdncia SA v [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Private pension and insurance
% of Group's interest (i)	100.00%	100.00%
Banco XP SA vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Multipurpose bank
% of Group's interest (i)	100.00%
Xperience Market Services LLC vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	Non-operational
% of Group's interest (i)	100.00%
Chamaleon Bravery Unipessoal LDA vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Portugal
Principal activities	Investment Advisor (pending regulatory approval)
% of Group's interest (i)	100.00%
XP Holding Investimentos SA [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Financial Holding
% of Group's interest (i)			100.00%
XP Controle 3 Participaes SA [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Financial Holding
% of Group's interest (i)	100.00%	100.00%	100.00%
XPE Infomoney Educao Assessoria Empresarial e Participaes Ltda [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Digital Content services
% of Group's interest (i)	99.99%	99.70%	96.69%
Tecfinance Informtica e Projetos de Sistemas Ltda [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Rendering of IT services
% of Group's interest (i)	99.76%	99.73%	99.73%
XP Corretora de Seguros Ltda [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Insurance Broker
% of Group's interest (i)	99.99%	99.82%	99.81%
XP Gesto de Recursos Ltda [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
% of Group's interest (i)	93.70%	92.80%	91.65%
XP Finanas Assessoria Financeira Ltda [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment consulting service
% of Group's interest (i)	99.99%	99.99%	99.95%
Infostocks Informaes e Sistemas Ltda [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Mediation of information systems
% of Group's interest (i)	99.99%	99.99%	99.99%
XP Advisory Gesto Recursos Ltda [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
% of Group's interest (i)	99.57%	99.52%	99.52%
XDEX Intermediao Ltda iii [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Intermediary and service agency
% of Group's interest (i)			99.99%
XP Holding International LLCii [member]
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	International financial holding
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Advisory US [member]
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	Investment advisor
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Holding UK Ltd [member]
Disclosure of subsidiaries [line items]
Country of incorporation	UK
Principal activities	International financial holding
% of Group's interest (i)	100.00%	100.00%	100.00%
XP Vista Asset Management Ltda iv [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
% of Group's interest (i)	99.42%	99.60%
XP Controle 4 Participaes SA v [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Insurance holding
% of Group's interest (i)	100.00%	100.00%
Leadr Servios Online Ltda vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Social media
% of Group's interest (i)	99.99%
Spiti Anlise Ltda vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Research (pending regulatory approval)
% of Group's interest (i)	99.99%
Falx Fundo de Investimento Multimercado Crdito Privado Investimento no Exterior [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%	100.00%	100.00%
Gladius Fundo de Investimento Multimercado Investimento no Exterior [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%	100.00%	100.00%
Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crdito Privado [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%	100.00%	100.00%
Galea Fundo de Investimento Multimercado Crdito Privado Investimento no Exterior [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%	100.00%	100.00%
Javelin Fundo de Investimento Multimercado Crdito Privado Investimento no Exterior [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%	100.00%	100.00%
Spatha Fundo de Investimento Multimercado Crdito Privado Investimento no Exterior [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%	100.00%
Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditrios NP [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%	100.00%
Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crdito Privado vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%
Balista Debentures Incentivadas Fundo de Investimento Multimercado Crdito Privado vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%
Coliseu Fundo de Investimento Multimercado Crdito Privado Investimento no Exterior vi [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)	100.00%
XP Short Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior vii [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)			100.00%
XP Pacote Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior vii [member]
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
% of Group's interest (i)			100.00%

Group structure - Summary of th

Group structure - Summary of the Net Assets Acquired, the Goodwill (Detail) - BRL (R$) R$ in Thousands	Aug. 10, 2017	Dec. 31, 2018	Dec. 31, 2017
Analysis of cash flows on acquisition [abstract]
Net of cash flow on acquisition (investing activities)		R$ 10413	R$ 404631
Rico Corretora de Ttulos e Valores Mobilirios SA [member]
Assets [abstract]
Cash	R$ 96
Accounts receivable	1,915
Other assets	11,582
Deferred tax assets	3,751
Property and equipment (Note 13 (a))	1,728
Intangible assets (Note 13 (b))	75,813
Assets acquired as of acquisition date	471,745
Liabilities [abstract]
Social and statutory obligations	(560)
Tax and social security obligations	(12,651)
Securities trading and intermediation	(322,371)
Provisions and contingent liabilities (Note 25)	(7,921)
Other liabilities	(5,217)
Liabilities assumed as of acquisition date	(348,720)
Total identifiable net assets at fair value	123,025
Goodwill arising on acquisition (Note 13 (b))	281,702
Purchase consideration transferred	404,727
Analysis of cash flows on acquisition [abstract]
Consideration paid in cash	404,727
Net cash acquired with the subsidiary	(96)
Net of cash flow on acquisition (investing activities)	404,631
Rico Corretora de Ttulos e Valores Mobilirios SA [member] | Financial assets at fair value through profit or loss, category [member]
Assets [abstract]
Financial instruments	356,648
Rico Corretora de Ttulos e Valores Mobilirios SA [member] | Financial assets at fair value through other comprehensive income, category [member]
Assets [abstract]
Financial instruments	R$ 20212

Group structure - Summary of In

Group structure - Summary of Intangible Assets Acquired (Detail) - BRL (R$) R$ in Thousands	Aug. 10, 2017	Dec. 31, 2019
Customer list [member]
Disclosure of detailed information about business combination [line items]
Amount	R$ 50077
Method	Multi-period excess earning method
Expected amortization period		8 years
Trademarks [member]
Disclosure of detailed information about business combination [line items]
Amount	R$ 19304
Method	Relief from royalty
Expected amortization period		10 years
Technology [member]
Disclosure of detailed information about business combination [line items]
Amount	R$ 2028
Method	Relief from royalty
Expected amortization period		3 years

Group structure - Additional In

Group structure - Additional Information (Detail) - BRL (R$) R$ in Thousands	Aug. 10, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 05, 2018
Disclosure of detailed information about business combination [line items]
Noncontrolling interests subscribed					R$ 43000
Noncontrolling interests redeemed		R$ 2229	R$ 788	R$ 45550
Gain on redemption of noncontrolling interest		R$ 374	R$ 409
Rico Corretora de Ttulos e Valores Mobilirios SA [member]
Disclosure of detailed information about business combination [line items]
Fair value of consideration	R$ 404727
Fair value trade accounts receivable	1,915
Contingent liability recognized on acquisition	7,921
Acquisition-related costs	690
Contributed revenues				53,942
Contributed net profit				12,125
Consolidated pro-forma revenue				133,411
Consolidated pro-forma net profit				R$ 29919
Assets acquired, cash	96
Assets acquired, goodwill	R$ 281702
XP Vista Asset Management Ltda iv [member]
Disclosure of detailed information about business combination [line items]
Fair value of consideration						R$ 10938
Percentage of shares acquired						99.60%
Assets acquired, cash						R$ 525
Assets acquired, goodwill						R$ 9799

Derivative financial instrume_4

Derivative financial instruments - Summary of Positions with derivative financial instruments (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	R$ 8514793	R$ 4085004	R$ 1692031
Derivative financial assets, notional amount	385,135,262	520,217,621	88,689,738
Derivative financial liabilities	7,526,075	3,229,236	991,399
Derivative financial liabilities, notional amount	446,351,074	492,067,822	86,580,121
Swap contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	789,707	1,133,768	244,262
Derivative financial assets, notional amount	3,864,467	3,955,473	3,454,728
Derivative financial liabilities	425,108	485,164	247,732
Derivative financial liabilities, notional amount	2,915,357	3,420,857	3,981,304
Forward contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	567,259	187,392	573,963
Derivative financial assets, notional amount	707,973	1,857,542	809,202
Derivative financial liabilities	631,912	2,480	17,170
Derivative financial liabilities, notional amount	4,223,982	164,209	19,142
Futures contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,216	21,809	6,599
Derivative financial assets, notional amount	6,201	15,920,584	5,679,425
Option contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	7,156,611	2,742,035	867,207
Derivative financial assets, notional amount	380,556,621	498,484,022	78,746,383
Derivative financial liabilities	6,469,055	2,741,592	726,497
Derivative financial liabilities, notional amount	R$ 439211735	R$ 488482756	R$ 82579675

Derivative financial instrume_5

Derivative financial instruments - Summary of derivatives financial instruments by index (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	R$ 385135262	R$ 520217621	R$ 88689738
Derivative financial liabilities, notional amount	446,351,074	492,067,822	86,580,121
Derivative financial assets	8,514,793	4,085,004	1,692,031
Derivative financial liabilities	(7,526,075)	(3,229,236)	(991,399)
Derivative financial assets liabilities, net		855,768	700,632
Swap contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	3,864,467	3,955,473	3,454,728
Derivative financial liabilities, notional amount	2,915,357	3,420,857	3,981,304
Derivative financial assets	789,707	1,133,768	244,262
Derivative financial liabilities	(425,108)	(485,164)	(247,732)
Swap contract [member] | Interest [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		3,955,473	3,454,728
Derivative financial liabilities, notional amount		3,420,857	3,981,304
Derivative financial assets		1,133,768	244,262
Derivative financial liabilities		(485,164)	(247,732)
Forward contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	707,973	1,857,542	809,202
Derivative financial liabilities, notional amount	4,223,982	164,209	19,142
Derivative financial assets	567,259	187,392	573,963
Derivative financial liabilities	(631,912)	(2,480)	(17,170)
Forward contract [member] | Interest [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		146,893	227,043
Derivative financial assets		146,893	227,043
Forward contract [member] | Foreign exchange [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		1,710,648	239,478
Derivative financial liabilities, notional amount		162,551	2,234
Derivative financial assets		40,499	4,239
Derivative financial liabilities		(822)	(262)
Forward contract [member] | Shares [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount			342,681
Derivative financial liabilities, notional amount		1,658	16,908
Derivative financial assets			342,681
Derivative financial liabilities		(1,658)	(16,908)
Futures contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	6,201	15,920,584	5,679,425
Derivative financial assets	1,216	21,809	6,599
Futures contract [member] | Interest [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		15,919,619
Derivative financial assets		21,480
Futures contract [member] | Foreign exchange [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		965	5,679,425
Derivative financial assets		329	6,599
Option contract [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount	380,556,621	498,484,022	78,746,383
Derivative financial liabilities, notional amount	439,211,735	488,482,756	82,579,675
Derivative financial assets	7,156,611	2,742,035	867,207
Derivative financial liabilities	R$ 6469055	(2,741,592)	(726,497)
Option contract [member] | Interest [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		496,676,302	71,511,480
Derivative financial liabilities, notional amount		485,933,296	77,274,645
Derivative financial assets		2,449,218	384,424
Derivative financial liabilities		(2,417,689)	(380,440)
Option contract [member] | Foreign exchange [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		37,500	1,734,063
Derivative financial liabilities, notional amount		37,500	2,059,104
Derivative financial assets		82,369	115,570
Derivative financial liabilities		(94,612)	(171,918)
Option contract [member] | Shares [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount		1,770,220	5,500,627
Derivative financial liabilities, notional amount		2,511,960	3,245,796
Derivative financial assets		210,448	365,631
Derivative financial liabilities		R$ 229291	(172,748)
Option contract [member] | Commodities [member]
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, notional amount			213
Derivative financial liabilities, notional amount			130
Derivative financial assets			1,582
Derivative financial liabilities			R$ 1391

Recoverable Taxes - Summary of

Recoverable Taxes - Summary of Recoverable Taxes (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subclassifications Of Assets Liabilities And Equities [Line Items]
Recoverable taxes	R$ 226645	R$ 243320	R$ 183350
Recoverable taxes, Current		243,320	183,350
Recoverable taxes, Non-current		0	0
Prepayments of Income Taxes (IRPJ and CSLL) [Member]
Subclassifications Of Assets Liabilities And Equities [Line Items]
Recoverable taxes		225,465	182,021
Contributions Over Revenue (PIS) and (COFINS) [Member]
Subclassifications Of Assets Liabilities And Equities [Line Items]
Recoverable taxes		16,859	533
Taxes on Services (ISS) [Member]
Subclassifications Of Assets Liabilities And Equities [Line Items]
Recoverable taxes		846	698
Value Added Taxes [Member]
Subclassifications Of Assets Liabilities And Equities [Line Items]
Recoverable taxes		R$ 150	R$ 98

Prepaid Expenses - Summary of P

Prepaid Expenses - Summary of Prepaid Expenses (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of Prepaid Expenses [Line Items]
Prepaid expenses	R$ 105495	R$ 89684	R$ 96723
Current		56,605	56,302
Non-current		33,079	40,421
Incentives for business acceleration program [Member]
Summary of Prepaid Expenses [Line Items]
Prepaid expenses		11,349	22,125
Marketing expenses [Member]
Summary of Prepaid Expenses [Line Items]
Prepaid expenses		9,678	41,276
Commissions and premiums paid in advance [Member]
Summary of Prepaid Expenses [Line Items]
Prepaid expenses		49,233	21,431
Services paid in advance [Member]
Summary of Prepaid Expenses [Line Items]
Prepaid expenses		2,043	5,180
Other expenses paid in advance [Member]
Summary of Prepaid Expenses [Line Items]
Prepaid expenses		R$ 17381	R$ 6711

Securities Trading and Interm_2

Securities Trading and Intermediation - Summary of Securities Trading and Intermediation Assets and Liabilities (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of Securities Trading and Intermediation Assets and Liabilities [Abstract]
Cash and settlement records	R$ 49	R$ 13823	R$ 164322
Debtors pending settlement	956,760	477,646	731,611
Other	58,976	13,514	2,379
Total Assets	1,015,785	504,983	898,312
Cash and settlement records	557,632	474,759	90,056
Creditors pending settlement	12,775,907	8,639,787	5,216,572
Total Liabilities	R$ 13333539	R$ 9114546	R$ 5306628

Other Financial Liabilities - S

Other Financial Liabilities - Summary of Other Financial Liabilities (Detail) - BRL (R$) R$ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Customer deposits	R$ 70191
Structured operations certificates	19,474
Foreign exchange portfolio	8,962	R$ 7011
Other financial liabilities	4
Total	98,631	7,011
Current	79,157	R$ 7011
Non-current	R$ 19474

Social and Statutory Obligati_3

Social and Statutory Obligations - Additional Information (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Social and statutory obligations	R$ 274752	R$ 492723	R$ 251690

Social and Statutory Obligati_4

Social and Statutory Obligations - Summary Of Social And Statutory Obligations (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Obligations to non-controlling interest		R$ 35666	R$ 27137
Employee profit-sharing (a)		395,568	173,202
Salaries and other benefits payable		61,489	51,351
Total	R$ 274752	R$ 492723	R$ 251690

Tax and Social Security Oblig_3

Tax and Social Security Obligations - Summary Of Tax And Social Security Obligations (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax and Social Security Obligations [abstract]
Income Tax (IRPJ and CSLL)		R$ 264258	R$ 69001
Contributions over revenue (PIS and COFINS)		34,247	16,368
Taxes on services (ISS)		18,141	9,399
Contributions for Social Security (INSS)		7,712	3,368
Others		20,973	4,985
Total	R$ 170422	345,331	103,121
Current		345,331	103,121
Non-current		R$ 0	R$ 0

Tax and Social Security Oblig_4

Tax and Social Security Obligations - Summary Of Tax And Social Security Obligations (Parenthetical) (Detail) - BRL (R$) R$ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Tax and Social Security Obligations [abstract]
Corporate Income Tax (CIT) liability	R$ 594037	R$ 98943
Corporate Income Tax (CIT) Prepaid	361,771	58,139
Withholding taxes payable	R$ 31992	R$ 28197

Equity - Summary Of Issuances A

Equity - Summary Of Issuances And Conversions Of Shares (Detail) - shares	Dec. 13, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of classes of share capital [line items]
Beginning balance		509,247,134	484,918,517	484,918,517
Issued for cash			24,328,617
Initial public offering		42,553,192
Ending balance		551,800,326	509,247,134	484,918,517
Class A Common Share [Member]
Disclosure of classes of share capital [line items]
Beginning balance		255,132,815	276,000,013	325,011,655
Corporate reorganization		30,807,911
Transfer of classes		25,687,428	(20,867,198)	(49,011,642)
Initial public offering	42,553,192	42,553,192
Ending balance		354,181,346	255,132,815	276,000,013
Class B common shares [member]
Disclosure of classes of share capital [line items]
Beginning balance		254,114,319	208,918,504	159,906,862
Corporate reorganization		(30,807,911)
Issued for cash			24,328,617
Transfer of classes		(25,687,428)	20,867,198	49,011,642
Ending balance		197,618,980	254,114,319	208,918,504

Equity - Summary Of Dividends D

Equity - Summary Of Dividends Distribution (Detail) - BRL (R$) R$ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Dividends [abstract]
Net income	R$ 397554	R$ 210438	R$ 1089484	R$ 465330	R$ 423541
Total dividends			500,000	200,000	314,998
At January 1				125,000
Amount recognized in the year			500,000	200,000	314,998
Dividends paid in the year			R$ 500000	R$ 325000	(189,998)
At December 31					R$ 125000

Related Party Transactions - _2

Related Party Transactions - Summary of Key Management Personnel Compensation Expense (Detail) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [abstract]
Fixed compensation	R$ 4821	R$ 3329	R$ 2708
Variable compensation	22,060	30,316	18,316
Total	R$ 26881	R$ 33645	R$ 21024

Management Of Financial Risks_3

Management Of Financial Risks And Financial Instruments - Summary Of Financial Assets Representing The Maximum Exposure To Credit Risk ( (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Financial Assets Representing the Maximum Exposure to Credit Risk [Abstract]
Securities purchased under agreements to resell	R$ 14916794	R$ 9490090	R$ 6570609
Securities		27,326,481	7,142,041
Public securities		20,381,125	4,704,604
Private securities		6,945,356	2,437,437
Derivative financial instruments	8,514,793	4,085,004	1,692,031
Securities trading and intermediation	1,015,785	504,983	898,312
Accounts receivable	424,702	462,029	219,200
Other financial assets	25,472	20,191	60,423
Financial assets	R$ 56217071	R$ 41888778	R$ 16582616

Management Of Financial Risks_4

Management Of Financial Risks And Financial Instruments - Summary Of Financial Liabilities Into Groupings Based On Their Contractual Maturities (Detail) - BRL (R$) R$ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Securities loaned	R$ 721131	R$ 2021707	R$ 1259579
Derivative financial instruments	7,526,075	3,229,236	991,399
Securities sold under repurchase agreements	21,111,301	15,638,407	6,640,694
Securities trading and intermediation	13,333,539	9,114,546	5,306,628
Borrowings and lease liabilities	644,439	637,484	469,609
Debentures	844,361	835,230	406,538
Accounts payables	265,197	266,813	134,579
Other financial liabilities	31,485	98,631	7,011
Financial liabilities	44,627,989	31,842,054	15,216,037
Up to 1 month [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Securities loaned		2,021,707	770,270
Derivative financial instruments		1,557,088	152,971
Securities sold under repurchase agreements		15,638,407	68,738
Securities trading and intermediation		9,114,546	5,306,628
Borrowings and lease liabilities		8,239	19,032
Accounts payables		266,813	134,579
Other financial liabilities		79,157	7,011
Financial liabilities		28,685,957	6,459,229
From 2 to 3 months [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Securities loaned			478,741
Derivative financial instruments		211,882	182
Securities sold under repurchase agreements			5,439,405
Borrowings and lease liabilities		26,258	22,752
Financial liabilities		238,140	5,941,080
From 3 to 12 months [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Securities loaned			10,568
Derivative financial instruments	R$ 2441147	678,405	242,506
Securities sold under repurchase agreements			1,132,551
Borrowings and lease liabilities		81,953	72,705
Debentures		435,230
Financial liabilities		1,167,519	1,458,330
From 1 to 5 years [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Derivative financial instruments		732,286	560,798
Borrowings and lease liabilities		521,034	355,120
Debentures		400,000	406,538
Financial liabilities		1,688,550	1,322,456
Above 5 years [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Derivative financial instruments		42,414	34,942
Other financial liabilities		19,474
Financial liabilities		R$ 61888	R$ 34942

Management Of Financial Risks_5

Management Of Financial Risks And Financial Instruments - Additional Information (Detail) £ in Thousands, R$ in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2018BRL (R$)	Mar. 31, 2020BRL (R$)	Mar. 31, 2019BRL (R$)	Dec. 31, 2019BRL (R$)	Dec. 31, 2018BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2018USD ($)	Dec. 31, 2018GBP (£)
Management of Financial Risks and Financial Instruments [Line Items]
Repayment of debt | R$	R$ 778481	R$ 26058	R$ 32276	R$ 123332	R$ 689634
Xp Holding International Member
Management of Financial Risks and Financial Instruments [Line Items]
Foreign currency risk						$ 43,323		$ 37,671
Sensitivity Analysis Of Foreign Currency Risk [member]
Management of Financial Risks and Financial Instruments [Line Items]
Foreign currency risk						$ 744
XP Holding UK Ltd [member]
Management of Financial Risks and Financial Instruments [Line Items]
Foreign currency risk							£ 3,059	$ 313	£ 4,337

Management Of Financial Risks_6

Management Of Financial Risks And Financial Instruments - Summary Of Sensitivity Analysis (Detail) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Sensitivity analysis increase decrease in one percent	R$ 3581	R$ 93
Sensitivity analysis increase decrease in twenty five percent	(173,542)	(25,565)
Sensitivity analysis increase decrease in fifty percent	(460,503)	(36,161)
Prefixed Member | Interest rate risk [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Sensitivity analysis increase decrease in one percent	(907)	(559)
Sensitivity analysis increase decrease in twenty five percent	(163,057)	(11,441)
Sensitivity analysis increase decrease in fifty percent	(445,866)	(22,881)
Exchange Coupons Member | Currency risk [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Sensitivity analysis increase decrease in one percent	(67)	(9)
Sensitivity analysis increase decrease in twenty five percent	570	(5,764)
Sensitivity analysis increase decrease in fifty percent	(854)	(11,529)
Foreign Currencies [member] | Exchange Rates [member]
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Sensitivity analysis increase decrease in one percent	(2,102)	(386)
Sensitivity analysis increase decrease in twenty five percent	(1,493)	(978)
Sensitivity analysis increase decrease in fifty percent	43,908	(5,027)
PriceIndexes Member | Inflation Coupon Rates Member
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Sensitivity analysis increase decrease in one percent	(63)	(16)
Sensitivity analysis increase decrease in twenty five percent	(782)	(798)
Sensitivity analysis increase decrease in fifty percent	(301)	(1,597)
Shares [member] | Shares Prices Member
Disclosure of Financial Liabilities In to Groupings Based on Their Contractual Maturities [Line Items]
Sensitivity analysis increase decrease in one percent	(442)	877
Sensitivity analysis increase decrease in twenty five percent	(8,780)	(6,584)
Sensitivity analysis increase decrease in fifty percent	R$ 57390	R$ 4873