XTB profit was already down about 45% during the fourth quarter of 2022 to PLN216.7 million. However, quarterly revenue increased by 18.1% year over year.
Polish broker XTB reported a significant profit decline during the fourth quarter of 2022. While the company's revenue appears to be strengthening year over year, it has fallen significantly quarter over quarter.
XTB's total operating revenue or income for the three months between October and December reached PLN 216.7 million, down 45% compared to PLN 391.3 million in the previous quarter. This made Q4 the worst-performing period, as it only generated revenues of PLN439.8 million and PLN396.4 million, respectively, in Q1 and Q2. However, quarterly revenue increased by 18.1% year over year.
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On the other hand, the company's profit experienced a sharp decline in the last three months of 2022, amounting to PLN 50 million, a decrease of 79% from the previous quarter and -27.1% compared to the same period in 2021.
Despite the poor Q4 results, the last three-quarters of performance make 2022 one of the best-performing years for XTB. Total annual revenue increased 130% to PLN 1.444 billion, and net profit jumped 222% to PLN 765.7 million.
XTB also reported a solid increase in client numbers during Q4. The company added 51,038 new clients to its platform between October and December, an increase of 19.6%. The broker ended the quarter with an average of 160,995 active clients, a jump of 26.6%. In addition, the number of clients also increased from 149,992 in Q2 2022 to 151,658 during Q3.
"The priority of the Management Board is to increase further the client base leading to strengthening XTB's market position worldwide by reaching mass clients with its product offerings. This activity is supported by several initiatives, including new product introductions or promotional campaigns," said the quarterly report.