Brazil's XP reports 9% bump in third-quarter profit

Reuters11-20 06:25

Brazil's XP reports 9% bump in third-quarter profit

Adds details from earnings report

SAO PAULO, Nov 19 (Reuters) - Brazilian brokerage and investment platform XP XP.O on Tuesday posted a 9% rise in its third-quarter net income from a year earlier.

XP posted a record 1.19 billion real ($206.3 million) net profit for the quarter ended in September, slightly below the 1.22 billion real profit expected by analysts polled by LSEG.

WHY IT'S IMPORTANT

XP, which is a U.S.-listed company, is one of the largest brokers in Brazil. It also operates as an investment firm and adviser.

BY THE NUMBERS

XP reported a net revenue of 4.32 billion reais in the third quarter, 5% higher than a year earlier and compared to the 4.36 billion reais expected by analysts.

The firm also announced it would dole out 2 billion reais in fresh dividends, and launched a 1 billion real share buyback.

($1 = 5.7676 reais)

(Reporting by Alberto Alerigi Jr. and Isabel Teles in Sao Paulo; editing by Jonathan Oatis and Anna Driver)

((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))

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