XP - XP Inc. (XP) Q1 2024 Earnings Call Transcript
2024-05-21 21:05:26 ET
XP Inc. (XP)
Q1 2024 Results Conference Call
May 21, 2024 05:00 PM ET
Company Participants
Andre Parize - Head, Investor Relations
Thiago Maffra - Chief Executive Officer
Bruno Constantino - Chief Financial Officer
Conference Call Participants
Thiago Batista - UBS
Jorge Kuri - Morgan Stanley
Renato Meloni - Autonomous Research
Antonio Huet - Bank of America
Neha Agarwala - HSBC
Tito Labarta - Goldman Sachs
Presentation
Andre Parize
Good evening, everyone. I'm Andre Parize, Head of Investor Relations at XP Inc. It's a pleasure to be here with you today. On behalf of the Company, I would like to thank you all for the interest and welcoming to our '24 First Quarter Earnings Call. This quarter's results will be presented by our CEO, Thiago Maffra and our CFO, Bruno Constantino, who will both be available for the Q&A session right after the presentation. [Operator Instructions].
And before we begin our presentation, please refer to our legal disclaimers on Page 2 on which we clarify forward-looking statements, additional information on forward-looking statements can also be found on the SEC filings section in our IR website.
So now, I'll turn it over to Thiago Maffra. Go evening, Maffra.
Thiago Maffra
Good evening, everyone. Thank you for joining us today on our 2024 first quarter earnings call. It's a pleasure to be here tonight. Before we review our financial results, it's important to acknowledge the devastating floods that have impacted Rio Grande do Sul, resulting in tragic loss of lives and homes. It's particularly heartbreaking as XP began its journey in a small 200 square foot of [St. Porto Alegre]. During this difficult time, we are committed to supporting the affected communities. Our hearts go out to all those affected.
Now let us discuss our quarterly performance and the steps we are taking to ensure our continued growth and commitment to all our stakeholders, as we continue our conversation today, I want to reiterate our commitment to serving our clients by delivering innovative and high-quality service. I am proud to announce that during this quarter, we have implemented a sophisticated and stable financial planning tool. This technology provides us with a clear view of our clients' financial cycles in enhancing our service offerings. Additionally, it integrates seamlessly with our recently launched open investments initiative, which broadens our ability to present diverse investment alternatives at better rates and lower price. I will revisit this topic shortly to provide more details on how it functions.
Before we delve into our financial performance, it's crucial to address the macroeconomic environment, which remains challenging. The first quarter of 2024 began with terminal interest rates expectations nearing 9% per year, controlled inflation and appreciating real and a managed fiscal situation. However, as the quarter progressed, we saw interest rates adjust to 10%, a slightly depreciation of the real and an ongoing fiscal challenge. In terms of market activity, the appetite for equities has continued the trend from previous quarters with slightly lower turnover while attention remains focused on fixed income....
XP Inc. (XP) Q1 2024 Earnings Call Transcript