SAO PAULO, May 21 (Reuters) - Brazilian brokerage XP said on Tuesday net profit jumped 29% in the first quarter from a year earlier, with net revenues coming in almost in line with market expectations, still boosted by fixed-income.

The U.S.-listed company, which also operates as an investment firm and an advisor in deals, reported a 1.03 billion reais ($201.3 million) net profit for the quarter ended in March.

Its net revenue rose 29% year-on-year to 4.05 billion reais, while analysts polled by LSEG expected a 4.03 billion reais revenue.

Its main retail business, through which it intermediates investments for individuals, grew revenues by 22% in gross terms, with fixed income revenue standing out, as it more than doubled year-on-year.

XP revenues were also boosted by its corporate and issuer services business, which posted gross revenues rising 91% amid a strong market for debt issuance in Brazil.

The country's central bank has cut the benchmark interest rate Selic by a total of 325 basis points since last August. Even so, equities volume has not shown yet a material recovery from the levels it reached before the easing cycle, when rates were at high since 2016.

XP posted earnings before taxes (EBT) at 1.09 billion reais, up 33%, while EBT margin rose to 26.9% from 26%. ($1 = 5.1167 reais) (Reporting by Paula Arend Laier and Andre Romani Editing by Chris Reese and David Gregorio)