May 12, 2020 / 8:12 PM / 2 months ago

Brazilian digital broker XP quarterly profit nearly doubles

May 12 (Reuters) - Brazil’s XP Inc reported a near 90% surge in quarterly profit on Tuesday, as the market volatility wrought by the coronavirus crisis bolstered assets under the digital broker’s custody.

Net income rose to 398 million reais ($67.77 million), in the first-quarter ended March 31, from 210 million reais, a year earlier.

XP’s assets under custody jumped 58% to 366 billion reais. ($1 = 5.8724 reais) (Reporting by C Nivedita in Bengaluru and Carolina Mandl in Sao Paulo; Editing by Shailesh Kuber)

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