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#1 17-02-2019 17:07:26

johnedward
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From: Paris - France
Registered: 21-12-2009
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XTB's 2018 financial performance

XTB's 2018 financial performance


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Article by FinanceMagnats:

Poland's publicly listed XTB brokerage has reported its preliminary results for Q4 2018 and the full 2018 fiscal year.

The group revealed a decline across a number of different metrics during the last three months, including its revenues and net income. However, the latest report shows positive figures across key components of its business on a year-over-year basis, per an XTB financial disclosure.

Compared to a period of strong growth in late 2017, XTB has seen a pronounced retreat in its financial figures. More specifically, during Q4 2018 XTB reported a total operating revenue of $11.23 million (PLN 42.7 million), which was down 44 percent year-on-year from over $19 million (PLN 76 million) in Q4 2017.

Looking at its total income for the full year, however, XTB posted a figure of $75.7 million ‎(PLN 288.3 million)‎, a 5-percent gain compared with PLN 274.6 million in the previous fiscal year. In dollar terms, this figure is also lower year-over-year from over $82 million reported in 2017 after excluding the impact of foreign exchange changes.

Clients metrics are also rather weak

The largest change across XTB’s financial results came in terms of its net profit, which dropped to $1.18 million (PLN 4.49 million) in Q4 2018, which is six times lower than the PLN 37.6 million posted in Q4 2017.

This weak performance was reversed across a yearly timetable, with the previous calendar year showing a profit of $26.8 million (PLN 101.99 million), up nearly 11 percent compared to PLN 92.9 million in the year prior. Excluding the local currency devaluation against the buck, the figure is lower than nearly $27.8 million reported a year ago.

Also of interest, XTB’s Q3 results were adjusted to reflect a one-off event, which was the imposition of an administrative fine. Poland’s financial regulatory body, the Polish Financial Supervision Authority (KNF), in July punished X-Trade Brokers with a hefty $2.6 million fine for “irregularities in the execution of client orders”, a statement by the regulator reported.

Coupled with this mixed performance, XTB has registered a drop in the average number of active accounts with 20,568 as of Q4 2018, slightly down from 20,909 in Q4 2017. New accounts were also down, falling 15.7 percent year-over-year to 13,930 in Q4 2018, relative to 16,530 accounts in Q4 2017.

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