Platforms · Software · Providers · Markets
Client money is concentrated in securities
XTB's preliminary third-quarter figures, released on 29 October, put client assets at PLN 56.2 billion at the end of September, about $14.2 billion. That is two-thirds higher than at the start of the year. Stocks and exchange-traded funds (ETFs) accounted for 86% of the total; open contracts for difference (CFDs) made up 1.3%.
The balance rose from PLN 50.3 billion at the end of June. Its PLN 5.9 billion quarterly increase was close to net client deposits of PLN 5.65 billion. At September-end, clients held PLN 25.3 billion in stocks, PLN 23.2 billion in ETFs and PLN 7.1 billion in cash. The comparable total at the end of 2019 was PLN 704 million.
CFDs still dominate quarterly income
The contribution from trading instruments is weighted differently: CFDs delivered 90.5% of the quarter's gross result on financial instruments. They generated PLN 544.1 million, around PLN 9.5 for each zloty earned from other instruments.
That CFD share is down from 96% in the first half. In February, Chief Executive Omar Arnaout said he aimed to reduce CFDs' share of revenue from around 95% to roughly 70%.
Other instruments, mainly stocks and ETFs, generated PLN 57.3 million, compared with PLN 5.8 million a year earlier. Interest earned on client cash grew 29% to PLN 28.4 million. Clients traded $9.2 billion of stocks and ETFs during the quarter, 55% more than a year earlier, after XTB redesigned its ETF investment plans to include single stocks. Yet revenue per active client was PLN 398, against PLN 408 a year earlier. FM Intelligence data show profitability per client fell 76% between 2019 and 2025.
Tax wrappers extend the product range
The share price opened 2.9% higher at PLN 142.60 in Warsaw on 29 October, after XTB reported quarterly profit of PLN 213.7 million, four times the year-earlier figure and above analyst forecasts. It rose as much as 4.4% in early trading and stood at PLN 142.54 by mid-morning.
The gain for the third quarter was 41.2%, behind only CMC Markets, at 45.9%, among 13 listed brokers and platforms tracked by FM Intelligence. Further account and reporting details were first reported by Finance Magnates.
- At September-end, XTB had 225,070 individual retirement accounts (IKE) and 65,018 IKZE pension accounts in Poland, plus 11,767 ISA and Cash ISA accounts in the UK and 19,427 PEA accounts in France.
- The broker introduced a Hungarian tax-advantaged account during the quarter.
- After receiving approval from the Polish Financial Supervision Authority (KNF) this month to manage client portfolios, XTB plans to offer Poland's Personal Investment Account (OKI) when the law takes effect in January 2027. Its full third-quarter report is due on 20 November.
What this means on the desk
The asset split and the income split describe different parts of the operation. Reporting and reconciliation need to make clear how client-held stocks and ETFs, cash balances and open CFD exposure are represented, while revenue reporting must still account for the much larger CFD contribution. XTB's figures do not explain the account-level reconciliation or custody arrangements behind those totals.
Operators should check how the new tax-advantaged accounts feed into account opening, reporting and portfolio-management workflows, and ask whether the planned OKI launch requires changes to existing processes. The report does not specify the integration work or operating costs. It also leaves open how XTB will track its stated aim of reducing CFDs' revenue share as investment products grow.
