- Consolidated net profit in Q1 2024 amounted to PLN 302.7 million
- In Q1 2024, a record 129.7 thousand new customers were acquired, bringing the total number of users worldwide to over 1 million
- Customer trading volume on CFD instruments grew by 6.5% year-on-year, from 1.85 million to 1.96 million lots
- Net deposit value increased by 85.0% year-on-year. By the end of Q1 2024, this value exceeded PLN 1.89 billion
XTB has just announced its preliminary financial results for the first quarter of 2024. During this period, the company achieved a consolidated quarterly net profit of PLN 302.7 million, which is higher than market consensus anticipated. This is a result of long trends in the stock and commodity markets, which are attractive to investors. During this time, the customer base increased by a record 129.7 thousand new investors.
In the first quarter of 2024, XTB generated a net profit of PLN 302.7 million compared to PLN 302.8 million a year earlier. This indicates that the company is able to generate consistent results, maintaining net profit at the level of a record period in this regard. Operating revenue recorded in the first quarter of 2024 reached PLN 556.0 million (in Q1 2023: PLN 537.6 million) with operating costs amounting to PLN 204.7 million (Q1 2023: PLN 184.2 million).
In the first three months of 2024, XTB acquired 129.7 thousand new customers, significantly above the quarterly target set for an increase of 65-90 thousand customers. At the end of March, a total of 1.02 million customers were using the XTB investment platform, compared to 703.9 thousand at the end of the first quarter of the previous year. The number of active customers also increased significantly – in the first quarter, it was 378.5 thousand compared to 260.1 thousand in the first quarter of 2023. This led to an increase in the trading volume of customers on CFD instruments expressed in lots – in the first quarter, it rose to 1.96 million transactions compared to 1.85 million in the corresponding period of 2023 (an increase of 6.5%). The profitability per lot in the first quarter of 2024 amounted to PLN 283. It is also worth highlighting the dynamic growth in net deposits, which at the end of the last quarter amounted to PLN 1.89 billion and were 85.0% larger compared to the same period last year. Noteworthy is also the over 71% increase in the nominal value of stock trading – in the first quarter of 2024, it amounted to USD 1.87 billion, and in the first quarter of 2023, it was USD 1.09 billion.
– We have maintained the record level of results that we achieved in the first quarter of last year. This proves that our business model allows for the generation of consistent results. Our goal remains to dynamically increase the number of customers. Acquiring nearly 130 thousand new users in the first quarter of 2024 is excellent proof of the effectiveness of our actions – comments Omar Arnaout, President of the Board of XTB.
Regarding XTB’s revenues in terms of the classes of instruments responsible for their generation, in the first quarter of 2024, CFDs based on commodities led the way. Their share in the structure of revenues on financial instruments reached 48.7% compared to 48.8% the previous year. In this case, the most profitable instruments in this class were CFDs based on natural gas, gold, and cocoa price quotations. The second most profitable asset class were CFDs based on indices. Their share in the revenue structure in the first quarter of 2024 was 41.9%, compared to 45.
3% in the first quarter of 2023. The most profitable instruments in this class were CFDs based on the German stock index DAX (DE30) and American indices – US 100 and US 500. Revenue from CFDs based on currencies accounted for 6.7% of all revenues, compared to 4.2% the previous year.
Operating costs in the first quarter of 2024 shaped up to be PLN 204.7 million and were PLN 20.5 million higher compared to the corresponding period in the previous year (PLN 184.2 million in Q1 2023). The most significant changes (+PLN 9.5 million) were recorded in wages and employee benefits costs, which is related to the dynamic development of the company.
– This was a very promising start to the year for us, which confirms our belief that we are on the right track to becoming the most popular, universal investment application in Europe. I believe that the coming months and the expansion of our product range with new products will strengthen our competitive edge. We are already seeing that our new clients in the European Union are increasingly choosing passive investment products and we expect this trend to strengthen this and in the coming years – comments Omar Arnaout.
