XTB Reports Record Quarter, Revenues Rise to $23.2m

Publicly listed Polish Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs trading brokerage XTB has announced its financials for the fourth quarter of 2016. The company reports that its revenues increased by 64 percent when compared to a year ago.

XTB also reported a decline in operating expenses to

[gptAdvertisement]$9.4 million, which is lower by almost 9 percent when compared to a year ago. The company’s bottom line has increased by 212 percent with net profits coming in at $12.7 million in the final quarter of 2016.

Commenting on the results, the company’s management states: “The fourth quarter was a record quarter for the Group throughout 2016. The levels reached are comparable to the best quarters of the record 2015.”

“In the fourth quarter of 2016, the situation on the financial markets was favorable for XTB. We observed high Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term on instruments which are relevant in our revenues structure: CFDs on indices based on the German DAX, the US DJIA and S&P500, currency pairs including the USD and commodity CFDs based on gold and oil,” the company’s management elaborated.

Salary costs and employee benefits totalled $4.2 million, while marketing expenses reached a level of almost $2.15 million. The company highlighted that the company’s management board intends to keep operating expenses stable, similar to the fourth quarter of 2016.

Key Performance Indicators

Looking at key performance indicators, the number of active accounts has increased by about 4,000 when compared to the fourth quarter of 2016. New accounts have risen by 1,400 year on year, while net deposits have skyrocketed by 69 percent to almost $28.8 million.

The average operating income per client totalled $1200, which is an increase of 32 percent.

Full Year Results Trailing 2015

Despite the positive fourth quarter, the full year results of the company have disappointed. Throughout the year total revenues declined by about 11 percent to $61.8 million.

Operating expenses of the brokerage have increased by almost 19 percent to just above $41.3 million. XTB’s net profit for 2016 declined by 34 percent to $19.4 million.

Recently the company and its longstanding CEO Jakub Maly parted ways, with Jakub Zablocki replacing him as interim CEO until April 2017.