The stock price of XTB has seen double-digit growth on Monday morning as the Polish brokerage received a positive review report from the Polish Financial Supervision Authority (KNF).
As detailed by the brokerage, the Polish risk assessment framework (BION) score was received for its dividend distribution for the year 2019 with a positive outlook for 2020.
“[The KNF’s] position on dividend policy in 2021 indicates that the current supervisory rating for XTB is at the level recommended by the Polish Financial Supervision Authority criteria, which should allow the Company to pay out dividends for the current financial year [with certain] criteria,” the broker noted in an announcement.
The news in the morning trading hours resulted in the jump of publicly-traded XTB shares by over 10 percent. As of press time, each share of the brokerage is trading at PLN 18.20, 12 percent higher than the previous day’s close.
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Solid Business Performance
Regulated by the watchdogs in Poland, the United Kingdom and Spain, XTB offers trading services with several assets, including forex, indices, commodities, stock CFDs and cryptocurrencies.
Additionally, it is planning to expand its services in Asia next year to meet its global growth targets.
“We assume that by the end of the year we will be able to parameterize the Asian market so that we can start operating on it at the beginning of 2021,” Omar Arnaout, CEO at X-Trade Brokers DM SA, said earlier.
Meanwhile, the broker is posting constant growth in profits for the last several quarters. For the third quarter of 2020, the broker reported a 129.1 percent jump in revenue year-on-year. Furthermore, the client activity on the brokerage soared to a record last quarter.