XTB, a global fintech offering an online investing platform and a mobile app, announced the preliminary financial results for Q1 2024.
Fovaurable, long trends in stock and commodity markets coupled with dynamic customer base growth resulted in a record-breaking consolidated revenue of EUR 128.7 million (+ 12.5% y/y) and a consolidated net profit of EUR 70.1 million (+8.8% y/y).
In Q1 2024, XTB exceeded its quarterly goal by acquiring 129.7k new clients. At the end of March, 1.02 mn customers used XTB’s online platform and mobile app to invest, trade, and save. More importantly, in Q1 2024, the number of active clients increased to 378.5k from 260.1k in Q1 2023.
As investors are increasingly turning their attention to new opportunities to invest, both actively and passively, net deposits increased by 85.0% year on year and reached PLN 1.89bn at the end of March 2024.
The first quarter marked a great start to the year. Once again, we proved that our strategy is working well as it allows us to achieve stable and replicable results. All the key performance indicators are on the rise – both in terms of financial performance and operational results, said Omar Arnaout, CEO of XTB.
We are accelerating our transformation into a universal, investment application, and this change is already visible in the choices made by our customers, who start their investment journey by investing in stocks, ETFs, and by building their own Investment Plans.
I strongly believe that the addition of bonds, retirement products, and the multi-currency card will take XTB a step closer to creating a complete super investment app for everyone who wants to manage their finances effectively – added Arnaout.
Transformation into an investing super-app
Since the beginning of the year, XTB made significant progress towards becoming the leading universal investment app, enabling customers to trade, invest, and save, while also maintaining access to their funds.
The addition of ETF-based investment plans and the launch of interest rates on uninvested funds allowed XTB to expand its product portfolio and attract new groups of customers who prefer passive, long-term investments.
In Q1 2024, 78% of new customers chose to invest in stocks and ETFs or to create an Investment Plan as their first transaction with XTB. At the same time, the number of transactions in ETFs, stocks, and Investment Plans increased by 93% compared to Q1 2023.
Looking at stock investing alone, transaction volume increased by over 71% and reached USD 1.87 bn (vs. USD 1.09 bn in Q1 2023).
Update on the 2024 product roadmap
The first quarter marked the launch of a product named Social in Poland. It allows app users to follow the best XTB investors – view what they have in their portfolios, and get notified about their transactions. This feature also enables investors to check the portfolios of their friends and family members as well as compare themselves to the leaders.
XTB’s Product and Technology team is also making significant progress in developing new features like bonds investing, retirement products, and a multi-currency card. All these products are well-advanced and expected to be launched in 2024.
