XTB Announces Strong 2023 Financial Results and Expands Product Offerings
January 30, 2024 - XTB has reported substantial growth in 2023, with a record consolidated net profit of EUR 175 million, marking a 6.9% year-over-year increase. The firm's revenues also rose to EUR 351 million, up by 13.9%, fuelled by a surge in global financial market volatility and a significant expansion of its client base, which grew by 312k new clients.
The company witnessed a substantial increase in active clients, up 51% to 408.5k by the end of 2023, with 312,000 new clients.
Omar Arnaout, CEO of XTB, stated, "2023 is a statement that XTB is on the right path to achieve stable and replicable results - not only in terms of financial performance but also at the operational level. Thanks to intense marketing campaigns and continuous development of our product offerings our app is becoming a first choice solution for everyone who wants to manage their savings both actively or passively."
XTB's roadmap for 2024 includes introducing fractional bonds and launching social trading and pension accounts, such as IKE and IKZE in Poland and ISAs in the UK. Considering XTB's attractive offer with no commission for transactions involving stocks and ETFs up to 100,000 euros per month, this is expected to support the company's goal of attracting new client groups.
The company also plans to roll out a virtual wallet and a multi-currency card by the year's end. This expansion aligns with XTB's ambition to become Europe's leading investment application, offering easy and convenient access to trading, investing, and saving, along with instant access to funds.
The firm's strategic development aims to transition from a CFD broker to a universal investment application, targeting broader client segments and enhancing long-term investment options. Following the recent addition of ETF-based investment plans and the launch of interest rates on uninvested funds, XTB plans to further grow its investment offerings by expanding passive investment segments and adding products that are attractive for a broader client base. This strategy is expected to accelerate the ongoing XTB’s transformation from a CFD broker towards a universal investment app. The new offerings are expected to strengthen XTB's position in the market and support its vision of providing comprehensive financial services to clients across Europe.
See more XTB news here.
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