As of third quarter this year, the same KPIs are BRL1.1 trillion of clients’ assets, 4.4 million active clients and 14,300 IFAs. The development of the main KPIs in investments fostered the way for potential upside as the market recovers. And number two, new verticals continue to help offset macro headwinds, diversifying our business and increasing the resilience of our model. If we can compare the last 12 months revenue with 2021 revenue, new verticals have increased approximately 182%. In summary, there is potential for growth as the market recovers, although we expect a more gradual recovery, considering the pace of interest rate cuts the terminal interest rate debate and the impacts for riskier assets, and we keep increasing the resilience and diversification of our business model.
Moving to slide 11. Corporate and Issuer Services, together with retail fixed income were the highlights of third quarter ’23 results. This shows the importance of our strategy to keep diversifying our revenue stream, opening new addressable markets as corporate, for example, and connecting everything with our core retail. This quarter, Corporate and Issuer Services revenue which reached all-time high record at BRL519 million, grew 83% quarter-over-quarter and 19% year-over-year. Corporate had its better quarter year-to-date, probably the best quarter for the year, reaching BRL197 million of revenue, benefiting from derivative demand from our corporate clients, also related to DCM activity in the period. Issuer Services reached the highest level in 11 quarters at BRL322 million, a growth of 105% quarter-over-quarter and 41% year-over-year.
The positive result was led by DCM activity, as I already said, rewarding some underwriting we did with good corporate quality names in the first quarter this year when DCM market became dysfunctional after Americanas events. We do not expect the same magnitude of revenue for Corporate and Issuer services in the fourth quarter. Moving to slide 12. Total SG&A, excluding revenue from incentives, has increased to BRL1.5 billion, as already anticipated in our previous quarter. The main impact on third quarter were inclusion of Modal expenses, which represented BRL111 million and the seasonal expenses related to the Expert Event around BRL60 million. The ratio between people and non-people expenses were 68% people and 32% non-people, in line with the long-term trend of 70% and 30%, respectively.
When we gave our SG&A guidance between BRL5 billion and BRL5.5 billion for the year, Modal was not being considered. Even including Modal in our numbers, the SG&A guidance remains the same. On slide 13. As we said on the last earnings call, we remain focused on cost discipline, keeping both efficiency and comp ratios near all-time lows since our IPO. Last 12 months efficiency ratio decreased from 38.3% to 37.3% quarter-over-quarter, close to our lowest level since fourth quarter ’19 when we reached 37.1% efficiency ratio. Compensation ratio decreased from 26.8% to 25.7% quarter-over-quarter, the best level in 12 quarters sequentially. It is natural to assume higher levels of comp ratio when compared to 2020 when our share-based compensation program was just kicking in.
Our cost control discipline is a priority and has played an important role in our operating margins, which we are going to talk on the next slide. EBT, a good proxy for earnings power, reached BRL1.157 billion this quarter, an 18% growth year-over-year and 20% growth quarter-over-quarter. It is our all-time high quarterly EBT, beating the fourth quarter ’21 EBT at the peak of the last bull market side. Our EBT margin has also improved in the quarter, increasing 86 bps year-over-year and 74 bps quarter-over-quarter, driven by operating leverage. Excluding Modal, our EBT margin would have been 28.8%. Our year-to-date EBT margin is in line with our annual guidance between 26% and 32% from 2023 to 2025. Moving to the next slide. Our net income also benefited from operating leverage reaching BRL1.087 billion this quarter, up 11% quarter-over-quarter and 5% year-over-year.
Despite the best quarterly net income in our history, the growth has been lower when compared to EBT growth. We expect this to be the trend given our accounting tax expenses should be higher going forward in the next years to come. In terms of net margin, third quarter ’23 presented a 26.3% margin, a 123 bps decrease quarter-over-quarter and the 218 bps decrease year-over-year. Export Modal and higher tax expenses in the quarter are the main reasons behind lower net margin sequentially. Excluding the impact from both Modal and Expert in the quarter, net margin would have been around 100 bps higher and flat quarter-over-quarter. Now moving to the last slide. Our return on average equity has continued to grow sequentially. In third quarter ’23, our annualized ROAE reached 22.6%, increasing 58 basis points quarter-over-quarter despite Modal’s effect, which added BRL2 billion to our equity.
