• XP average return on tangible equity for 2023 was 21.86, a 13.29% increase from 2022.
• XP average return on tangible equity for 2022 was 25.21, a 8.79% decline from 2021.
• XP average return on tangible equity for 2021 was 27.64, a 10.96% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.