XTB’s profit, income drop by double-digits in 2016

XTB’s profit, income drop by double-digits in 2016

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Polish forex brokerage X-Trade Brokers, trading as XTB (WSE:XTB), registered in 2016 a 37.6% drop in consolidated net profit to €17.8 million, according to a filing with the Warsaw Stock Exchange (WSE) published on Monday. 

The broker’s consolidated operating profit also declined by a double-digit, although posing a more moderate drop rate of 15.2% to €57.3 million in 2016.

XTB’s group assets stood at €180.1 million at end-2016, up from €170.6 million a year earlier.

Although the broker’s overall annual performance worsened, previous publications indicated that in the last quarter its net profit tripled and its operating income jumped 64%. XTB said at the time 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”.

Polish-based X-Trade Brokers Dom Maklerski is 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.

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