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    Marcelo

    Senior Analyst at Bradesco BBI

    Marcelo Medeiros is a Senior Analyst at Bradesco BBI, specializing in the coverage of Brazilian equities with a focus on leading consumer and industrial companies such as Ambev, Natura, and Suzano. Throughout his tenure at Bradesco BBI, Marcelo has been recognized for his thorough sector analysis and has earned high marks for forecast accuracy and company insight, although specific performance metrics such as TipRanks rankings are not publicly available. He started his career in equity research in the mid-2010s, previously holding analyst roles at firms including HSBC and Banco Safra before joining Bradesco BBI in 2019. Marcelo holds a CFA charter and maintains active securities analyst registration with Brazilian regulatory bodies.

    Marcelo's questions to XP (XP) leadership

    Marcelo's questions to XP (XP) leadership • Q4 2024

    Question

    An analyst from Bradesco BBI asked about the significant increase in bonus expenses during the fourth quarter and how to forecast this line. He also inquired if the current level of provisions, around BRL 100 million, should be considered the new recurring run-rate.

    Answer

    CFO Victor Mansur confirmed that provisions should be expected in the BRL 100-110 million range per quarter going forward, a slight increase due to loan book growth. CEO Thiago Maffra explained the Q4 bonus increase was a direct result of the company achieving 100% of its internal budget, which triggered higher performance-based compensation. He stressed that overall compensation and efficiency ratios remain at all-time lows and are expected to improve annually.

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