XTB net profits way up in December

The net profits of X-Trade Brokers, a Polish brokerage for speculators and investors that specializes in online trading of derivatives, rose during Q4, y/y, by 212 percent, to PLN 51.4 million (on PLN 94.1 million in revenues from operating activities). However, the group also noted in its Wednesday press release that, for the entire year of 2016, profits had decreased 34 percent, y/y, to PLN 78.7 million. “In the fourth quarter of 2016, financial market conditions were favorable for XTB. We observed high volatility relevant to our level of revenues instruments CFD-based indices (the German DAX and the American DJIA and S&P 500), currency pairs with the US dollar and commodities such as gold and oil,” part of the release read. The company’s statement also indicated that XTB had plans for improving profits in 2017. It said that it would “accelerate the company's development, in particular by expanding the customer base, further penetrating existing markets and increasing geographic expansion into new markets.”