XTB Reports Record H1 Revenue, Q2 Drop

XTB reported record-breaking H1 2024 revenue and significant growth, but Q2 results SHOWS a notable drop compared to earlier. For the first six months of 2024, XTB reported a consolidated revenue of $938.1 million, reflecting a 12.9% increase from last year. Net profit also saw a 10% rise, reaching $463.0 million, despite higher costs related to marketing and employment. The company’s client base grew substantially, with 232,300 new clients added, bringing the total number of clients to 1.11 million.

Paweł Szejko, XTB’s Chief Financial Officer and Management Board Member highlighted the company’s achievements, stating, “The first half of the year is record-breaking in many respects. In just six months, we generated more revenue than in 2020 and 2021, underscoring the remarkable growth XTB has experienced in recent years.”

XTB Reports Record H1 Revenue, Q2 Drop

Despite this impressive growth, the second quarter of 2024 experienced a notable downturn. From April to June, XTB’s net profit dropped by nearly 50% to PLN 160 million ($40 million), compared to PLN 303 million ($77 million) reported for the first quarter. Nonetheless, the number of active clients remained strong, increasing by more than 50% to 462,771 from 307,511 in the first half of 2023.

XTB’s trading volume in CFD contracts increased by 8.7% to 3.93 million lots, with profitability per lot rising by 3.9% to $239. Commodity-based CFDs emerged as the most profitable asset class, contributing 48.2% of revenue, followed by index-based CFDs at 37.2%.

Looking ahead, XTB plans to enhance its transformation from a CFD broker to a universal investment app. Nearly 80% of new clients are now engaging with stocks, ETFs, or Investment Plans. The company also aims to introduce government and corporate bond offerings, IKE retirement accounts for Polish investors, and a virtual wallet with a multi-currency card by the end of the year. Additionally, XTB is preparing to enter the Brazilian and Indonesian markets, with operations in Indonesia expected to start in early 2025. In its global marketing efforts, XTB has signed a new brand ambassador, with promotional campaigns slated to launch later this year.

Getting to Know the Stock Broker

• XTB is a top global brokerage for Forex and CFDs.
• The FCA and KNF regulate it.
• Known for reliability and excellent customer support.
• Features the advanced xStation five trading platform.
• Also, it offers extensive educational resources and research.

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