XTB Doubles YoY Revenue in Q3 2022

XTB (WSE: XTB), a Polish forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs brokerage group, published its financials for the third quarter of 2022, reporting an operating revenue of PLN 391.3 million. The figure came in 1 percent lower than the previous quarter but was almost twice as much as the same quarter last year.

The broker generated a net profit of PLN 236.2 million compared to PLN 104.3 million in the third quarter of 2021, which is a yearly rise of 126 percent. It is 4 percent higher than the second quarter’s net profit.

Other performance metrics of the broker improved significantly in the three-month period. The CFDs trading volume on the brokerage platform jumped by 52.7 percent from 1.044 million to 1.594 million lots of contracts.

New Clients

However, there was a slowdown in new customer acquisition. It acquired around 44,800 new clients between July and September. In addition, it gained 14,100 clients in the first 25 days of October. Last quarter's newly onboarded clients remained lower than the first two quarters: it added 55,300 clients in Q1 and 45,700 clients in Q2.

The average number of active clients in the quarter touched 151,700, which is a record for the broker. In the previous year's third quarter, this figure was 110,900, while it averaged 112,000 for 2021.

“Acquisition data show that the number of our clients is systematically growing, which was one of our main goals for this year,” Omar Arnaout, the CEO of XTB, said (translated from Polish).

Meanwhile, the broker is focused on strengthening its marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term campaigns. Last month, it signed the popular UFC champion, Conor McGregor as the brand ambassador.

“The development of technology makes investing more and more accessible and common. That is why we constantly modify our offer and introduce changes to it, which are to increase the interest in our services for both new and existing customers. Additionally, we intensified our advertising campaigns using brand ambassadors. With all this, we are strengthening our position on the market of global investment companies every quarter,” Arnaout added.