Poland based Retail FX and CFDs broker XTB.com (WSE:XTB) has announced that it will alter the planned distribution of its record 2022 profits.

XTB will increase the planned dividend paid to shareholders, and cancel the company’s planned share buyback. In early March XTB filed paperwork with the regulatory authorities in Poland indicating that it would pay out 50% of 2022’s profits in the form of a dividend of approximately PLN 381.5 million, and use 25% (or PLN 188.7 million) for a share buyback. The remaining PLN 191.5 million is to be allocated to reserve capital.

The new plan is to withdraw the share buyback, and use those funds to increase the dividend payout to PLN 570.5 million. The Management Board of XTB proposes to set the dividend date for July 10, 2023, and the dividend payment date for July 21, 2023.

XTB had its best-ever year in 2022 with Revenues of PLN 1,444 million ($328 million) and Net Profit of PLN 765 million ($174 million).

The recommendation of the Company’s Management Board is in line with XTB’s dividend policy, which provides for recommending to the General Meeting of Shareholders a dividend payment at the level of 50-100% of the Company’s standalone net profit for a given financial year, taking into account factors such as the need to ensure an appropriate level of the Company’s capital adequacy ratios and the capital necessary for the Group’s development, as well as bearing in mind the guidelines of the Polish Financial Supervision Authority.