XTB Sees 121.3% QoQ Profits Jump in Q1 2021
Fazzaco learned that X-Trade Brokers (XTB), a leading UK FX & CFD broker, has unveiled its preliminary financial results for the first quarter of 2021, revealing a significant QoQ jump in income and profits.
The income of the company for the first quarter of 2021 jumped by 33.4 percent QoQ to $49.45 million. This figure for the previous quarter was only $37.05 million. The EBIT of the company reached $26.43 million, up 77.1 percent compared to the previous quarter. From January to March, the net profits stood at $23.6 million, a significant QoQ rise of 121.3 percent.
The preliminary results also show that the CFDs trading volume on the platform increased to 39.3 percent quarter-over-quarter. The platform added 67,231 new traders in Q1 2021, up 75 percent than Q4 2020. Additionally, the average number of active clients on XTB also rose by 43 percent.
Fazzaco earlier reported that XTB has reported mixed trading volumes for three consecutive months(from July to Sep.) of 2020, confirming a third consecutive quarter of lower sales. The Q3 2020 earnings results, in line with the company in the second quarter of the year that saw the activity of its clients mostly unstable, compared to earlier this year when the coronavirus pandemic stocked unprecedented volatility across varying asset classes.
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