Platforms · Software · Providers · Markets
XTB's preliminary third-quarter report puts client assets at PLN 56.2 billion (about $14.2 billion) at the end of September, up by two-thirds during the year. Stocks and exchange-traded funds (ETFs) accounted for 86% of the total, while open contracts for difference (CFDs) represented 1.3%.
The balance sheet and earnings mix tell different stories. CFDs delivered 90.5% of the gross result on financial instruments in the quarter, while most customer assets sat in stocks and ETFs.
CFDs still dominate quarterly income
XTB recorded PLN 544.1 million from CFDs, or roughly PLN 9.5 for each zloty earned from other instruments. That other-instrument result reached PLN 57.3 million, compared with PLN 5.8 million a year earlier. Interest on client cash added PLN 28.4 million, a 29% rise.
The CFD contribution was 96% in the first half. Chief Executive Omar Arnaout said in February he wanted the share of revenue from CFDs, then around 95%, to fall to roughly 70%. XTB's latest figures show a lower contribution, but it remains above that stated aim.
Investment balances keep expanding
Assets increased from PLN 50.3 billion at the end of June. The quarterly lift of PLN 5.9 billion was close to net client deposits of PLN 5.65 billion. Client stock holdings were valued at PLN 25.3 billion and ETFs at PLN 23.2 billion; cash balances stood at PLN 7.1 billion.
Customers traded $9.2 billion of stocks and ETFs during the quarter, 55% more than a year earlier, as XTB added single stocks to its ETF investment plans. Growth has come from a larger client base rather than higher revenue per customer: profitability per client dropped 76% between 2019 and 2025, and quarterly revenue per active client was PLN 398, against PLN 408 a year earlier. These figures were reported by Finance Magnates.
Tax accounts broaden the client base
At September-end, XTB had 225,070 IKE individual retirement accounts and 65,018 IKZE pension accounts in Poland. It also counted 11,767 ISA and Cash ISA accounts in the UK and 19,427 PEA accounts in France, and introduced a Hungarian tax-advantaged account during the quarter.
The Polish Financial Supervision Authority (KNF) approved XTB to manage client portfolios this month. The broker intends to offer Poland's new Personal Investment Account (OKI) once the law takes effect in January 2027. Its full third-quarter report is due on 20 November.
The integration question
For operations teams, the growing investment balances and the much larger CFD contribution raise separate reporting questions. Do account, ledger and reconciliation processes distinguish between client-held stocks and ETFs, cash balances, open CFD positions and the revenue each product generates? The report does not describe the systems behind those records.
Tax-account expansion also gives platform teams a checklist to verify: what changes, if any, are needed for account opening, eligibility controls and reporting across the named markets? XTB has not specified how its Hungarian account or planned OKI offer will be integrated, or what operational changes either will require.
