X-Trade Brokers reported almost 212% increase of a consolidated net profit in the 4Q 2016 

X-Trade Brokers reported almost 212% increase of a consolidated net profit in the IV quarter 2016 as compared to the same period of the previous year.  The net profit in this period amounted to PLN 51,4 million in comparison to PLN 16,5 million in the previous year. The IV quarter was the same a record quarter for the Group in the whole 2016 reaching the levels comparable to the best quarters of the record 2015 year in the XTB history.

The Group’s operating income increased significantly and reached PLN 94,1 million in the IV quarter of 2016 in comparison to PLN 57,4 million in the previous year

“In the IV quarter 2016 the situation on the financial markets was favorable for the XTB. We observed high volatility on instruments which are relevant in our revenues structure: index CFDs (based on German DAX and US DJIA and S&P500), currency pairs with USD and commodity CFDs based on gold and oil. As a result, the Group generated PLN 94,1 million of operating income which gives an increase of PLN 36,7 million, i.e. 64% y/y.” – says Pawel Szejko, Member of the Management Board responsible for Finance.

Simultaneously with the revenues increase, the operating expenses in the IV quarter 2016 declined by PLN 3,7 million, i.e. 9% y/y. The costs of salaries and employee benefits amounted to PLN 17,0 million and the marketing expenses reached a level of 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 the IV quarter 2016.” – adds Pawel Szejko.

The Management’s plan for the upcoming periods is to accelerate the Company’s growth, in particular by expanding the customers base, further penetration of existing markets and acceleration of geographic expansion into new markets.

XTB consistently builds up customers base for future growth. The number of new accounts and the average number of active accounts is increasing from quarter to quarter. In the IV quarter of 2016 the number of new accounts increased by 17% y/y, and the average number of active accounts by 26% y/y. 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.

Source: XTB

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