November 28, 2022

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XTB’s third-quarter earnings are above expectations. The extreme volatility of the financial markets has helped

2022-10-26 17:28, Law 2022-10-26 19:21

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2022-10-26 17:28

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2022-10-26 19:21

XTB's third-quarter earnings are above expectations.  The extreme volatility of the financial markets has helped
Photo: MOZCO Mateusz Szymanski/ / stock struggle

The company said in a statement that Dom Maklerski XTB initially estimated that in the third quarter of 2022 it recorded a net profit of PLN 236.2 million and PLN 258.7 million in operating profit. Results are straight 23 percent. and 24 percent higher than the PAP Biznes consensus.

In total, after three quarters of 2022, XTB’s net profit amounted to PLN 715.8 million, which is 4 times more than the same period of the previous year (169.3 million).

Consolidated revenue amounted to PLN 391.3 million, compared to PLN 200 million in the previous year. Analysts expected revenue of 337.8 million PLN.

“The important factors that determined its level were the high volatility in the financial and commodity markets and the ever-increasing number of active clients (36.8% year-over-year increase), along with high transaction activity expressed, among other things, in the number of contracts concluded in lots It was written in the XTB version.

As a result, trading of derivatives CFDs amounted to 1,595 thousand PLN. Flights (Q3 2021: 1,044 thousand flights), profitability per flight was 245 PLN (third quarter 2021: 192 PLN).

The operating costs of XTB amounted to PLN 132.5 million (in the third quarter of 2021: PLN 84.8 million).

The most important items were salary costs and employee benefits as a result of the continuous development of the company, and thus employment growth, and marketing costs resulting from promotional activities.

The board’s ambition in 2022 is to have, on average, at least 40,000. New clients every three months. In the first quarter, the group acquired 55.3 thousand. New customers, in the second quarter nearly 45.7 thousand. new customers, while in the third quarter nearly 44.8 thousand. new clients.

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In turn, in the first 25 days of October 2022, XTB acquired 14.1 thousand. new clients.

“The acquisition data shows that the number of our clients is steadily increasing, which was one of our main goals for this year. Technology development makes investing easier and more popular. That is why we are constantly adjusting our offer and making changes in order to increase interest in our services for both existing and new clients. In addition to Therefore, we have intensified our advertising campaigns using brand ambassadors,” – said XTB President Omar Arnaout, in the statement.

The number of active customers reached 151.7 thousand. against 110.9 thousand. A year ago, which means an increase of 36.8 percent. xy.

“The situation in the energy market affecting energy commodity prices, high inflation and volatility in the currency market are just some of the factors that have encouraged clients to actively seek investment opportunities in the financial markets. This is confirmed by income from individual types,” Omar Arnaout said: of assets. The effects of our systematic building of our client base, who in a period of high volatility make more transactions. The result, as in previous quarters, is also higher profitability.”

When it comes to XTB’s revenue in terms of the instrument categories responsible for its creation, in the third quarter of 2022, index-based CFDs were the most profitable. Their share in the revenue structure of financial instruments amounted to 37.6%. This is a result of high profitability on contracts based on the US 100, WIG20, DAX (DE30) and 500 US indices.

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The second most profitable asset class was currency-based CFDs, with a 31.0% share of the revenue structure in Q3 2022.

Commodity-based CFD revenue made up 27.7% of the total. All major revenue and instruments in this category were contracts based on pricing gold, crude oil and natural gas prices.

XTB’s preliminary results for the third quarter of 2022 and their comparison with the PAP Biznes consensus and prior results are presented below. Data in millions of PLN.

3Q2022 consequences Negatives. difference y/o q/q Since the beginning of 2022 x y
he won 391.3 337.8 15.8% 95.7% -1.3% 1227.5 76.7%
EBITDA 261.7 217.5 20.3% 122.6% -0.3% 835.8 103.6%
EBIT 258.7 208.8 23.9% 124.4% -0.4% 827.1 105.3%
dinars net profit 236.2 191.6 23.3% 126.4% 4.1% 715.8 115.0%
EBITDA margin 66.9% 63.2% 3.72 8.11 0.67 68.09% 9.01
EBIT margin 66.1% 61.6% 4.49 8.48 0.61 67.38% 9.39
net margin 60.4% 56.7% 3.68 8.21 3.12 58.31% 10.40

(PAP Biznes)

public relations / asa /

source:PAP Biznes