Publicly listed Polish FX and CFDs brokerage XTB has reported its preliminary results for Q3 2017, displaying record numbers across key components of its business on a year-over-year basis, per an XTB financial disclosure.
Compared to a period of weak growth in the third quarter of 2016, XTB has seen pronounced gains in its financial figures. More specifically, during Q3 2017 XTB disclosed a total operating revenue of $20.2 million (PLN 73.06 million), which was up 70.7 percent year-over-year from $11.9 million (PLN 42.8 million) in Q3 2016.
In addition, XTB saw its operating expenses stable in Q3 2017, after seeing a figure of $9.6 million (PLN 34.7 million) – this was virtually unchanged year-over-year from PLN 34.4 million in Q3 2016.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
The largest change across XTB’s financial results came in terms of its net profit, which rose sizeably to $8.67 million (PLN 31.3 million) in Q3 2017, up 640 percent year-over-year from $1.16 million (PLN 4.2 million) in Q3 2016. This solid performance was also seen across a YTD timetable, with the first 9 months of the year showing a profit of $16.8 million (PLN 60.7 million), compared to $7.5 million (PLN 27.2 million) in the year prior.
Coupled with this advance, XTB has registered an increasing number of active accounts with 20,549 as of Q3 2017, growing steadily from 16,984 in Q3 2016, or 21 percent year-over-year. New accounts were also on the uptick, swelling 40 percent year-over-year to 11,278 in Q3 2017, relative to just 8,060 accounts in Q3 2016.
One of the group’s most noteworthy findings was its net deposits, which despite the overall strong financials, fell to $15.7 million (PLN 56.8 million), down 6.5 percent year-over-year from $16.8 million (PLN 60.7 million) in Q3 2016.
According to a company statement, XTB expects the increase of client accounts to accelerate in Q4 due to its marketing activity and introduction of new products. In addition, the company sees German, French and Latin American markets as the biggest contributors for its business growth in the months ahead.
Finally, XTB said its operating revenues were primarily influenced by the stock CFDs segment as the asset class generated 49.4% of the company’s total revenue compared to 61.5% a year earlier.