XTB has released its preliminary financial and operating results for the third quarter. In these results, they disclosed a decline in revenue and net profit due to a drop in market volatility. Furthermore, the firm's consolidated revenue also took a hit, decreasing 29.5% year-on-year (YoY), from PLN 391.3 million to PLN 275.7 million.

The main contributor to this reduction was the low profitability per lot, which fell from PLN 245 to PLN 137. However, this decline was offset by a surge in active clients, which increased 47.1% YoY. As a result of this increase in active clients, XTB's transaction volume in CFD instruments soared to 2,011.5 thousand lots, up from 1,594.6 thousand lots in the third quarter of 2022.

XTB's Commodity-Based CFDs Soar

Moving on to XTB's Commodity-Based CFDs, they played a leading role in the third quarter of 2023, contributing 47.7% of the total revenue on financial instruments. XTB explained that these CFDs were particularly profitable due to their basis on commodities such as oil, gold, and wheat.

CFD instruments tied to indices closely trailed behind, making up 25.4% of revenue. Additionally, CFDs based on currency pairs formed the next significant contributor, accounting for 22.2% of total revenues, with the most profitable instruments originating from currency pairs like EURUSD, USDJPY, and GBPUSD.

Moreover, XTB experienced growth in its client base. The online investing platform has acquired 234,704 new clients since the beginning of the year, representing an increase of 60% from the previous year.

XTB Expands Products and Services

XTB is a global fintech company founded in 2002 in Poland. It provides individual investors access to financial markets through an online investing platform and mobile app. With over 826,000 customers worldwide, XTB offers various financial instruments, including stocks, exchange-traded funds (ETFs), CFDs on currency pairs, commodities, indices, stocks, and cryptocurrencies .

Furthermore, the firm is actively diversifying its product offerings. During the third quarter, it introduced a passive investment product that allows clients to build up to 10 strategies based on ETFs, each consisting of up to 9 ETFs. This product is available in several markets, including the Czech Republic, Slovakia, Germany, Portugal, Romania, and Italy.

Besides that, the fintech firm introduced fractional share trading with a minimum transaction value of just €10 to the UK market. This offering provides access to over 3000 shares from 16 major global exchanges and 300 global ETFs."