Polish forex broker XTB’s group profit at PLN31.9m in Q1 2016

Polish forex broker XTB’s group profit at PLN31.9m in Q1 2016

Polish forex brokerage X-Trade Brokers Dom Maklerski SA, trading as XTB, generated a consolidated net profit of PLN 31.9 million in the first quarter of 2016 on a revenue of PLN 82.8 million, the broker said earlier this week. Net profit posted a decline over the year, but it was higher if compared to the previous quarter.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) margin reached 52.8% in the January-March period, while net profit posted was at 38.5%.

The broker provided no comparative figures from previous periods, but it said the good results were mainly due to the high market volatility during the period under review and an increase in the average number of active accounts.

Meanwhile, the institutional segment, where the broker operates under the liquidity provider brand X Open Hub, net profit jumped 103.5% on the year to PLN 8.0 million in the first quarter. The broker noted that this segment presents more growth opportunities and it expects the revenue share from institutional operations to be on the rise in the upcomming years.

In the retail segment, XTB’s active accounts reached 16,052 at end-March, compared to 15,045 a quarter earlier. Active traders increased by nearly 1,000 after the broker expanded its offering with new tradable instruments.

Source: XTB

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