Net Profit for XTB Rises in the First Quarter Of 2022

XTB published its financial performance for the first quarter of 2022, where it revealed a gain of 183.7% in its net profit to touch the mark of PLN 252.6 million. Operating income for the firm also surged by 135.6% on a year-to-year basis, and the figure for the same stands at PLN 439.8 million.

The number of active clients increased by 44.7% in the first quarter of 2022. They now stand at 149,726 for the said period.

New clients were registered on the lower side as the statistics fell by 17.7% yearly. A total of 55,333 new clients were acquired by the firm in the first quarter of 2022. Profitability of CFD remained to test the mark of PLN 282 threshold with 68.4% on a year-to-year basis.

CFDs turned out to be the most profitable instruments based on the quotation of gold, crude oil, and natural gas price. Their volume increased by 39.9% on a year-to-year basis, valuing 1,560,739.

XTB Broker firm was founded in 2002 as an online firm for CFD and Forex. XTB Broker now operates in over 13 countries like the United Kingdom, Belize, and Europe. Five authorities regulate the firm: CySEC, International Financial Services Commission, SEC, CNMV, and Financial Conduct Authority.

It is headquartered in Warsaw and offers customer support via telephone, email, & chat. Newer traders interested in XTB should read a thoroughly-researched review of XTB before starting on the platform.

XTB reported that the rise resulted from high profitability on CFD instruments based on the German DAX stock index, the US 100 & US 50 indexes, and the Russian RUS 50 index.

The broker firm added that the second profitable asset class was commodity CFDs, with revenue in the first quarter of 30.2% compared to 53.8% for the same period in the previous year.

Factors that determined the success and rise of all the assets classes were:

  • High volatility in the commodity & financial market; and,
  • The constant rise in the average number of active clients.

It was pointed out that derivative instruments recorded an increase in their profitability of 68.4% as the trading amounted to PLN 1 560,7 thousand lots. The figure for the same quarter in the previous year was PLN 1 115,4 thousand lots.

XTB recently compared the statistics of the previous year’s fourth quarter. The number for operating income was PLN 183.6 million, with a net profit of PLN 238.3 million.

XTB improved its Earning Before Interest & Tax by 47.1% despite an increase in its operating expenses. The year-to-year growth of Earning Before Interest & Tax was PLN 82.9 million.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button