Polish FX and CFD brokerage group XTB achieved record quarterly revenues and almost maximum profits in the first quarter of 2024.
Continuing the successful trend of 2023, XTB's revenues in the first quarter of 2024 totaled PLN 556.0 million ($139 million), up from the same period last year. Net profit of PLN 302.8 million ($76 million) was lower than last year, but still a strong performance, FNG said.
XTB's client transactions averaged $194 billion per month in the first quarter, slightly higher than last year's $190 billion per month.
The company's management attributes this success to the dynamic development of the business, driven by clear trends in the equity and commodity markets, which have led to an increase in the client base and made trading financial instruments very attractive to investors.
As a result, XTB attracted a record number of new clients – 129.7 thousand, which is 24.5% more than last year, and the number of active clients increased by 45.5% year-on-year to 378.5 thousand.
The main factors contributing to XTB's record revenues were the volatility of the financial markets and the increase in the number of active clients, which led to an increase in transaction activity. The volume of transactions with CFD instruments amounted to 1,964.9 thousand lots, and the profit per lot was PLN 283.
The broker noted that CFDs on commodities were leading in the first quarter of 2024. Their share in the revenue structure in the first quarter of 2024 amounted to 48.7%. This is due to the high profitability of CFD instruments based on commodities: natural gas, gold, and cocoa. The second most profitable asset class was CFDs on indices. The share of this instrument in the revenue structure was 41.9%.
The report also stated that XTB's operating costs in Q1 2024 reached PLN 204.7 million, which is PLN 20.5 million higher than last year's Q1 data (PLN 184.2 million).
According to the company's Management Board, total operating costs in 2024 could be even higher, by about a quarter. This is due to the dynamic development of the company, whose priority is to further expand its client base.
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