Now you are reading
Net profits of XTB strongly up

Net profits of XTB strongly up

created Paweł Mosionek21 March 2017

Yesterday, the financial results for the fourth quarter of the Polish broker listed on the WSE - X-Trade Brokers SA were published. The company can boast of results close to historical maximums. The net profit soared up by 206%, reaching the value of PLN 50,4 million. At the same time, this result is very close to the record profits from 2015. XTBM reported 77,7 million of consolidated net profit in 2016 against 119,0 million PLN a year earlier.

In its communiqué, the Management Board assesses the situation on financial markets in the fourth quarter of 2016 as favorable for XTB. There has been positive volatility on CFD instruments related to stock exchange indices and on USD currency pairs and commodities such as gold or oil. These are instruments that have been extremely popular with retail traders in recent years.

XTB is gaining thanks to new guidelines

The broker is observing from quarter to quarter the growing number of newly opened accounts and their increase in the percentage of activity.

Paweł Szejko, Member of the Management Board for Finance:

"Some competitors have made the decision to withdraw from the market due to the pressure which resulted from their introduction of additional restrictions and legal barriers. In particular, this concerned entities with an unremarkable market position. We see this as an opportunity to consolidate the market. This situation creates opportunities for us to develop and increase the number of new bills. "

Undoubtedly, the withdrawal from the Forex market of several key players, such as BZ WBK, PKO BP and, above all, HFT Brokers, had a positive effect on the increase in the number of clients in the last quarter and had a significant impact on the results.

Plans and perspectives

The goal for the nearest future that the management board of XTB sets itself is to accelerate the company's development by expanding the offer and customer base. These are also plans for geographical expansion into new markets, incl. in Latin America - mainly Chile.

In addition, the management board expects a decrease in operating costs and a reduction in marketing costs.

What do you think?
I like it
Heh ...
I do not like
About the Author
Paweł Mosionek
An active trader on the Forex market since 2006. Editor of the Forex Nawigator portal and editor-in-chief and co-creator of the website. Speaker at the "Focus on Forex" conference at the Warsaw School of Economics, "NetVision" at the Gdańsk University of Technology and "Financial Intelligence" at the University of Gdańsk. Twice winner of "Junior Trader" - investment game for students organized by DM XTB. Addicted to travel, motorbikes and parachuting.

Leave a Response