The evolution of revenue was impacted by high volatility persistent on the financial and freight markets due, among others, to the tense geopolitical situation and by turmoil in the banking system. At the same time, the company reported a significant increase in the number of customers and the trading activity.
Its operating income amounted to EUR113 million in the first quarter of 2023 as compared to EUR94.6 million in the same period of 2022. Operating costs reached EUR39.2 million in Jan-March 2023 versus EUR28.2 million in the year-earlier period.
The number of new customers grew by 46% (104.000) up to a total 704,000. The number of active customers surged almost 70%, which also triggered an increase of over 18% in the trading volume through contracts for difference (CFD).
“The first-quarter preliminary results are a record in many ways (…). Our strategy based on extending the customer base and the constant investments in technology and new products bring the targeted results. Therefore, we are able to efficiently use the periods of volatility on financial markets”, says Omar Arnaout, CEO of XTB.
The operating costs, higher by EUR11 million versus Q1/2022, are generated by the marketing strategy and the additional employee remuneration.
XTB Group is an international provider of technological trading and investment products, services and solutions. Since 2004, XTB Group has expanded its activity that now covers 13 major markets in Europe, Latin America and Asia.