eToro UK Sees 57% Fall in Trading Commissions in 2022

eToro (UK) Limited, the UK FCA regulated branch of Israeli multi-asset trading and investing platform, eToro, has released its financial results for the year ended December 31, 2022, unveiling a slump in trading commissions as a result of significant reduction in trading activity across the year, particularly in crypto.

Specifically, eToro UK produced USD 131.3 million trading commissions in 2022, plummeting 57 percent from 2021's USD 307.9 million.

Net profit for the year, however, increased from USD 3.0 million in 2021 to USD 3.4 million, which thanks to 46 percent decline in administrative and operating expenses.

Operating profit came in at USD 3.8 million, 39 percent lower over the prior year's USD 3.8 million. In addition, FX loss widened to USD 2.9 million from USD 2.5 million.

As of the year end, the UK arm held total assets of USD 43.6 million, compared to 2021's USD 54.2 million. Total liabilities and equity dipped from USD 54.2 million to USD 43.6 million.

Previously, Fazzaco reported that eToro has completed crypto registrations in Cyprus​ and Spain.