XTB will launch a new investment savings product in late 2023 to target more savings account-oriented customers. The company targets adding clients to reach 40,000 to 55,000 new accounts.

Leading global multi-asset broker headquartered in London, XTB Group, plans to launch a new 'investment savings' product by the end of the year, focused on customers outside of CFD traders looking for a simple form of capital savings. The company aims to increase its client base and penetrate 40,000 to 55,000 new accounts.

CFD trading has developed into a niche product over the last ten years bringing in huge profits, but it still lags behind the popularity of stocks and savings accounts. XTB CEO, Omar Arnaout, emphasized the importance of expanding the company's product offerings on savings accounts and adding new clients every quarter.

The company aims to capitalize on this trend and adapt its services to protect customer funds from rising inflation but has no time for active portfolio management.

"This product will be oriented towards savings rather than investment. It will be a more passive product compared to what we currently offer," Arnaout commented.

XTB

46.1% Increase in Customer Base

In the first quarter of 2023, XTB added more than 100,000 new customers, bringing its total customer base to around 704,000, a year-over-year increase of 46.1%. After a weak fourth quarter, consolidated net profit for the quarter reached a record €64.4 million, up 19.9% ​​year-over-year.

In addition, XTB WSE shares rose 15% to PLN40.76 million following the positive Q1 results. It is the highest standard in the company's history. So far this year, XTB's share is up 31%, competitor LSE Plus500 is down 7%, and CMC Markets is down 20% over the same period.