XTB Stock Brokerage Group Rises 341,1% Profits in Third Quarter

The broker XTB is a fintech company, which, since 2002, has been expanding and is currently in 12 main markets in Europe, Latin America and Asia, having more than 200 thousand customers.

The XTB Group, which consists of a group of companies that hold one of the world's largest FX (Forex) and CFDs (credit default swap) brokers, had 15,4 million euros of consolidated net profit in the third quarter and more than 21 thousand new customers.

“In the third quarter of 2020, XTB had a consolidated net result of 15,4 million euros, compared with the 3,6 million euros of profit from the previous year. Consolidated revenue totaled 31,4 million euros (compared to 14,1 million euros in the same period of the previous year) and operating expenses totaled 13,5 million euros (compared with 10 million in the same period of the previous year). last year)".

The Group gained more than 21,9 thousand new customers, compared to 10,4 thousand in the previous year (which translates into an increase of 110,9% per year), says the broker in a statement. “The ratio of the average number of active customers was the highest in XTB's history and reached 55.760 (an increase of 98,2% compared to the same period in the previous year) #, advances XTB.

“In the third quarter of 2020, XTB continued to implement its optimized sales and marketing strategy - greater penetration into existing markets, the gradual introduction of new products into its offering and expansion into new geographic areas. These measures resulted in an increase in revenues of 129,1% in relation to the previous year (31,4 million euros versus 14,1 million) and in net profit by 341,1% in annual terms ”, reads the statement .

“The third quarter of 2020 was characterized by lower volatility than in the first half. In addition, it included the vacation period, which is usually calmer in the financial markets and in relation to the activity of our clients. Despite this, we obtained very good results - both in terms of profitability and new customers ”, said in a statement the Chairman of the Board of Directors of XTB, Omar Arnaout. In the indicators related to the acquisition of new customers and the average number of active customers, the person responsible for the brokerage group says that the goal is to acquire an average of 30.000 new customers per quarter in the next year.

XTB chose coach José Mourinho as the global ambassador for the XTB brand.

The XTB Group has entities regulated by the largest supervisory authorities in the world, including FCA, CySEC and KNF.

XTB is a fintech company, which, since 2002, has been expanding and is currently in 12 main markets in Europe, Latin America and Asia, having more than 200.000 customers. “Through their own award-winning xStation and xStation Mobile platforms, the entities of the XTB Group provide their customers with more than 4.500 instruments, including physical stocks, physical ETFs and CFDs in forex, indices, raw materials, stocks, ETFs and cryptocurrencies. Through the X-Open Hub, XTB provides cutting-edge technology to financial institutions around the world ”, says the statement.



Read more

Credit to companies declines in October

In September, stock of loans to companies had peaked since June 2018, standing at around 72.149 million euros.

Nearshoring will grow above 10% in 2021

The export of services in contact centers is expected to grow above 10% in 2021 and therefore well above the national average, according to the Portuguese Association of Contact Centers (APCC).

DBRS warns: Political impasse in Portugal creates uncertainty in Novo Banco's capital

"This news was unexpected and represents challenges for Novo Banco, as it creates uncertainty for the bank's capital and the ongoing risk reduction plan, in addition to increasing the potential for litigation," says the rating agency.