Brokerage group XTB announced its preliminary financial results for the financial year end on Thursday afternoon.

The Warsaw-listed company said that its net income for the year was PLN 859.4m for 2024 or approximately $211.5m in dollar terms.

This was the highest figure the company has ever posted and represented a nearly 8% uplift on 2023.

Also of note was the fact the broker managed to onboard close to half a million new clients last year. Again, this was a record figure and blew the previous record – 311,971 in 2023 – out of the water.

What the company seems to be doing is using its broader product set, primarily equities and investment plans, to reach a much broader audience of potential clients. They then cross sell those clients into more profitable products.

You can see a potential sign of this in the broker’s report. Almost 80% of first trades place by new clients are in more vanilla products, like ETFs, investment plans, and stocks.

However those products only constituted 1.6% of gross revenues generated from client trading activity.