Commercial announcement: XTB has just presented its preliminary financial results for the third quarter of 2022. During this period, the company generated a consolidated net profit of EUR 49,4 million. As in previous quarters, the factors influencing the level of XTB's results were still high volatility in financial and commodity markets and a systematically growing client base.
In the third quarter of 2022, XTB generated a net profit of EUR 49,4 million, compared to EUR 22,8 million in the third quarter of 2021. Overall, after three quarters of 2022, XTB's net profit is EUR 152,7 million, which is four times more than in the same period of the previous year (EUR 37,1 million). ProThe vehicle revenues recorded in the third quarter of 2022 reached EUR 81,9 million, which is almost twice as much as in the third quarter of 2021 (EUR 43,7 million). Prorolling stock costs then reached EUR 27,7 million (in Q3 2021: EUR 18,5 million).
XTB gained 44,8 thousand customers in the third quarter of 2022, which, together with the results from the previous quarters of this year, gave over 145,8 thousand new customers at the end of September. In each of the three quarters, the company fulfilled its commitment to gain an average of at least 40 new clients per quarter. The total number of customers at the end of the third quarter exceeded 567,4 thousand. An important indicator influencing the result is the average number of active clients - in the third quarter it was 151,7 thousand compared to 110,9 thousand in the same period of the previous year and an average of 112 thousand for the whole of 2021. This was reflected in an increase in the volume of trading with CFD instruments expressed in lots - in the third quarter it was 1,595 million lots compared to 1,044 million in the same period of 2021 (an increase of 52,7%). Profitability per lot increased by 28,1%. The value of net client deposits also increased by 42,5% (from EUR 120,7 million in Q3 2021 to EUR 163,6 million in Q000 2022).
– The situation on the energy market affecting the prices of energy commodities, high inflation and volatility on the currency market are just some of the factors that have encouraged customers to actively seek investment opportunities in the financial markets. This is confirmed by the income from various types of assets. In these circumstances, we can see the effects of systematically building our client base, who close more deals during periods of higher volatility. The result of this, as in previous quarters, is also higher profitability – comments Omar Arnaout, CEO of XTB.
In terms of XTB returns, the instrument classes responsible for its creation in the third quarter of 2022 were the most profitable index-based CFDs. The share in the income structure from financial instruments reached 37,6%. This results in high profitability from contracts based on the US 100, WIG20, DAX (DE30) and US 500 indices. The second most profitable asset class was CFDs based on currencies with a 31,0% share of the revenue structure in the third quarter of 2022. Commodity CFDs accounted for 27,7% of all returns and the leading instruments in this class were contracts based on the prices of gold, oil and natural gas.
Prooperating expenses in the third quarter of 2022 reached EUR 27,7 million and were EUR 9,2 million higher than in the comparable period (Q3 2021: EUR 18,5 million). The most significant items were the costs of wages and employee benefits, which are the result of the company's continuous development and thus employment growth, as well as marketing costs resulting from promotional activities. In September, XTB launched a global marketing campaign with the new brand ambassador Conor McGregor, one of the most successful and recognized MMA fighters in the world and the highest paid athlete in the world. In line with its strategy, the fintech is constantly working on improving its offering - in the third quarter, it introduced contracts for 30 new cryptocurrencies, among other things, and adapted its offer of real shares and ETFs, thereby meeting customer requirements and expanding the offer by more than 65 instruments. To make it easier for clients to build and balance their investment portfolios, XTB reduced miniMinimum order value for stocks and ETFs.
- Acquisition data shows that the number of our clients is systematically growing, which was one of our main goals for this year. Technological developments are making investments increasingly accessible and common. ProWe are constantly adjusting our offer and introducing changes to increase interest in our services among new and existing customers. In addition, we have intensified our advertising campaigns with our brand ambassadors. Thanks to this, quarter after quarter, we are consistently strengthening our position in the global investment company market – he adds Omar Arnaout.
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