SAO PAULO (Reuters) -Brazilian financial services provider XP Inc. posted on Tuesday a 1.04 billion-real ($210.80 million) net profit for the fourth quarter, up 33% from a year earlier.
XP, which operates from brokerage to asset manager, said its gross revenue was at 4.31 billion reais in the quarter ended in December, rising 29% from the same period a year earlier.
Its main retail business, through which it intermediates investments from individual investors, rose 24% year-on-year, with equities, a segment it has been struggling to accelerate growth amid still double-digit rates, increasing 19%, while fixed income jumped 76%.
In the first three quarters of the year XP had posted flat performance year-on-year on equities segment for retail costumers.
Separately, XP said its board has approved a new program to buyback up to 2.5 million Class A common shares until December 27.
($1 = 4.9335 reais)
(Reporting by Paula Arend Laier and Andre Romani; Editing by Steven Grattan)
