Guillermo Greizmann's questions to XP Inc (XP) leadership • Q4 2024
Question
An analyst from JPMorgan Chase & Co. questioned the BRL 0.5 billion mark-to-market loss in OCI, seeking clarity on the hedging strategy for warehoused securities. They also challenged the company's capital generation, suggesting that RWA growth outpaced ROT, potentially threatening the >50% payout guidance.
Answer
CEO Thiago Maffra clarified the OCI impact was from balance sheet hedges, not the warehouse book, creating a temporary accounting distortion that a new regulation should resolve in 2025. CFO Victor Mansur explained that RWA growth is driven by the scaling of the new, high-ROE wholesale banking business where revenue growth is outpacing risk. Maffra reaffirmed the company is comfortable with its capital position and remains committed to the >50% payout ratio guidance.