XTB's net profit down 55 % y/y

X-trade Brokers have reported PLN 23.05 million in net profit in H1 2016, compared to PLN 51.59 million y/y in 2015, the company's statement reported. Operational revenues were down PLN 16 million, or 12 percent, to PLN 113.82 million. "The weak results on financial market operations in H1 2016 were caused by low market volatility, compared to H1 2015, which were exceptional because of the behavior of the Swiss franc and the start of the EU's quantitative easing program. This year's important event was the Brexit referendum, which, because of the markets' carefulness, didn't cause as much turmoil as observed in January 2015," the report on financial results read. X-Trade Brokers DM S.A. is a brokerage firm under supervision of the Committee of Financial Supervision (KNF). Since 2002 it has been operating abroad, and is now present in 10 European countries. It has been listed on the WSE since May 2016.