However, the results for Q2 were significantly worse than those at the beginning of the year.
From April to June, the net profit dropped by nearly 50% to $40 million.
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 coming months. However, the second quarter casts a shadow over the report, showing significantly worse results compared to the beginning of the year.
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,” commented Paweł Szejko, the Chief
Financial Officer and Management Board Member of XTB. “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 ($40 million) compared to nearly PLN 303 ($77 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%.
However, the company is 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.
“This is partly due to the high profitability of CFD instruments based on gold, natural gas and cocoa prices. The second most profitable asset class was index-based CFD. Their share of the financial instruments revenue structure reached 37.2%, compared to 51.8% a year earlier,” the report explained.
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.
“The Company expects to be able to start operations in Indonesia in early 2025. As for Brazil, XTB is currently in the process of obtaining licences in this market, which is expected to take until 2025,” XTB added.
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 coming months. However, the second quarter casts a shadow over the report, showing significantly worse results compared to the beginning of the year.
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,” commented Paweł Szejko, the Chief
Financial Officer and Management Board Member of XTB. “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 ($40 million) compared to nearly PLN 303 ($77 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%.
However, the company is 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.
“This is partly due to the high profitability of CFD instruments based on gold, natural gas and cocoa prices. The second most profitable asset class was index-based CFD. Their share of the financial instruments revenue structure reached 37.2%, compared to 51.8% a year earlier,” the report explained.
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.
“The Company expects to be able to start operations in Indonesia in early 2025. As for Brazil, XTB is currently in the process of obtaining licences in this market, which is expected to take until 2025,” XTB added.
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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Don't miss out on our latest videos, interviews, and event coverage.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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