Polish broker XTB said in its financial report for the first quarter of 2023 that it had achieved a record net profit.
XTB's annualized net profit for the first quarter of 2023 increased by 19.9% to €64.4 million, mainly due to high volatility in financial and commodity markets caused by geopolitical tensions and the banking crisis.
According to information published on the Finance Magnates platform, the brokerage's annualized operating income for the reporting period amounted to 113.1 million euros, while operating expenses reached 39.2 million euros.
In the first quarter of 2023, XTB's client base grew by 104,200 new users, and the number of active clients reached 215,700.
The increase in the number of clients contributed to an 18.2% increase in CFD trading volume, which reached 1.86 million lots, compared to 1.56 million lots in the same period of 2022. At the same time, the profit per lot for this period amounted to 62 euros.
Earlier, the broker said that the profits in 2022 would be used to pay dividends and buy back the company's shares.
Broker XTB began operations in 2002 and focuses on the European segment of the market. The company is suitable for beginning traders, as the deposit starts at only $1. The leverage of 1:500 allows clients to test almost any trading strategy without a significant investment.
