Publicly listed Polish FX and CFDs brokerage XTB has reported its preliminary results for Q1 2018, 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 first quarter of 2017, XTB has seen noticeable gains in its financial figures. More specifically, during Q1 2018 XTB disclosed a total operating revenue of $33.0 million (PLN 113.7 million), which was up 94 percent year-over-year from $17 million (PLN 58.7 million) in Q1 2017.

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The company attributed the solid revenues to higher trading volumes and the improved profitability per lot. Turnover was higher by 135,3 thousand lots and unit profitability by PLN 59,7 year-over-year.

Also, XTB saw its operating expenses stable in Q1 2018, after seeing a figure of $12 million (PLN 41 million) – this was up 12 percent year-over-year from ‎$10.6 million (PLN 36.6 million) in Q1 2017.

The most significant change across XTB’s financial results came regarding its net profit, which rose sizeably to $17.3 million (PLN 59.4 million) in Q1 2018, which is five and half times higher than the $3.1 million (PLN 10.6 million) it earned in 2017.

Coupled with this advance, XTB has registered an increasing number of active accounts with 25,279 as of Q1 2018, growing steadily from 20,408 in Q1 2017, or 24 percent year-over-year. New accounts were also on the uptick, swelling 20 percent year-over-year to 15,910 in Q1 2018, relative to just 13,280 accounts in Q1 2017.

One of the group’s most noteworthy findings was its net deposits, which despite the strong overall financials, fell to $25.3 million (PLN 87 million), down -19 percent year-over-year from $31.3 million (PLN 107.8 million) in Q1 2017.

According to a company statement, XTB expects the increase of client accounts to accelerate in Q2 due to its marketing activity and the introduction of new products. Also, the company sees Latin American markets as one of the biggest contributors to its business growth in the months ahead and expects to offset liquidation of its business in Turkey.

Finally, XTB said its operating revenues were primarily influenced by the stock CFDs segment as the asset class generated 57.5 percent of the company’s total revenue compared to 72 percent a year earlier. Revenues from forex CFDs amounted to nearly 30 percent of total revenues and XTB noted that the most popular currency pair was EURUSD.