XP Inc. reports Q1 net income R$1.24B vs. R$1.03B last year

Reports Q1 revenue R$4.56B vs. R$4.27B last year. Client Assets totaled R$1.3T in Q1, up 13% y/y and 3% q/q. Year-over-year growth was driven by R$119B net inflow and R$32B of market appreciation. In Q1, Net Inflow was R$24B, and Retail Net Inflow was R$20B, 1% lower q/q, and 53% higher y/y. Active clients grew 2% y/y and 0% q/q, totaling 4.7 million in Q1.