✦ Interest on Other People's CashThin moat

XTB (XTB) — the future bets

A spread on client balances is the one line that does not need anybody to trade, and the one the central bank decides.

XTB began paying interest on uninvested client funds in November 2023 and keeps the spread.1 In 2025 that produced interest income of 140,1 million złoty, interest paid to clients of 62,1 million, and net interest income of 78,0 million — 3,6 per cent of group revenue against 3,1 per cent the year before.2 The first half of 2026 produced 46,0 million against 34,7 million.3

Net interest income on client cash, PLN m59202478202535H1 202546H1 2026Client cash balances 7 125m zł at 30 June 2026, from 6 528m zł six months earlier
The one line that does not need anybody to trade, and does need the rate.

Its importance is out of proportion to its size, for three reasons. It is the only line that arrives regardless of whether anybody trades. It grows with the client base and the client cash balance, both of which are compounding: balances were 7 125 million złoty at the end of June 2026 against 6 528 million six months earlier.4 And it is the only figure in this company that an outsider can genuinely forecast, because it is a spread on a disclosed balance.

It also does quiet work on the product side. Paying interest is what makes it rational for a client to leave money sitting at a broker instead of a bank, and money sitting at the broker is the raw material for the next fund purchase — which is the entire savings thesis in one mechanism.

The constraint is that the rate is not XTB's. Poland's reference rate went from 0,10 per cent in 2020 to 6,75 in 2022 and has been coming down since, and the share paid to clients is an advertised term that is hard to reduce.5

Net interest income was 3,1 per cent of revenue in 2024 and 3,6 in 2025.6 To matter to the thesis it would have to be several times that, and only a much larger client cash balance gets it there.

Moat trajectory: Holding steady

Net interest income rose to 46,0 million złoty in the half from 34,7 million as balances grew, and fell as a share of revenue because everything else grew faster. Poland's policy rate has been coming down since 2023, which caps how far this can run.

The number that tests this moat
Reported
Client cash balances
7 125m zł at 30 June 2026, from 6 528m zł six months earlier

The spread on client cash produced 78,0 million złoty in 2025 and 46,0 million in the first half of 2026. It scales with the balance, and the balance grew 9 per cent in six months while the client count grew 12. The constraint is the policy rate, which the Monetary Policy Council took from 0,10 per cent in 2020 to 6,75 in 2022 and has been cutting since. Watch interest earned against interest paid away: 140,1 and 62,1 million złoty in 2025.

Source: XTB Group half-year report for the first half of 2026 ↗
References
  1. ReportedXTB began paying interest on uninvested client funds in November 2023 and keeps the spread.
    XTB Group Management Board report on activities in 2025, financial results and dividend - total operating income of 2 146 056 thousand złoty against 1 873 436, up 14,6%; operating income by geography: Central and Eastern Europe 1 447 904 including Poland 1 168 350, Western Europe 387 409, Latin America 128 259, Middle East 182 480 and Asia 4 thousand złoty, with Poland at 54,4% of revenue against 52,7% in 2024; retail business 2 103 532 against 1 791 144 and Institutional Activities (X Open Hub) 42 524 against 82 292, a fall of 48,3%; net interest income on client cash of PLN 78,0 million, 3,6% of total revenue against 3,1%, PLN 19,0 million higher year on year, with interest income on client funds PLN 34,6 million or 32,7% higher and interest expenses paid to clients PLN 15,5 million or 33,3% higher, the product having been introduced in November 2023; nearly PLN 585 million of marketing spend, up 69,6% — FY2025 · publ. March 2026 · source ↗
  2. ReportedIn 2025 that produced interest income of 140,1 million złoty, interest paid to clients of 62,1 million, and net interest income of 78,0 million — 3,6 per cent of group revenue against 3,1 per cent the year before.
    XTB Group consolidated financial statements for 2025, comprehensive income statement and revenue notes - total operating income 2 146 056 against 1 873 436; income from fees and charges 20 287 against 12 291; other income 3 198; marketing (584 898) against (344 808); salaries and employee benefits (413 019) against (311 574); commission expenses (107 415) against (97 289); other external services (132 846) against (79 226); amortisation and depreciation (25 405) against (19 905); taxes and fees (15 955) against (13 109); costs of maintenance and lease of buildings (10 559) against (7 999); other costs (23 580) against (12 791); total operating expenses (1 313 677) against (886 701); profit on operating activities 832 379 against 986 735; finance income 39 603 against 62 845 including interest income on financial instruments at amortized cost 26 538 and income on bonds 12 744 against 26 138 and foreign exchange gains of nil against 10 307; finance costs (94 594) against (1 129), of which foreign exchange losses (93 125) against nil, relating to unrealised differences on the measurement of balance sheet items denominated in a currency other than the functional currency; profit before tax 777 388 against 1 048 451; income tax (133 189) against (191 595); net profit 644 199 against 856 856; basic earnings per share 5,48 against 7,29. Result of operations in financial instruments by class for 2025 and 2024: Commodity CFDs 923 714 and 896 672; Index CFDs 760 736 and 622 728; Currency CFDs 290 408 and 272 276; Stock and ETP CFDs 60 047 and 44 762; Bond CFDs 101 and 735; total CFDs 2 035 006 and 1 837 173; Stocks and ETPs 78 310 and 30 654; gross gain on transactions in financial instruments 2 113 316 and 1 867 827; bonuses and discounts paid to customers (17 328) and (12 629); commission paid to cooperating brokers (51 406) and (54 623); net gain on transactions in financial instruments 2 044 582 and 1 800 575; interest income on client funds 140 129 and interest paid to clients (62 140), giving net interest income of 77 989 and 58 989 — FY2025 · publ. March 2026 · source ↗
  3. ReportedThe first half of 2026 produced 46,0 million against 34,7 million.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
  4. ReportedIt grows with the client base and the client cash balance, both of which are compounding: balances were 7 125 million złoty at the end of June 2026 against 6 528 million six months earlier.
    XTB Group half-year report for the first half of 2026, notes - nominal value of derivative financial instruments at 30 June 2026 and 31 December 2025: Index CFDs 3 642 905 and 3 933 252; Commodity CFDs 3 967 775 and 6 216 958; Currency CFDs 2 204 780 and 3 284 496; Stock and ETF CFDs 1 767 315 and 1 615 397; Bond CFDs 4 118 and 1 553; Options 125 478 and nil; total 11 712 371 and 15 051 656, and as at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments against 16% at 31 December 2025; clients' financial instruments at 30 June 2026 and 31 December 2025: listed stocks and rights to stocks 23 345 382 and 15 138 542; ETFs 20 018 050 and 12 144 808; other securities 207 and 207; total 43 363 639 and 27 283 557; amounts due to clients: retail 7 023 586 and 6 428 875, institutional 100 955 and 99 348, total 7 124 541 and 6 528 223; contributions to the compensation scheme with a closing balance of 28 338 against 23 981; total employment at 30 June 2026 of 1 548 people against 1 516 at 31 December 2025; XXZW Investment Group S.A. holding 42 067 329 shares or 35,78% at 30 June 2026; XTB Lithuania UAB incorporated with no operations yet; dividends of 478 507 thousand złoty paid in the period — H1 2026 · publ. 28 August 2026 · source ↗
  5. ReportedPoland's reference rate went from 0,10 per cent in 2020 to 6,75 in 2022 and has been coming down since, and the share paid to clients is an advertised term that is hard to reduce.
    The Polish rate-and-subsidy cycle — NBP raised its reference rate from 0,1% to 6,75% (2021–22); new mortgage lending roughly halved in 2022 (applications −71% YoY in Aug 2022); the state's 'Bezpieczny Kredyt 2%' subsidy (July 2023) re-ignited demand before lapsing — 2021-2024 · publ. 2022-2023 · source ↗
  6. ReportedNet interest income was 3,1 per cent of revenue in 2024 and 3,6 in 2025.
    XTB Group Management Board report on activities in 2025, financial results and dividend - total operating income of 2 146 056 thousand złoty against 1 873 436, up 14,6%; operating income by geography: Central and Eastern Europe 1 447 904 including Poland 1 168 350, Western Europe 387 409, Latin America 128 259, Middle East 182 480 and Asia 4 thousand złoty, with Poland at 54,4% of revenue against 52,7% in 2024; retail business 2 103 532 against 1 791 144 and Institutional Activities (X Open Hub) 42 524 against 82 292, a fall of 48,3%; net interest income on client cash of PLN 78,0 million, 3,6% of total revenue against 3,1%, PLN 19,0 million higher year on year, with interest income on client funds PLN 34,6 million or 32,7% higher and interest expenses paid to clients PLN 15,5 million or 33,3% higher, the product having been introduced in November 2023; nearly PLN 585 million of marketing spend, up 69,6% — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026