XTB CEO Says U.K. Competition Would Require Very Large Sums

XTB CEO Omar Arnaout said the broker was late entering the U.K. market and would approach it cautiously because competing with established firms would require very large sums. He also said Indonesia now ranks behind only Poland in monthly new-account sign-ups at XTB.

Arnaout made the comments at XTB’s online results conference on Oct. 29, which began at 11 a.m. ET (15:00 UTC). He gave no monthly sign-up count for Indonesia or other country markets. XTB’s preliminary third-quarter results list groupwide client figures rather than a country-by-country ranking.

XTB added 335,704 clients across the group in the third quarter, bringing its total to 3,138,918 as of Sept. 30. The company reported preliminary net profit of PLN 213.665 million for the quarter, up 301.4% from PLN 53.227 million in the same period a year earlier.

An earlier XTB results breakdown covered client assets and instrument results for the quarter. XTB has scheduled publication of its final third-quarter report for Nov. 20.