XTB’s Net Profit Surged by 214% to Reach $171.6 Million in 2022.
The XTB Management Board, listed on the Warsaw Stock Exchange in Plan, has proposed to its Supervisory Board and General Meeting to allocate 50% of the forecasted net profit of 761.6 million PLN ($171.6 million) for dividends to its shareholders in 2022. Additionally, the Board has recommended to reserve 25% of the profit for the repurchase of XTB’s shares.
XTB has announced that it will distribute a total of PLN 381.5 million ($86 million) as a dividend per share of PLN 3.25 ($0.73) and PLN 188.7 million ($42.5 million) in share buybacks.
XTB stated that the success of their proposed recommendations lies in the hands of the Polish Financial Supervision Authority, which is to decide whether to allow the company to repurchase around 5.7 million shares, or 4.84%, by the end of 2023.
If the Polish regulator does not grant their request or prolongs the time for it, the Board of Management will then recommend distributing 75% of the 2022 net profit as dividends among shareholders. This would amount to a total of 570.5 million ($128.5 million) in dividend payments, with each share receiving PLN 4.86 ($1.09).
The Polish Supreme Administrative Court (NSA) recently declined to uphold an appeal lodged by XTB against the financial markets regulator’s ruling to levy a financial penalty of PLN 9.9 million (over $2.2 million) on the brokerage firm back in 2018.
