XTB blamed the lower revenue and profit on lower volatility during Q2.
The broker onboarded 167,000 or 65.5% more new clients during H1.
The net
profit of the Polish forex and contracts for difference (CFDs) broker, XTB, slumped 12.2% to zł421 million during the first half (H1) of 2023 when compared to the
same period a year earlier. Similarly, the revenue of the broker fell 2% to zł818.9 million.
Lower Volatility
Impacts XTB’s Revenue in H1
XTB
disclosed the figures in its
preliminary results for the first six months of 2023 released today
(Wednesday). The broker saw a decline in its net profit and revenue despite
onboarding a record 167,000 new clients during the period. The number
represents a jump of 65.5% year-over-year (YoY) in new customers.
In
addition, while XTB’s active clients surged 44.4% YoY to 274,450, its CFD
profitability per lot, or profit on a per-trade basis, descended 17.4% YoY to
zł226. This is despite the fact that the company, which
is listed on the Warsaw Stock
Exchange, reported an increase of 18.5% YoY in its CFD volume. The
volume expanded to 3.6
million at the end of June.
Similarly,
XTB’s operating income in H1 2023 decreased 2.1% YoY to zł818.9 million,
with earnings before interest and taxes (EBIT) also dropping 16% YoY to
zł477.3 million. In the preliminary results, XTB
blamed the lower revenue on lower profitability from each trade.
“Contributing
to this decline was a lower profitability per lot of zł48, amounting to zł226
(H1 2022: zł274),” XTB explained. “This decrease is mainly the result of lower
volatility in the financial and commodity markets in Q2 2023, compensated in
part by the constantly increasing number of new clients (increase by 65.5%
YoY), combined with their high transactional activity expressed in the number
of CFD contracts concluded in lots.”
Earlier, XTB reported a record-breaking consolidated net profit of EUR 64.4 million (about zł285 million) for Q1 2023, which was an impressive increase of 19.9% YoY, Finance Magnates reported. The company attributed the profit to high volatility in financial and commodity markets driven by geopolitical tensions and banking crises. Additionally, XTB's strategic marketing initiatives have significantly contributed to a substantial increase in client numbers and transactional activities.
The net
profit of the Polish forex and contracts for difference (CFDs) broker, XTB, slumped 12.2% to zł421 million during the first half (H1) of 2023 when compared to the
same period a year earlier. Similarly, the revenue of the broker fell 2% to zł818.9 million.
Lower Volatility
Impacts XTB’s Revenue in H1
XTB
disclosed the figures in its
preliminary results for the first six months of 2023 released today
(Wednesday). The broker saw a decline in its net profit and revenue despite
onboarding a record 167,000 new clients during the period. The number
represents a jump of 65.5% year-over-year (YoY) in new customers.
In
addition, while XTB’s active clients surged 44.4% YoY to 274,450, its CFD
profitability per lot, or profit on a per-trade basis, descended 17.4% YoY to
zł226. This is despite the fact that the company, which
is listed on the Warsaw Stock
Exchange, reported an increase of 18.5% YoY in its CFD volume. The
volume expanded to 3.6
million at the end of June.
Similarly,
XTB’s operating income in H1 2023 decreased 2.1% YoY to zł818.9 million,
with earnings before interest and taxes (EBIT) also dropping 16% YoY to
zł477.3 million. In the preliminary results, XTB
blamed the lower revenue on lower profitability from each trade.
“Contributing
to this decline was a lower profitability per lot of zł48, amounting to zł226
(H1 2022: zł274),” XTB explained. “This decrease is mainly the result of lower
volatility in the financial and commodity markets in Q2 2023, compensated in
part by the constantly increasing number of new clients (increase by 65.5%
YoY), combined with their high transactional activity expressed in the number
of CFD contracts concluded in lots.”
Earlier, XTB reported a record-breaking consolidated net profit of EUR 64.4 million (about zł285 million) for Q1 2023, which was an impressive increase of 19.9% YoY, Finance Magnates reported. The company attributed the profit to high volatility in financial and commodity markets driven by geopolitical tensions and banking crises. Additionally, XTB's strategic marketing initiatives have significantly contributed to a substantial increase in client numbers and transactional activities.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa