German social trading-focused brokerage, NAGA Group (XETRA: N4G) announced on Monday its financials for the third quarter of 2020, showing record sales and trading volume.
The reported figures show that the broker’s sales figures jumped 506 percent year-on-year to 7.1 million euros last quarter from 1.17 million euros in Q3 2019. This resulted in an EBITDA of 1.9 million euros.
Apart from sales, the trading volume of the broker additionally jumped to over 33 billion euros for the period, a quarter-on-quarter jump of 22 percent. Year-on-year, that is more significant as the volumes in Q3 last year was only 13 million.
NAGA highlighted that the trading volumes were boosted by the 40,000 new accounts opened with it last quarter.
“We are happy with Q3,” Benjamin Bilski, CEO of NAGA, said. “Especially in light of the seasonality and the lower client activity during summer, we once again have shown that our growth strategy pays off and is sustainable.”
“…we have delivered a very solid EBITDA ratio despite increased expenses in growth. Given the growth in our active user base, we managed also to improve our platform experience and internal processes significantly to ensure further scalability.”
Apart from its existing brokerage business, NAGA is further entering the hyped digital banking industry. The group revealed that it will launch its challenger bank called NAGA PAY, on November 15.