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A significant increase in XTB profits in the fourth quarter of 2016.
X-Trade Brokers recorded an almost record level of profits in the last quarter - we read in the company's announcement. A press release was released yesterday regarding preliminary financial results for the fourth quarter of 2016. The increase in the consolidated net profit compared to the same period was as much as 212%. XTB earned as much as PLN 51,4 million against PLN 16,5 million in Q2015 2016. Thus, it was the company's best quarter in the entire XNUMX.
“X-Trade Brokers recorded a nearly 212% increase in the consolidated net profit in the fourth quarter of 2016 compared to the same period of the previous year. The net profit in this period amounted to PLN 51,4 million compared to PLN 16,5 million profit a year earlier. The fourth quarter was thus a record for the Group throughout 2016, reaching levels comparable to the best record quarters in the history of XTB 2015. "
The Management Board explains that the reason for this is a marked improvement in volatility on key instruments such as CFDs on stock indices (DAX, DJIA, S & P500), USD currency pairs and commodities such as oil and gold.
“In the fourth quarter of 2016, the situation on the financial markets was favorable for XTB. We observed high volatility on CFD instruments based on indices (German DAX and American DJIA and S & P500), USD currency pairs or commodities such as gold or oil, which are significant from the point of view of our income level. As a result, the Group generated PLN 94,1 million of operating revenues, which means an increase by PLN 36,7 million, or 64% y / y. " - says Paweł Szejko, Member of the Management Board for Finance. " - Paweł Szejko
It is true that the net profit in 2016 decreased by approx. 34% y / y, but this is not a special surprise, because in the previous report for the third quarter, the company informed about a clear drop in profits due to the clearly low market volatility. Very good news is the increase in the number of new accounts by 17% y / y and the average number of active accounts by 26% y / y. To some extent, this may be the result of customer migration and withdrawal from the Polish Forex market of companies such as HFT Brokers, DM BZ WBK and DM PKO BP.
“XTB is consistently expanding its customer base for future growth. The number of new accounts and the average number of active accounts increase from quarter to quarter. In Q2016 17, the number of new accounts increased by 26% y / y, and the average number of active accounts increased by XNUMX% y / y. The management believes that the growing number of new and active accounts and a strong brand are a strong foundation for future growth with favorable volatility in the markets. "
More about XTB
X-Trade Brokers SA is the oldest Polish Forex broker that has been present on the market since 2004. It is considered the largest broker in the region of Central and Eastern Europe, which is available in as many as 12 countries and has licenses of regulatory authorities in countries such as Poland, Great Britain, Turkey, Cyprus and Uruguay. On May 6, 2016, the company debuted on the Warsaw Stock Exchange and is currently included in the SWIG80 index. XTB has been in the group of Forex Club partners since September 2016.
