CryptoCurrency
XTB makes nice recovery in Q3-2024 with Revenues up 23%, Profits rise 27%
Following a disappointing Q2, Poland based Retail FX and CFDs broker XTB (WSE:XTB) has reported its preliminary results for Q2 2024 indicating a nice bounce-back in the third quarter of the year, although activity (and profitability) did not return to record Q1 levels.
XTB Revenues and Profits
Revenues at XTB for the third quarter of 2024 came in at PLN 470 million (USD $118 million), up by 23% from Q2’s $96 million. Net Profit rose by 27% QoQ, to PLN 204 million ($51 million), versus $40 million in Q2.
The results were released after the company’s shares closed for trading on Wednesday, so it will be very interesting to see how they trade come Thursday morning. XTB shares tumbled by more than 10% in early September after it was exclusively reported here at FNG that XTB controlling shareholder Jakub Zablocki had cashed out $135 million worth of shares in a secondary offering, taking his stake in the company below 50% for the first time.
XTB Trading Volumes
Trading volumes at XTB averaged $232 billion monthly in Q3-2024, up 12% from $207 million per month in Q2-2024. The company’s profitability per 1 million USD transaction volume in Q3 also rose to 174, from 154 in Q2.
XTB Clients
Regarding clients and client acquisition, in the third quarter of 2024 XTB acquired 108,104 new clients compared to 67,505 a year earlier, an increase of 60.1%. The number of active clients was at a record high during the Q3-2024 period, increasing from 281,101 last year to 474,117, an increase of 68.7% y/y.
XTB Asset Classes Traded
Looking at XTB’s revenues by asset class traded, in the third quarter of 2024 CFDs based on indexes led. Their share in the revenue structure in the period was 44.9% (Q3 2023: 25.4%). This is a consequence of the high profitability on CFD instruments based on the US 100 index, the German DAX index of stocks (DE40), and the US 500 index. The second most profitable asset class was CFDs based on commodities. Their share of the financial instruments revenue structure reached 38.2% compared to 47.7% a year earlier. This is a consequence of the high returns on CFDs based on gold, natural gas and oil prices. Revenues from currency-based CFD instruments accounted for 14.6% of total revenues, compared to 22.2% in the previous year. The most profitable financial instruments in this class were CFDs based on cryptocurrency Bitcoin, the EURUSD currency pair, and the cryptocurrency Ethereum.
XTB Expenses
XTB operating expenses in the third quarter of 2024 amounted to PLN 208.5 million, PLN 43.5 million higher than in the same period of the previous year (Q3 2023: 165.0 million). The most significant changes were in:
- salaries and employee benefits, an increase of PLN 16.1 million, mainly due to an increase in the number of employees;
- marketing costs, an increase of PLN 13.0 million, mainly due to higher expenses for online marketing campaigns, which included the kickoff of a new marketing campaign that launched in September 2024 centered around new brand ambassador Zlatan Ibrahimović;
- commission costs, an increase of PLN 10.1 million, as a result of higher amounts paid to payment service providers through which clients deposit their funds on transaction accounts; and
- other external services, an increase of PLN 4.3 million, mainly due to higher expenses for IT systems and licenses (an increase of PLN 4.2 million y/y).
Due to the dynamic development of XTB, the Management Board estimates that the total costs of operations in 2024 could increase by around a one-fifth to the level observed in 2023. The priority of the Management Board is to continue to grow the client base and build a global brand. As a result of the activities implemented, marketing expenses may increase by about one fifth compared to the previous year.
More highlights from XTB’s Q3 2024 results follow below.
As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.
Developing crypto regulations, along with a political shift toward cryptocurrencies, is a “very positive direction” for the industry, according to Changpeng Zhao.
With the US presidential elections nearing and no clear frontrunner, uncertainty looms over what effect the victor will have on the crypto sector.
It’s Bitcoin White Paper Day, but it’s also Halloween. Here are Cointelegraph’s six crypto mysteries to share around the campfire.
Bitget Wallet’s Telegram Mini App, Bitget Wallet Lite mini, has attracted more than six million users in just three days after its soft launch.
In just 16 years, Bitcoin has grown to become the world’s 10th largest asset and the best currency for “financial freedom,” according to Tether CEO, Paolo Ardoino.
-
Science & Environment1 month agoHow to unsnarl a tangle of threads, according to physics
-
Technology1 month agoIs sharing your smartphone PIN part of a healthy relationship?
-
Science & Environment1 month ago‘Running of the bulls’ festival crowds move like charged particles
-
Science & Environment1 month agoHyperelastic gel is one of the stretchiest materials known to science
-
Technology1 month agoWould-be reality TV contestants ‘not looking real’
-
Science & Environment1 month agoMaxwell’s demon charges quantum batteries inside of a quantum computer
-
Science & Environment1 month agoX-rays reveal half-billion-year-old insect ancestor
-
Science & Environment1 month agoSunlight-trapping device can generate temperatures over 1000°C
-
Sport4 weeks agoBoxing: World champion Nick Ball set for Liverpool homecoming against Ronny Rios
-
Technology1 month agoUkraine is using AI to manage the removal of Russian landmines
-
Technology4 weeks agoGmail gets redesigned summary cards with more data & features
-
Football1 month agoRangers & Celtic ready for first SWPL derby showdown
-
Science & Environment1 month agoLaser helps turn an electron into a coil of mass and charge
-
Science & Environment1 month agoPhysicists have worked out how to melt any material
-
Science & Environment1 month agoLiquid crystals could improve quantum communication devices
-
Technology1 month agoRussia is building ground-based kamikaze robots out of old hoverboards
-
Technology4 weeks agoSamsung Passkeys will work with Samsung’s smart home devices
-
Science & Environment1 month agoQuantum ‘supersolid’ matter stirred using magnets
-
News4 weeks agoWoman who died of cancer ‘was misdiagnosed on phone call with GP’
-
Sport4 weeks agoAaron Ramsdale: Southampton goalkeeper left Arsenal for more game time
-
MMA1 month agoDana White’s Contender Series 74 recap, analysis, winner grades
-
TV4 weeks agoসারাদেশে দিনব্যাপী বৃষ্টির পূর্বাভাস; সমুদ্রবন্দরে ৩ নম্বর সংকেত | Weather Today | Jamuna TV
-
Money4 weeks agoWetherspoons issues update on closures – see the full list of five still at risk and 26 gone for good
-
MMA4 weeks ago‘Uncrowned queen’ Kayla Harrison tastes blood, wants UFC title run
-
Science & Environment1 month agoA new kind of experiment at the Large Hadron Collider could unravel quantum reality
-
Technology1 month agoEpic Games CEO Tim Sweeney renews blast at ‘gatekeeper’ platform owners
-
News4 weeks ago‘Blacks for Trump’ and Pennsylvania progressives play for undecided voters
-
Technology4 weeks agoMicrosoft just dropped Drasi, and it could change how we handle big data
-
News4 weeks agoNavigating the News Void: Opportunities for Revitalization
-
Technology1 month agoWhy Machines Learn: A clever primer makes sense of what makes AI possible
-
Science & Environment1 month agoWhy this is a golden age for life to thrive across the universe
-
News4 weeks agoMassive blasts in Beirut after renewed Israeli air strikes
-
News1 month agoRwanda restricts funeral sizes following outbreak
-
MMA4 weeks ago‘Dirt decision’: Conor McGregor, pros react to Jose Aldo’s razor-thin loss at UFC 307
-
MMA4 weeks agoPereira vs. Rountree prediction: Champ chases legend status
-
Business4 weeks agoWhen to tip and when not to tip
-
Technology4 weeks agoCheck, Remote, and Gusto discuss the future of work at Disrupt 2024
-
News4 weeks ago▶ Hamas Spent $1B on Tunnels Instead of Investing in a Future for Gaza’s People
-
Technology1 month agoMicrophone made of atom-thick graphene could be used in smartphones
-
Business1 month ago
how UniCredit built its Commerzbank stake
-
Technology4 weeks agoMusk faces SEC questions over X takeover
-
News4 weeks agoCornell is about to deport a student over Palestine activism
-
Sport1 month agoChina Open: Carlos Alcaraz recovers to beat Jannik Sinner in dramatic final
-
Football4 weeks agoWhy does Prince William support Aston Villa?
-
Science & Environment1 month agoITER: Is the world’s biggest fusion experiment dead after new delay to 2035?
-
Science & Environment1 month agoQuantum forces used to automatically assemble tiny device
-
Science & Environment1 month agoA slight curve helps rocks make the biggest splash
-
Business4 weeks agoWater companies ‘failing to address customers’ concerns’
-
Sport4 weeks ago2024 ICC Women’s T20 World Cup: Pakistan beat Sri Lanka
-
Business4 weeks ago
DoJ accuses Donald Trump of ‘private criminal effort’ to overturn 2020 election
-
MMA4 weeks agoKayla Harrison gets involved in nasty war of words with Julianna Pena and Ketlen Vieira
-
Sport4 weeks agoWales fall to second loss of WXV against Italy
-
Science & Environment1 month agoNuclear fusion experiment overcomes two key operating hurdles
-
News2 months ago▶️ Hamas in the West Bank: Rising Support and Deadly Attacks You Might Not Know About
-
Womens Workouts1 month ago3 Day Full Body Women’s Dumbbell Only Workout
-
News4 weeks agoHull KR 10-8 Warrington Wolves – Robins reach first Super League Grand Final
-
MMA4 weeks ago‘I was fighting on automatic pilot’ at UFC 306
-
Sport4 weeks agoCoco Gauff stages superb comeback to reach China Open final
-
Business1 month ago
Bank of England warns of ‘future stress’ from hedge fund bets against US Treasuries
-
News4 weeks agoGerman Car Company Declares Bankruptcy – 200 Employees Lose Their Jobs
-
Sport4 weeks agoWXV1: Canada 21-8 Ireland – Hosts make it two wins from two
-
Technology1 month agoMeta has a major opportunity to win the AI hardware race
-
Football4 weeks ago'Rangers outclassed and outplayed as Hearts stop rot'
-
MMA4 weeks agoKetlen Vieira vs. Kayla Harrison pick, start time, odds: UFC 307
-
Sport4 weeks agoMan City ask for Premier League season to be DELAYED as Pep Guardiola escalates fixture pile-up row
-
Business1 month agoStocks Tumble in Japan After Party’s Election of New Prime Minister
-
Business4 weeks ago
Sterling slides after Bailey says BoE could be ‘a bit more aggressive’ on rates
-
Business4 weeks ago
The search for Japan’s ‘lost’ art
-
Sport4 weeks agoPremiership Women’s Rugby: Exeter Chiefs boss unhappy with WXV clash
-
Technology4 weeks agoLG C4 OLED smart TVs hit record-low prices ahead of Prime Day
-
Entertainment4 weeks agoBruce Springsteen endorses Harris, calls Trump “most dangerous candidate for president in my lifetime”
-
Science & Environment1 month agoTime travel sci-fi novel is a rip-roaringly good thought experiment
-
Science & Environment1 month agoNerve fibres in the brain could generate quantum entanglement
-
Technology1 month agoUniversity examiners fail to spot ChatGPT answers in real-world test
-
Business4 weeks ago
Top shale boss says US ‘unusually vulnerable’ to Middle East oil shock
-
TV4 weeks agoTV Patrol Express September 26, 2024
-
Technology4 weeks agoTexas is suing TikTok for allegedly violating its new child privacy law
-
Sport1 month agoSturm Graz: How Austrians ended Red Bull’s title dominance
-
News4 weeks agoFamily plans to honor hurricane victim using logs from fallen tree that killed him
-
Money4 weeks agoPub selling Britain’s ‘CHEAPEST’ pints for just £2.60 – but you’ll have to follow super-strict rules to get in
-
Technology4 weeks agoIf you’ve ever considered smart glasses, this Amazon deal is for you
-
Money3 weeks agoTiny clue on edge of £1 coin that makes it worth 2500 times its face value – do you have one lurking in your change?
-
Technology4 weeks agoSingleStore’s BryteFlow acquisition targets data integration
-
Technology4 weeks agoThe best shows on Max (formerly HBO Max) right now
-
Sport4 weeks agoNew Zealand v England in WXV: Black Ferns not ‘invincible’ before game
-
Entertainment4 weeks agoNew documentary explores actor Christopher Reeve’s life and legacy
-
News1 month ago▶️ Media Bias: How They Spin Attack on Hezbollah and Ignore the Reality
-
Science & Environment1 month agoHow to wrap your mind around the real multiverse
-
Sport1 month agoWorld’s sexiest referee Claudia Romani shows off incredible figure in animal print bikini on South Beach
-
Technology4 weeks agoJ.B. Hunt and UP.Labs launch venture lab to build logistics startups
-
Politics4 weeks ago
Rosie Duffield’s savage departure raises difficult questions for Keir Starmer. He’d be foolish to ignore them | Gaby Hinsliff
-
Technology4 weeks agoOpenAI secured more billions, but there’s still capital left for other startups
-
News4 weeks agoHarry vs Sun publisher: ‘Two obdurate but well-resourced armies’
-
Business1 month agoChancellor Rachel Reeves says she needs to raise £20bn. How might she do it?
-
MMA4 weeks agoJulianna Peña trashes Raquel Pennington’s behavior as champ
-
Technology4 weeks agoThis AI video generator can melt, crush, blow up, or turn anything into cake
-
Technology4 weeks agoAmazon’s Ring just doubled the price of its alarm monitoring service for grandfathered customers
-
Technology4 weeks agoBest iPad deals for October 2024
-
Technology4 weeks agoQuoroom acquires Investory to scale up its capital-raising platform for startups
-
Technology4 weeks agoThe best budget robot vacuums for 2024
You must be logged in to post a comment Login