XP (XP) reported Q1 adjusted earnings late Monday of 2.49 Brazilian reais ($0.50), up from 2.29 reais a year earlier.

Analysts polled by FactSet expected 2.56 reais.

Net revenue for the quarter was 4.73 billion reais, up from 4.39 billion reais a year earlier.

Analysts surveyed by FactSet expected 4.85 billion reais.

The company authorized a new share buyback program of up to 1 billion reais.

The company sets dividend of $0.20 per share, payable June 18 to stockholders of record June 10.