XTB Surpasses 1,000 Employees Milestone, 40% Work in IT Department

<p>At a time
when European fintechs are grappling with a declining economic situation and
<a href="https://www.financemagnates.com/fintech/fintech-in-distress-emea-sector-faces-major-funding-crunch-in-h1-2023/" target="_blank" rel="follow">funding is noticeably falling</a>, some companies go against this unfavorable
trend. One such company is XTB, a publicly-listed broker originating from Poland, which
announced today (Thursday) that it has achieved a significant milestone in
terms of staff. The total number of employees of the publicly traded company
has exceeded 1,000.</p><p>XTB Employs over 1,000
People in 12 Offices Worldwide</p><p>According
to information sent via email to Finance Magnates, XTB has surpassed the
number of 1,000 employees in its 12 offices located around the world. In the
first six months of 2023, employment increased 17% due to ongoing efforts to
introduce new investment products and the development of its own <a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a>.</p><p>For more than ten
years, XTB has been working on developing its <a href="https://www.financemagnates.com/forex/brokers/xtb-india-releases-browser-based-xstation/" target="_blank" rel="follow">proprietary xStation trading
software and mobile application</a>. This has resulted in a significant shift in
hiring toward software developers and IT experts who currently make up 40% of
the entire team. This percentage is even higher at the company's Warsaw
headquarters, reaching 56%. Meanwhile, every tenth XTB employee handles customer
service and support tasks, and 4% work in the marketing or planning department.</p><p>"When
I started working at XTB in 2007 as a junior sales dealer, the company employed
only 45 people," Omar Arnaout, the CEO of XTB, commented. "Looking
from today's perspective, it's impressive what we've achieved since then – from
introducing new products to our offerings, to growing financial results and a
rapid pace of acquiring new customers worldwide."</p><p>As part of developing
new products, XTB is moving away from just contracts for difference (CFDs) to
attract a new customer base. In April, <a href="https://www.financemagnates.com/forex/beyond-cfds-xtb-launches-savings-account-to-lure-new-audiences/" target="_blank" rel="follow">the company acknowledged</a> that leveraged
trading did not provide access to a broad customer base like stocks or savings
products. Therefore, the broker will introduce a new savings-related product
later this year.</p><p>Record Number of Clients
and XTB's Record Stock Price</p><p>XTB's
continuous growth is evident not just in the number of new employees but also
in the company's stock valuation on the Warsaw Stock Exchange. At the beginning
of May, a single XTB share was priced at a record PLN 43.88. Although it has
declined 14.5% since then, it has still increased 22% year-to-date. Since 2020,
the value of XTB shares has increased eightfold from just PLN 4.10.</p><p>According
to the latest financial report published by XTB at the end of July, <a href="https://www.financemagnates.com/forex/xtbs-net-profit-plunges-122-in-h1-despite-record-new-clients/" target="_blank" rel="follow">the company
achieved a record number of new clients in H1 2023</a>. The broker acquired 167,000
new clients during the first six months of the year, which is an increase of 65.5%.
Despite this, revenue and net profit declined, which the company attributed to
the lower market volatility in Q2.</p><p>Furthermore,
while the number of active XTB clients increased 44.4% annually to 274,450,
the profitability of CFDs per lot, meaning profit per transaction fell 17.4% annually to PLN 226.</p><p>"This
decrease is mainly the result of lower <a href="https://www.financemagnates.com/terms/v/volatility/">volatility</a> in the financial and commodity
markets in Q2 2023, compensated in part by the constantly increasing number of
new clients (increase by 65.5% YoY), combined with their high transactional
activity expressed in the number of CFD contracts concluded in lots," the
company concluded.</p>

This article was written by Damian Chmiel at www.financemagnates.com.