Polish forex brokerage X-Trade Brokers, trading as XTB (WSE:XTB) reported its preliminary consolidated net profit jumped by an annual 212% to PLN 51.4 million for Q4 2016. A year earlier, XTB’s group net profit amounted to PLN 16.5 million.
The group’s operating income also posted a significant growth of 64% on the year to PLN 94.1 million in October-December, compared to PLN 57.4 million for the same period in 2015.
Meanwhile, the broker’s consolidated operating expenses fell by an annual 9% to PLN 3.7 million in Q4. The group’s costs associated to salaries and employee benefits amounted to PLN 17.0 million and marketing expenses were PLN 8.7 million.
“The intention of the Management Board in the upcoming quarters is to further keep the operating expenses on the stable level, similar to that from Q4 2016,” said Pawel Szejko, Member of the Management Board responsible for Finance.
During the reporting period, XTB saw the number of new clients up 17% on the year, while the average number of active accounts jumped by an annual 26%.
Considering the impressive growth rate, XTB said it plans to further accelerate development and expand its customer base in the upcoming periods by “further penetration of existing markets and acceleration of geographic expansion into new markets”.
“The Management Board believes, that the increasing number of new and active accounts and a strong brand in combination with favourable market volatility are solid foundations for future growth,” the company said in a statement.
Polish-based X-Trade Brokers Dom Maklerski as the holding company of the XTB group, which operates units regulated by the UK Financial Conduct Authority (FCA) and Poland’s Financial Supervision Authority (KNF). The brokerage offers trading in more than 50 spot forex pairs, indices, shares, commodities, and exchange traded fund (ETFs). Two trading platforms are available with the broker – its proprietary xStation and MetaTrader 4 (MT4).
The holding company debuted on the WSE in early May 2016 with the release of some 117.4 million shares. Currently, the broker’s market capitalization stands at nearly PLN 934.4 million.