XTB Grows Client Base by Nearly 50% But Struggles with Profit Decline in Q1

While XTB welcomed a record number of new clients in the first quarter of 2024, the surge in users failed to offset the impact of declining quarterly net profit.

The Polish brokerage's net profit slipped by more than a quarter year over year, from PLN 302.7 million to PLN 193.9 million, according to the company's preliminary financial and operating results for the first quarter of 2025.

Weaker Trading Offsets Client Boom

XTB’s consolidated income for Q1 2024 came in at PLN 580.3 million, up from PLN 555.9 million in the same period last year—a 4.3% increase.

“The ended quarter confirmed the effectiveness of these activities, which allowed the Group to acquire a record number of over 194,000 new customers (+49.8% y/y) and thus exceed the number of 1.5 million total customer milestone (an increase of 51.5% y/y),” the company noted.

“At the same time, the number of active clients was also record-breaking, increasing by 76.5% y/y from 416.6 thousand in Q1 2024 to 735.4 thousand,” XTB added.

Revenue increased 24% quarter over quarter to PLN 580.3 million. The company attributed the boost to the increase in the number of active clients and high transaction activity. Operating costs were PLN 315.8 million, a 54% increase compared to PLN 205 million in the first quarter of last year.

Expanding Client Base

Despite the revenue pressures, XTB’s growth in client numbers hit new records. The broker onboarded 194,304 new clients in the first three months of the year, and its total number of active clients now exceeds 1.5 million.

Beyond payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, XTB made notable progress in its long-term investment offering. In Poland, the company added pending order functionality to its IKE (Individual Retirement Account). UK users can now transfer assets into XTB from their existing ISAs, either fully or partially.

But the biggest step came in France, where XTB launched the Plan d'Épargne en Actions (PEA)—a stock and ETF account that allows tax exemptions on capital gains for holdings maintained over five years. Clients can invest up to €150,000 under this scheme, appealing directly to long-term savers in one of Europe’s largest retail investing markets.

Geographically, XTB is planning more expansion. The Company expects to start operations in Indonesia in the first half of 2025. In Brazil, XTB is working on getting a license, which should be completed sometime in 2025.

In other markets, XTB reportedly obtained a securities agent license in Chile, allowing it to offer ETFs and shares of listed companies worldwide. It now aims to launch operations in the region. In addition, a second office has been opened in Dubai.