The publicly-listed
Polish retail trading company XTB has announced record-breaking revenue for the
first half of 2024, showcasing growth across key metrics and outlining plans for product expansion in the next months.
XTB Posts Higher Revenues
and Client Numbers in H1 2024
The company
reported consolidated revenue of $938.1 million, a 12.9% increase
year-over-year, while net profit rose 10% to $463.0 million despite higher
marketing and employment costs. XTB’s client base expanded significantly, with
232,300 new clients added in the first half, bringing the total to 1.11
million.
“The
first half of the year is record-breaking in many respects,” Paweł Szejko, the Chief
Financial Officer and Management Board Member of XTB, commented. “In 6 months
of this year, we generated more revenue than in the entire year of 2020 or
2021, which shows the scale of XTB’s growth in recent years.”
The second quarter, however, performed significantly worse than the first three months of 2024. From April to June, the net profit was PLN 160 million compared to nearly PLN 303 million reported from January to March.
Nevertheless, the number of active clients remained very high throughout the period, reaching 462,771, up from 307,511 reported in the first half of 2023, surging by more than 50%.
From CFD Broker to Investment
App
XTB’s
trading volume in CFD contracts increased 8.7% to 3.93 million lots, with
profitability per lot rising 3.9% to $239. Commodity-based CFDs were the most
profitable asset class, accounting for 48.2% of revenue, followed by
index-based CFDs at 37.2%.
The company
is, however, advancing its transformation from a CFD broker to a universal
investment app. Nearly 80% of new clients now start by investing in stocks,
ETFs, or creating Investment Plans. Net deposits more than doubled to $3.80
billion, reflecting growing client trust and the introduction of interest on
free funds.
New Products and New
Markets
XTB
outlined several product initiatives for the near future. These include the
launch of government and corporate bond offerings in September, the
introduction of IKE retirement accounts for Polish investors, and the debut of
a virtual wallet with a multi-currency card by year-end.
The company
is also pursuing international expansion, with plans to enter the Brazilian and
Indonesian markets. Operations in Indonesia are expected to commence in early
2025, while the licensing process in Brazil is ongoing.
As part of
its global marketing strategy, XTB has signed an agreement with a new brand
ambassador, with commercials featuring the individual set to air later this
year.
The publicly-listed
Polish retail trading company XTB has announced record-breaking revenue for the
first half of 2024, showcasing growth across key metrics and outlining plans for product expansion in the next months.
XTB Posts Higher Revenues
and Client Numbers in H1 2024
The company
reported consolidated revenue of $938.1 million, a 12.9% increase
year-over-year, while net profit rose 10% to $463.0 million despite higher
marketing and employment costs. XTB’s client base expanded significantly, with
232,300 new clients added in the first half, bringing the total to 1.11
million.
“The
first half of the year is record-breaking in many respects,” Paweł Szejko, the Chief
Financial Officer and Management Board Member of XTB, commented. “In 6 months
of this year, we generated more revenue than in the entire year of 2020 or
2021, which shows the scale of XTB’s growth in recent years.”
The second quarter, however, performed significantly worse than the first three months of 2024. From April to June, the net profit was PLN 160 million compared to nearly PLN 303 million reported from January to March.
Nevertheless, the number of active clients remained very high throughout the period, reaching 462,771, up from 307,511 reported in the first half of 2023, surging by more than 50%.
From CFD Broker to Investment
App
XTB’s
trading volume in CFD contracts increased 8.7% to 3.93 million lots, with
profitability per lot rising 3.9% to $239. Commodity-based CFDs were the most
profitable asset class, accounting for 48.2% of revenue, followed by
index-based CFDs at 37.2%.
The company
is, however, advancing its transformation from a CFD broker to a universal
investment app. Nearly 80% of new clients now start by investing in stocks,
ETFs, or creating Investment Plans. Net deposits more than doubled to $3.80
billion, reflecting growing client trust and the introduction of interest on
free funds.
New Products and New
Markets
XTB
outlined several product initiatives for the near future. These include the
launch of government and corporate bond offerings in September, the
introduction of IKE retirement accounts for Polish investors, and the debut of
a virtual wallet with a multi-currency card by year-end.
The company
is also pursuing international expansion, with plans to enter the Brazilian and
Indonesian markets. Operations in Indonesia are expected to commence in early
2025, while the licensing process in Brazil is ongoing.
As part of
its global marketing strategy, XTB has signed an agreement with a new brand
ambassador, with commercials featuring the individual set to air later this
year.
This post is originally published on FINANCEMAGNATES.
