Haydn Franklin Haydn Franklin, Wednesday 5th February 2020, 8:21 AM CET
XTB Revenue Almost Doubles

Revenue Almost Doubles in 4th Quarter for XTB, Falls Short on Yearly Results

XTB Online Trading, a publicly listed Polish CFD and FX company, reported this week that its 2019 Q4 results for the full year showed strong numbers for its key components based on a year-over-year basis. When compared to the weaker fourth quarter results from last year, the company has seen considerable gains in terms of figures. Specifically, the company revealed that its total operating revenue was $23.0 million (PLN 89.59 million), double that of last year.

In addition, XTB saw an increase to $12.1 million in operating expenses for the quarter. This was an increase of 16.7% from the same period last year. The largest change for the company’s financial results was reflected in their profits, which increased to $9.5 million, a substantial increase of its 2018 reported profit of the $1.1 million.

From a yearly perspective, the company saw a consolidated total net profit of nearly $15 million, this was down -43 in comparison to last year when its net profit was PLN 101.5 million. The inconsistent performance of XTB has seen the first half of 2019 showing weak results with the company only reporting $1.34 million in net profit, substantially less than the PLN 115 million it reported during the same period of 2018.

XTB explained that the restrictions of the ESMA had a larger impact on CFD brokers that originally anticipated and while the company was been far more vulnerable to the restrictions, they have seen an opportunity to see its market share increase as a more level playing field has been established.

Combined with this information, the company saw its number of active accounts jump to 30,815 in the fourth quarter and that is consistent quarter after quarter since the 2018 fourth quarter. It also saw an increase in new accounts with a reported 10,424 new accounts being created, a jump of nearly 50% from the same period in 2018.

One of its most substantial improvements was its net deposits, which jumps to $30.7 million (PLN 119 million), a 52% increase over fourth quarter 2018 reports. Based on the overall 2019 report, that was a 23% increase that was registered at $105 million.

Haydn Franklin

Author: Haydn Franklin

Hayden joined whichbroker.com in March 2019. He previously held positions at leading US facing financial news outlets. Hayden's focus is primarily Crypto and Forex news at whichbroker.com, however he is also whicbrokers long form content specialist leading him to write longer posts with an investigative angle. Hayden gradutated from the University of Chicago. Haydn Franklin can be contacted at [email protected], View all posts by Haydn Franklin

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