The Management Board of XTB, a global 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 broker listed on the Warsaw Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term in Plan, has announced its decision to pay 50% of the company’s estimated net profit of PLN 761.6 million ($171.6 million) in 2022 as dividends to its shareholders. The Board, which intends to pass on the decision to XTB’s Supervisory Board and General Meeting, also recommended setting aside 25% of the profit to buy back shares of the company.

The percentages amount to PLN 381.5 million ($86 million) in dividend payments at PLN 3.25 or $0.73 dividend per share and PLN 188.7 million ($42.5 million) in share repurchase, XTB disclosed in a statement published on the Polish Press Agency.

XTB’s Net Profit Skyrockets in 2022

Finance Magnates reports that XTB’s net profit jumped 214.4% to $171.6 million in 2022 although the broker reported a significant profit slide in its preliminary quarterly financials for the fourth quarter of the past year.

Furthermore, the broker’s operating revenue hit a record $325 million last year, which is a 125% growth from the previous year’s $144.2 million. However, with 75% of the profit allocated to dividends and share repurchase, XTB intends to set aside the remaining PLN 191.4 million ($43 million) as reserve capital.

XTB Seeks Polish Regulator’s Permission for Share Buyback

In the report, XTB explained that the implementation of the recommendations is dependent on whether the Polish Financial Supervision Authority grants its request to repurchase approximately 5.7 million or 4.84% of the total shares in the company by December 31, 2023.

Moreover, the broker noted that if the Polish regulator fails to grant the request or extends the time for the request to be granted, the Management Board will recommend paying 75% of the 2022 net profit as a dividend to shareholders. This represents approximately 570.5 million ($128.5 million) in total dividend payments and PLN 4.86 ($1.09) in dividends per share, the company said.

Meanwhile, the Polish Supreme Administrative Court (NSA) recently dismissed a cessation appeal filed by XTB against the financial markets regulator’s decision to impose a financial penalty of PLN 9.9 million (over $2.2 million) on the brokerage firm in 2018.