Polish broker XTB has published its financial report for the first quarter of 2023, where it showed a decrease in net profit.
In the period under review, the broker's net profit fell by 12.2% to PLN 421 million compared to the first half of 2022. XTB's operating income decreased by 2% to PLN 818.9 million due to low market volatility.
However, the report showed that despite the decline in operating income and net profit for the period, the broker's client base grew by 167,000 new clients, an increase of 65.5% compared to the first half of last year.
In addition, despite a 44.4% year-on-year increase in the number of active users to 274,450, profitability per lot fell by 17.4% to PLN 226.
In the first half of the year, XTB's total operating income fell by 2.1% year-on-year to PLN 818.9 million, while earnings before interest and taxes (EBIT) decreased by 16% to PLN 477.3 million.
The broker emphasized that the Board's priority is to continue to expand the client base, which contributes to the company's strength on the global market by offering products to mass customers. In 2023, the Board of Directors aims to attract an average of at least 40-60 thousand new clients per quarter.
Previously, XTB had expanded its investment offer for UK clients.
