<p>The Management Board of XTB, a global <a href=”https://www.financemagnates.com/terms/f/forex/” class=”terms__secondary-term” id=”6faa6714-7f7b-4d23-b1c5-c0d40807d613″ target=”_blank”>forex</a> and CFDs broker listed on
the Warsaw <a href=”https://www.financemagnates.com/terms/s/stock-exchange/” class=”terms__main-term” id=”76d5dc1c-865d-49be-9e84-126258dff377″ target=”_blank”>Stock Exchange</a> in Plan, has announced its decision to pay 50% of the company’s estimated net profit of PLN 761.6 million ($171.6
million) in 2022 as dividends to its shareholders. The Board, which intends to
pass on the decision to XTB’s Supervisory Board and General Meeting, also
recommended setting aside 25% of the profit to buy back shares of the
company. </p><p>The percentages amount to PLN 381.5 million ($86 million) in dividend
payment at PLN 3.25 or $0.73 dividend per share and PLN 188.7 million ($42.5
million) in share repurchase, XTB disclosed in a <a href=”https://biznes.pap.pl/espi/pl/reports/view/2,529960″ target=”_blank” rel=”follow”>statement</a> published on the
Polish Press Agency. </p><p>XTB’s Net Profit Skyrockets in 20222</p><p>Finance Magnates reports that XTB’s net profit <a href=”https://www.financemagnates.com/executives/interview/interview-xtb-ceo-omar-arnaout-on-2022-results-and-future-plans/” target=”_blank” rel=”follow”>jumped by 214.4%</a> to $171.6 million in
2022 although the broker reported <a href=”https://www.financemagnates.com/forex/brokers/xtb-sees-dull-q3-profits-despite-solid-client-activities/” target=”_blank” rel=”follow”>a significant profit slide</a> in its preliminary
quarterly financials for the fourth quarter of the past year.</p><p>Furthermore, the broker’s operating revenue hit a record $325 million
last year, which is a 125% growth from the previous year’s $144.2 million. However, with 75% of the profit allocated to dividend and share repurchase, XTB intends to
set aside the remaining PLN 191.4 million ($43 million) as reserve
capital. </p><p>XTB Seeks Polish Regulator’s Permission for Share Buyback</p><p>In the report, XTB explained that the implementation of the recommendations is dependent on
whether the Polish Financial Supervision Authority grants its request to
repurchase approximately 5.7 million or 4.84% of the total shares in the
company by December 31, 2023.</p><p>The broker further noted that if the Polish regulator fails to grant
the request or extends the time for the request to be granted, the Managment
Board will recommend paying 75% of the 2022 net profit as dividend to
shareholders. This represents approximately 570.5 million ($128.5 million) in
total dividend payment and PLN 4.86 ($1.09) dividend per share, the company
said. </p><p>Meanwhile, the Polish Supreme Administrative Court (NSA) recently <a href=”https://www.financemagnates.com/forex/polish-court-upholds-xtbs-22m-fine-over-differential-slippage-from-2018/” target=”_blank” rel=”follow”>dismissed a cessation appeal</a> filed by XTB against
the financial markets regulator’s decision to impose a financial penalty of PLN
9.9 million (over $2.2 million) on the brokerage firm in 2018.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
