Earnings call transcript Q2 2023

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Antonio Guimarães

Good evening everyone. I'm Antonio Guimarães, Investor Relations in XP Inc. On behalf of the company, I'd like to thank you all for the interest and welcome you to our 2023 Second Quarter Earnings Call. Today, we have here with us our CFO, Bruno Constantino; and our CEO, Thiago Maffra.

We will all be available for the Q&A session right after the presentation. Instructions] [Operator

the translations have Portuguese. of option also to simultaneous We

please if on to before So, clarify legal forward-looking presentation, which button two Zoom on we to you page disclaimers our statements. And there's the we translation. the want on our the turn begin refer on

on website. Additional information found on section Filings can statements SEC forward-looking on be also the the IR

word I'll Thiago Maffra. pass Maffra. the to now So, evening, Good

Thiago Maffra

It's introduction the Thank you context highlights like and of last second for quarter. this we joining pleasure of on with also of are operational today we here strategy XXXX bit call. terms in a to brief a would everyone. us to and where quarter our our you quarter's earnings evening in a with give I about financial be to Good long-term you talked tonight. start

we second Coupled grown trillion Client client quarter assets. condition. of the we CAGR approximately In despite the a XX% in bps XX investments market in XXXX, BRLX surpassing approximately share milestone, key in and this historic macro a since have year-to-date individuals the gained milestone, we assets achieved at with tough environment very last XX in have a bps months in estimate XX IPO.

second where bps earnings of margin million, our For additional operation BRLXXX the resulted year-over-year, quarter, XXX in before continued XX% improve up was tax leverage efforts to expansion.

our up BRLXXX net quarter-over-quarter. Net bps margins bps X% X.X%, Annualized driving income rate income was was retail nine up million, year-over-year, up year-over-year. XX take

XX% XX%, and share earnings average quarter. XXX XP, key sequentially Return of over to rose first per quite, measure for diluted the a on BRLX.XX, increased profitability our bps

our market in were see the profitability second page happy quarter. six, trends we Moving improve to the to and

capital a activity. challenging markets in see have recovery first to Following started a we quarter,

some pleased in as to are and equity well. have GCM recovery capital the volumes in the see we activity with We market started

positive see continue third in window trends late quarter. June saw to the opening offerings follow-on we into Specifically, and the

Xnd, bps, the half Bank we activity by lower its a Central end of capital encouraged We to year years. monetary stronger SELIC business. by cutting of started first XX easing investments in the look August three markets positive cycle, environment. rate should believe and market second are we the On cut the by XXXX, our the the SELIC favor more core When

shifting some the time it as as cuts depend recovery riskier assets. rate will interest take investors may on back well However, and also further to retail

market earnings and combined moderate quarter-over-quarter profitability both margin This trends, the operating improvements controls. increase in quarter through net our leverage a with basis and both quarter-over-quarter cost focus front, over with resulted are strict of These the reflect XXX capital EBT, On growth EBT the improvements growth in increase a to distributions of next and net points shareholders. years, better in second to basis points. in margin, ROE drive improvement line XXX

slide Let's move to seven.

in client growth investments trajectory. share operating and trillion in less We very XX% I client we historical pleased assets. in momentum clients, believe as positive for With In assets, early active hit with still mark of market the June, trends our individuals, total we in are such are our IFAs. the BRLX than

timing XX,XXX train and from network, educational partnerships, in IFA new new one to more as in net reducing several IFA the onboarding the less over a overall to reaching comes our improvements methodology in and for churn were in new lower additions investment quarter, week. nearly month from such advisers, X,XXX than than This IFAs, factors, helping onboarding total. hire

focus both expansion the on externally. in of we With coming the potential salesforce, and our market quarters, upswing and keep the internally quality will

quarter. recovery in in cost control for Next the discipline, momentum with coupled financial trends, positive slide the operating to eight. drives our results This our

earlier, mentioned gross improved I year-over-year, has our BRLX.X totaling X% revenue billion. As

has has income million. improved EBT year-over-year X% year-over-year, totaling to improved BRLXXX net Our and million BRLXXX XX%

making strategic nine, our to Moving slide kept on initiatives. progress we across

New verticals grow continue of total to rapidly, XX% revenue. accounting for

with our with our and clients We are relationships streams. diversifying pleased progress revenue our this enhancing

the July Xst Banco on of not and results impact do Modal but foresee material third already Additionally, we quarter, it the had any acquisition impact. we closing our will in

enhance We explore are I level day together our integration us the our efficiency XP for better and to [Indiscernible] very happening serving have and working clients. joining our excited Modal Modal, as are to is one, Since and teams best team speak. and service

using year. main cost the revenue One goals ecosystem and by believe XP's since cross-sell have of of synergies avoidance our over will to capabilities is base and strong this us XP's this has Modal's We end backbone capability time. client including a integrated, everything provide

our provide on will in coming the We quarters. progress

On where slide we we are terms strategy long-term previous XX, in calls. let of highlight on discussed have me

key You first, of three might recall areas focus; discussed that we leadership investments.

environment, have in in reaching BRLX despite trillion the macro continued market client We XXXX, gain to assets. tough investments share throughout

strongest further IFA net since had expanding the the We and IPO new salesforce. our strengthening also sign-ins

invest travel Melhores are purchase. Second, the the of where Credit we clients Card in-app Also, offerings. and the recognition seen this product especially into Brazil. launched experience we superior from proud product cards Considering market. in May have back Best receive in success XP as the launched Cartões platform in only extra we named XXXX, our a we

focus. was our in highest on We reflected first. industry. the interest quarter, always of clients' this is client XX And the This score third, NPS one our put that

and over and the service differentiate ourselves believe XXX% our our the in extending are this and even premium ecosystem. our in offering We I this continue advantage to peers on competitive future. of quality throughout is maintaining one we levels market focused main advantages

to will you. quarter's to financials. I it discuss hand Now, Thank this Bruno over

Bruno Constantino

a everyone. evening Thanks again. Maffra. with you It's to be Good pleasure here

of by growth with the to fixed further retail, X% on quarter, XX% the gross led mainly on slide. Moving part next detail income, reached year-over-year. growth which slide, and discuss on revenue slide this will sequential gross billion, in the especially in revenue was we The XX. left quarter-over-quarter BRLX.X growth Starting we

In to financial from strategy through become mix and to total retail platform, verticals. of full especially segments, revenue terms has long-term of revenue, relevance our our a XX% gain between continued represented new benefiting service

corporate and total revenue X%, X% remain been over at of has representing and respectively. to stable X% insurance XX% around Other Institutional time, revenues. services and

next narrowing of couple credit corporate primary XX. in to to we slides, a the income look can On revenue. higher slide spreads. improvement we see bonds at core, going are volumes quarter-over-quarter, retail an we in of When million, in fixed and and markets due with deeper BRLXXX XX% growth secondary we into both our had Starting

negatively saw a more activity, corporate quarter. second market After we a normalized impacting DCM tough first capital quarter, relevant events we had some credit in

also the the As expected, which of had of BRLXXX we reaching due be improvement to X% a to tend quarter-over-quarter recognized platform, fees, semester. the performance million recognition at end sequential every in seasonal of funds

lower in revenue for higher quarter-over-quarter a billion, average structured with daily we Also, and BRLX.X stabilization equities futures with in equities flat had trades volumes in notes.

XX. slide to Moving

products All grow our quarter, total year-over-year a in new of reaching XX% million quarter-over-quarter, retail second of to well, revenue. plus vertical of representing BRLXXX continue and and X% XX%

total has cards XX%. quarter-over-quarter XXX to penetration clients to grown BRLXXX of the of main highlight in and has a XX% The been also in line million, points approximately growth increased basis active TPV revenue, has year-over-year. this with which XXX% quarter Card quarter

second is total back the revenue, messages. slide to we've peak which XP recovers. key cyclical for revenue, Few One, quarter retail billion grower market include as updated this a XXXX has company. is behind results. retail potential to BRLX the Coming Core in upside

revenue, in diversifying decisive role two, approximately verticals XX new verticals core new last decreased XXX%, the compare our our with a XXXX have revenue while And has If increased we have business. XX%. months'

business more potential the as summary, recovers, growth diversified and model. plus for In a market resilient

mid SG&A, the billion, under slide to control, Total XX. incentives, the excluding on to reinforcing from guidance towards remained billion of the to bottom of leaning BRLX.X to revenues range. Moving annual BRLX has the

represented of time, total last in is over XX%. second and XX% non-people the XX% and XX expenses expenses the between stable SG&A XX%, in keeping People people ratio months, quarter

one-time going next the first expenses to first We ratio show expect quarter, is low the to higher are to improving efficiency keeping the slide. compared in but SG&A we in semester due seasonality our semester the in as and second

impacts. key from divided net XP net goal in revenue. is numbers we avoid sustainable ex-revenue advantage incentives quarterly two, defined two revenue; that to as way. main is months last The by competitive to improve discipline SG&A achieve our than as a ratio, divided KPIs level seasonal defined efficiency aligned SG&A Cost XX of and XX use months C compensation We ratio, and by people rather the monitor last to are;

our cost on XX.X% Both XX.X% positive ratios and have continued from slide. decreasing going This to important control role an operating talk quarter. are in XX.X% margins, has this compensation Efficiency to played ratio trend to ratio which we discipline decreasing from its next XX.X%.

to EBT, earnings good power. proxy a for on Moving

XX% and reached This BRLXXX quarter a growth year-over-year million, quarter-over-quarter. XX% a growth

Our also was increasing EBT guidance annual quarter-over-quarter. by basis XX% in points driven and leverage This quarter, XXX has margin with and our basis XX%. operating XXX in points improving between the improved line is and year-over-year

quarter-over-quarter we past has net improved net both XX.X%. basis On X% has margin in growth a year-over-year, slides. and our leverage up of the this topline year-over-year few income in also has while the increased points next to the about and basis This slide, million quarter, XX% operating XXX increase been our and BRLXXX XX points result quarter-over-quarter talked

return our average equity sequentially Lastly, has I to to also highlight XXX that points on basis would like increased XX%.

and As determined we earnings both gradually growth next the ROE increase few to shareholders. through capital to Maffra our beginning are in the distributions years, stated the call, of consistent over

to I, happy and Now, take Maffra would both your be questions.

Antonio Guimarães

Thanks Bruno.

to So, the on moving Q&A session.

hands many raised. have We

attend So, first usual, come basis. first a on will as you we serve

Mr. Autonomous. is Geoffrey from one first Elliott The

Geoffrey Elliott

you'd this to below previously. Hello. much normal is but a to recover? are seeing the seeing we they're than can monthly question. of that taking us clearly the what better The point you still rate forward? continuing inflow quarter, quite Thanks bit inflows you first the then you in sense, us And for a were expect give very used quarter going inflows a Can to

Bruno Constantino

this Geoff, is Bruno. Hi

about important assets that? client think mind. more a for surpassing the we bear why relevant mark to when than total point inflows? First, about in think And is trillion -- I'd the is client Is of total rather inflows, So, BRLX assets? that's revenues

as they net inflow like total quarter. compared boom number than In short quarter, outflows last [ph] have as second the have the inflows, quarter, previous mentioned Second, calls, to minus it's high inflows still but But been first years. of We bringing inflows outflows. better total the a the good. also the so all-time in market grown have a had to well, also I the component in

in process riskier they the individuals, that believe of are assets. We lagging into money bringing

We going know we there a it's part don't but yet. not when the there, are of are We get to cyclical business.

expect inflows my total the short-term, future, the a statement more look have in is don't to grow. guidance, we, and just-- inflows. assets But than yes, to So, in we at And client

Thiago Maffra

is Thiago. Good evening, this

way are two, our to have quarter-by-quarter, in like important Brazil. next, opinion, Just about I investments, think one, when in And very let's cycle good the And One more about in at the it's beginning easing to a is years, think scenario here. will then say, next cycle us, we of complement three you you the we environment macro good the okay? another if for for years. the look Bruno

very What organized I'm we that capture trying to well-positioned here are momentum we is, believe very good company with say ahead. the have this to we

believe in three at again. net we'll good environment quarter, to will this quarter, some at quarters. a if some ahead point, that So, inflow point, of scenario the say us, hard change it's we with have investments next But macro for this

Geoffrey Elliott

Great. very much. Thanks

Antonio Guimarães

Rosman in BTG. one Eduardo from Next line

Eduardo Rosman

hear you me? can Hi,

Antonio Guimarães

can. Yes, we

Eduardo Rosman

So, congrats numbers. questions. on the have two I

has your segment, But your share company regarding almost The its look XX%. market have doubling market AOC. is share the one we you core goal first to expressed in growth. of The the when high-income

for details segment plans more in number as expansion net this lower provide you one would This income segment? well high as can in So, question. also about the the worth and the your be

at your thanks lot, company the in bank? So, and congrats aggressive relates plan? a would are ambitions on Anything What's expand question here for willing investments. appreciated, right? the to instance, be How again, loans, to the you numbers. second the beyond And

Thiago Maffra

leader have Thank the X% double XX% Rosman. net we worth have, we when way you segments, Itaú the have, you I X% and So, XX is of to to mentioned, the like look mentioned. share to that with the if X% and middle, different The I think high we at in closer say, about that companies, than individuals, okay, okay? investments, more you, about you market consider if in market as we okay? look -- you clients the would

you clients, these if load completely X%, to okay? the to way if XXX segments, the they way XX okay. XXX X,XXX, easy clients, of okay? worth about different, an net think to it, have go at these different you And almost in And retail One are middle, the serving go in we the clients high of you to account bottom, have

So, clients. are We the segments that completely different strategy affluent we different, for this the start middle have the the at pyramid, okay, of okay?

why that's almost XX% XX market grow but believe So, can we we share, have to -- continue here, we okay?

of call we digital-first. the The part. course, on and lower we part, And we plans part upper have lower have the what

Here at to CRM, banker, the a service market, time, have same higher technology, intelligence, account compared the use basically per but how is good to you okay? data giving very load

top talking clients. we the is of high middle worth the And the and at net about are more same

it's and different more and parts, have for right these different Completely we okay? okay? so segments, personalization, other believe on, different the costs the ways completely of more different from different we so here financials, KPIs, three strategies, servicing value-added, path So,

And about that, they part management But a the we than new we more inside them our call asset okay? pension, very banking that the okay? verticals second And mentioned and the new company, have we new insurance, rapidly. basically. are credit, verticals, -- lot growing is Our business,

we have business for We them, a don't okay? have we are many highlight that but we corporate, other business, new, the FX have they give

growing new the years year-over-year. ago, they So, didn't if represent okay, you XX%, look verticals and exist now that percentage three of XX%

longer can pace continue very period for penetration low. So, time of the because a this still we is believe we

have principal because look at X% X%, penetration it's credit to sales close you that launched people is to look we the example, XX%, okay? accounts, here you one have a account have close. classified faced the seven If [Indiscernible] look look The internal, the look Imagine you we just for -- So, checking the we insurance, but X.XX credit that's so. cards, we products, products, way we that It's metric X%. most if This accounts, is product penetrated number okay? looking cross-sell and from very with today.

room in these current it's verticals, because a the So, low are still okay? continue new, okay? lot like opinion we we have customers they our here, new very to So, have, penetrate

Bruno Constantino

we your in term, that's but may I execution If The so to ambitions like believe our about your have the way strong add, also just Rosman, question Maffra, for and point. sure. to we we lot to focus. long ambitions, think, a for

is Maffra two work have as with that our ecosystem in cross-sell new products existing appointed, And upsell years, our many service to and believe to three to we launched lot of in there clients. past do we a and the

that clients bear new into just of XXX,XXX, ecosystem with added our given in of acquisition And also mind or taken today. Modal as we

Maffra X.X about a that So, bit million we more talking with total than penetration are low that little clients mentioned. just

strong ambition, is I So, executing. we it's -- to a there but need brick-by-brick go think

Eduardo Rosman

Great. Thanks guys. lot a

Antonio Guimarães

Rosman. Thanks

from line UBS. in Batista Thiago one Next is

Thiago Batista

guys. Hi

Thiago Maffra

Thiago. ahead Go

Thiago Batista

Hello.

Thiago Maffra

us? hear you Thiago, can

Thiago Batista

me? you Can hear

Thiago Maffra

now we Yes, can.

Thiago Batista

Okay.

Sorry, guys.

questions. So, I have two

for issue. And sorry the

for you year, improvement year one, understand And for efficiency I'm further for the company to we'll the better see next room year? topline. the of earnings trying Probably XP. do ratio the next first see for dynamics The next a in

So, this is, operating the in we my question see will leverage company?

Modal should second believe But earnings for think we should Or be the earnings? about saw zero mentioned short-term. little take impact in EPS XP from do the Maffra longer that to the the see And that Modal one should on of the XXXX? the really bit change in I a in Modal you impact because already be accretive positive this all a that market, Modal,

Thiago Maffra

for Batista you, the Thank question.

make efficiency we the we for I better will bps time when about it believe retail a is, difference see outlook take Again, cut think ratio. XX as okay? the on a like macro mentioned, to point will The have total we your about not some because future, way So, you clients. it's a that

if faster, capital about okay? markets, course, Of you institutional change clients, it think

months. the in follow-ons see to start We previous

okay? we we clients company rates ready the can revenue have retail positive for this cycle future, the this okay? but -- We we time, So, take future, But growth. more the to will in believe have higher look when capture growth

two level company, last, On improving the would have company, the a half part, say, we the year one of manage system. the we years, the other governance, the created the we spent and XP I way inside management

tools lot So, created controls of have the a we company. we in the and manage to have that didn't past

were have back, So, a years I believe and prepared like are the better a we cycle than control. this we we new for done cost few today --

So, when better I can high cost future. cycle have in with company, leverage tools in very governance believe have the combined that will and operational you we a together a the probably control ahead put management like we good

what we part ROE of will But So, we our the we close years. investors, have margins years, are something can to, the next the here. in the been with we I to guidance year, that's increase next timeframe increase three we our looking would talking about take years, close high the believe that's EBT one that year, say, XX two time, again, in it's can that

Bruno Constantino

about it's then going yes, we accretive And be believe on for to our Modal, XXXX. Yes. EPS

integration to executing goal have of last started We this month integration our been that all year. here the the is until finalize end the and

are to getting the accretive it's next the better, take yes, quarters. in give market going But momentum and updates longer. again, So, of we individuals the

integrated improvement So, gradual going time. from with But should it's XP a that. Modal benefit over to be

of assets. business, example. use the to platform in billion BRLXXX what platform operating make about the quarter it client an And of funds to Maffra leverage total tangible, year second as just of our funds to I'd had one The the give you explained example a of last like

the whole. a has this industry fund We that as all tough been a know year for year

client BRLXXX of funds the has quarter, of second Our billion end assets. at platform reached

more we platform than we higher this performance today assets have the But than one quarter. quarter year last fees was of year had the in performance the client fees so fees, XX%. as much funds in ago. by decreased Performance of second We

has. potential So, example business that's of this one leverage operating of that the the

fees example, happen. to its As the We to it make market it's and come, tax bottom-line. for the recovers, assets client single performance in just this hire -- don't one more semesters straight have if get, the to and we next have to individual the we

Thiago Batista

Okay, very clear Bruno Maffra. and

Antonio Guimarães

Thanks Batista. Great.

Sachs. Next from one Mr. on is line the Goldman Labarta Tito

Tito Labarta

taking you on and One, results. Thank questions evening. my the just A of call the good also. Hi, for couple first question.

other XQ, particular, million was so potentially BRLXXX Americana, think, modestly lower a XQ line in did in from more. I Americana's the that at up revenue line impact. I was the actually although Looking you surprised that, impacted, compared BRLXX not was if It improve to but almost million maybe little factor

you if So, what evolve from on any happened should and can there how that color here? give

second also potentially Bruno kind Thank And about and from And of much question, you're the what and that but what your are the main how Maffra, you. talked here, curious capital dividends thinking ROE? buybacks, ROE can whether thoughts latest returns, drivers, you increasing there? you increase on

Bruno Constantino

I revenue. other Okay. the start will with

the everything in is that is we revenue other that segments The not highlight.

that So, why said we time it's the can between and presentation, It things over changed have made revenue. I that's I total many Tito. X% X% of And there, hasn't different much. stable when

that other we It not was a little financial it's a because didn't had sheet. negative Specifically, negative any balance the BRLXX impacted a did other bit second in pack our a in the so happen we and instrument, was related revenues more in million impact because segments. than impact, to of it revenue this have that quarter,

different happen positive types can negative. time-to-time, of it those So, impact or from they're

happened second what that's the So, quarter. in

Thiago Maffra

before, positive ROE, have so We excess believe, things. on the about also and mentioned mix Yes. have of the about that the next already and in we And capital. I profits of presentation as huge will a the quarters. impact we on cycle, control Bruno mentioned the probably increase cost tow the a capture But

Basal billion okay? I of, would we BRLX have index have a So today, to say, we and close than more XX%,

that current earnings to combination of that's XX So, capital growth adjust us a XX. the okay? and it's the for closer from, the combination to let's will the future, bring something say, structure in So,

Tito Labarta

Maffra. Thanks capital or return color That's you again dividends? of and on when Any returning that it through just buybacks could the helpful. some former

Bruno Constantino

or mentioned we already XX% we shareholders quarter semester, either year. would buyback last did share first the in least return of Second to dividends or through that at we payout both that ratio

yet in of we this We first have to returned the we second decided year But going the return are BRLXXX number. semester. already the million more and semester in have not

announce we whenever we market. to the do, going So, are to

Tito Labarta

Thank Thanks Maffra. you Bruno.

Antonio Guimarães

Thanks Tito.

have we Credit now Daniel So, [indiscernible] Suisse. from

Unidentified Analyst

you Can me? guys. hear Hi

Thiago Maffra

we Yes, can.

Antonio Guimarães

Yes.

Unidentified Analyst

you. Thank

first, the revenues pointed results like results. go breakdown would month, quarter some I'm recovery so a the last on We to the to do on June, congrats which part. strong right? in So, -- revenues talked I to to months. or IFAs So, trying in

in June So, be results terms compared April, potential considering in quarter, understand with Or how any details could you so have could right, relative from strong help it second us would well? it us could could good to how the results? as be full already to doing reached a like share

QX? BRLXX question, in to below second right? in should effects million or Thank be QX, million considering SBC QX did the So, still had expenses BRLXX levels from some QX BRLXXX people you. rightsizing this normalized cancellation more came you And it from or million

Bruno Constantino

Yes.

don't of between a analyze our even months, business. the we it's between Regarding lot think months, about way your question There the quarters. to best volatility is

or So, to misleading. to be to can compared and it compared April May take June May that, extrapolate

So, that. I not would recommend

compensation We that depends million per a but year. well of BRLXXX a price there the have the say related million sounds It compensation. reasonable. words, to is per don't to as pattern BRLXXX share-based the It on around other the about se. In is actions. because million price component share-based action question million your that would To BRLXXX I the BRLXXX guidance, to

hedged. part other The is

an to hard state it's exact number. So,

for year. the of that share-based the and quarter not than quarter, which we was normalized extrapolated it rest level a more announced had be positive like But compensation effects yes, should the second reducing first one-off

Unidentified Analyst

you. Thank Okay.

Antonio Guimarães

Hi the question And Neha. have from HSBC. Thank from Neha last you, Daniel. we now

Neha Agarwala

from policies income Hi. for on lower especially quickly on the question. revenues? rates. my impact taking Thank the down expect any negative of as you we go part Should impacts Very the financial

question is second you you softening? competition. could And or aggressive trends more dynamics much. Any Any in either change highlight? competitive Thank on competition that so

Bruno Constantino

Yes.

macro Regarding, and a will the because that investors, tailwind lower we business. welcome. to lag probably Neha, they it than environment generate our positive it's is good but rates, fact that tend positive. a in more individual gradual It's core be Reminding in process, a

financial I interest being revenues because don't by rates jeopardized lower see market activity enhance. probably will

to environment going very last have had we're in So, a cycle. good positive as the we

Thiago Maffra

question, Neha. Hello second about your And the of part competition.

like the Brazil, the As to okay? XX% same big in concentrations we high, to the mention, still banks, is five inside very investments of

the that products positive LCAs, macro And when because the XX past XX.XX%. here banks at that they don't we free as look for to very and can have these tax they were you in XX of we paying some months, offer had environment LCIs,

the XX for good these they of So, products. okay? more it's than last trillion The banks, in very issued environment macro months, kind BRLX very, a

So, -- but a this of daily liquid, money most is most liquid. them them high with very of

interest go it's that difference. down, again, the XX but So, to make will starts once bps a rates not

change making risk will the products, the liquids, point, some with investors, a low they X% they that realize individual will are a money. with portfolio, reallocate anymore month At the change they the very not daily then

it the again. cycles other will and all So, in happens happen

benefit are biggest bank rates the that's and the the LCAs CGs, months, So, we in competition rates banks LCIs, We we more on last level about billion point lower, okay? can believe me interest so products. have to okay, for And and is today on. once the XX BRLX XX this interest the of than

Neha Agarwala

money level equities ask, X% inflows sufficient XX% moving X%, your rates I around Perfect. do of or at in in, or to see new can would move the into coming maybe what view? you If back see at be even

Thiago Maffra

say, a say, today, with Hard daily at Brazilian Neha. again, you very risk But you liquidity. imagine to investor, to hard XX.XX% are it's can low invest that

nothing. month, percent one can So, doing a you point-something make okay,

so buy some say, time, don't guarantee, will cannot take more products to to people this I okay, have products. do rate of okay? in take it interest Brazil I FIGC, have with a level I to But to -- we So, for buy kind have okay, I some have anymore, of stuff. have risk. this I lower credit, longer

point, So, at will they move. some

Neha Agarwala

Thank Bruno. so much, you Perfect. Thiago,

Antonio Guimarães

It Thanks Neha. question. Thank one. you was the last for your

all for participating would in the call. So we you thank like to

to be good will discuss results night with a you later able, have IR the We the team, everyone. and

XP (XP) 14 Aug 232023 Q2 Earnings call transcript