The Polish CFDs and Retail FX brokerage house XTB has announced a rise in revenues of around 33% in the first financial quarter of 2021. The report is welcome news for XTB, following a disheartening end to last year. The preliminary results for Q1 suggest substantial growth in the company’s profitability and activity, as net profit saw a 120% rise to PLN 89.0 million compared to Q4-2020’s PLN 40.5 million.
Trader figures also hit a record in Q1-2021, with the brokerage adding over 67,000 new clients, bringing its active client list to a healthy 103,425. Compared to Q1-2020, however, these new stats do not seem as impressive as they should do; this time last year, XTB reported net profits of PLN 175.9 million and an operating income of PLN 306.6 million. This makes the latest figures from this year, respectively, lower by 49 per cent and 39 per cent.
However, it has to be noted, that like a majority of broker-dealers in 2020, XTB benefitted from a major windfall in March of last year, pushing its numbers up astronomically high in the first quarter. This means that the latest report still shows significant progression despite the shocking difference compared to last year.