Online broker XTB sees €103.4M H1 profit, 101,000 new customers

  • Lusa
  • 28 July 2022

The brokerage reported a profit of €103.4 million through June, up 623.2% on the same period in 2021.

Online brokerage XTB has made a profit of €103.4 million through June, up 623.2% on the same period in 2021 and 56.5% above the record result of €66.1 million for the first half of 2020.

In a statement, XTB highlights the “persistent high volatility in the financial and commodity markets, caused, among others, by the constantly tense geopolitical situation and a systematically growing customer base” as “the significant factors that influenced the level of results” in the period.

Recorded operating revenues amounted to €180.1 million by June, an increase of 238.4% compared to the first half of 2021, while costs amounted to €57.6 million, compared to €35.9 million in the corresponding period.

In the second quarter of 2022, XTB says it acquired 45,700 customers, “which, in combination with the 55,300 new customers in the first quarter, gives a total of more than 101,000 new customers at the end of June.”

“Thus, in both quarters, the company fulfilled its commitment to acquire at least an average of 40,000 new customers quarterly,” it points out, advancing that in Q2 2022, the total number of customers exceeded half a million, reaching 525,300 at the end of June.

“Particularly noteworthy is the increase in the average number of active customers”: “In the first half of the year it rose to 149,800, compared to 105,000 in the first half of the previous year, and to 112,000 on average throughout 2021,” it states.

This resulted in an increase in the volume of transactions of CFD instruments (contracts for difference, which trade the difference in values of a given investment) expressed in lots, which, in the first half of the year, amounted to 3.05 million transactions compared to 1.99 million in the corresponding period of 2021 (+ 53.6%).

The value of net customer deposits, meanwhile, increased by 17.5%, from €354.4 million in the first half of 2021 to €416.5 million in the first half of 2022.

“Our half-year results show that we are maintaining the development trend in our business. The continued volatility of the markets in the second quarter has translated into higher profitability,” says XTB’s chief executive officer (CEO), Omar Arnaout, quoted in the statement.