<p>NAGA Group, a Germany-based <a href=”https://www.financemagnates.com/terms/f/fintech/” class=”terms__secondary-term” id=”891edcf3-475e-45f3-a8b8-3ba2e7d37339″ target=”_blank”>fintech</a> company that operates as a regulated
neo-broker, neo-banking app and cryptocurrency platform, shared its
year-to-date trading updates on Thursday, reporting a profitable start in the
year 2023.</p><p>According to <a href=”https://group.naga.com/newsroom/naga-group-starts-profitable-into-2023″ target=”_blank” rel=”follow”>the update</a>, the Group generated revenue of close to €6 million while its expenses stood at about €4.5
million during the first few weeks of 2023, suggesting that the online broker has made a profit of about €1.5 million
year-to-date (YTD). The profit comes even as <a href=”https://www.financemagnates.com/tag/naga/” target=”_blank” rel=”follow”>NAGA</a> said it reduced its cost base at the beginning of
the year by over 65% compared to the start of 2022. In addition, the social trading focused firm said it had maintained its new customer growth 15% above the levels it recorded in 2022.</p><p>Meanwhile, while NAGA Group is yet to release its annual report for the fiscal year
2022, <a href=”https://group.naga.com/” target=”_blank” rel=”follow”>key
numbers</a> on the company’s group website show that the firm generated an estimated
revenue of €52 million in 2022. Therefore, the company’s revenue dipped 6% year-over-year <a href=”https://www.financemagnates.com/fintech/naga-group-revenue-hits-553-million-for-fiscal-year-2021/” target=”_blank” rel=”follow”>from the €55.3 million</a> generated in the fiscal year 2021. </p><p>Furthermore, since NAGA Group reported consolidated <a href=”https://www.financemagnates.com/forex/naga-group-posts-51-revenue-rise-in-h1-2022-will-re-enter-uk/” target=”_blank” rel=”follow”>revenue of €35 million</a> during the first
half of 2022, and the company’s revenue came in at about €17 million
in the last six months of the same year.</p><p>Copy Trading Dominates All Trades on NAGA</p><p>In the new trading update, NAGA said its monthly trading activity and three-month active users base
“are at all-time high.” Additionally, the fintech company said copy trading represents
more than half (55%) of all trades made YTD. </p><p>Moreover, the company said its customer deposit YTD surged by half
(50%) compared to the same period last year. During this period, the company’s
average deposits per new client shot up by 75%. </p><p>“The group continues to improve its marketing efficiency by developing
further <a href=”https://www.financemagnates.com/terms/a/automation/” class=”terms__main-term” id=”48647bf0-73a6-4062-b1ba-1efc11370ba3″ target=”_blank”>automation</a> and business intelligence technology as well as preparing
the expansion into the Southeast-Asian and Latin American region with its newly
established regulated entity NAGA Capital,” NAGA Group explained.</p><p>Meanwhile, NAGA Group <a href=”https://www.financemagnates.com/forex/naga-discusses-possible-merger-with-unnamed-multi-country-broker/” target=”_blank” rel=”follow”>recently disclosed</a> that it was working towards signing “a potential strategic transaction with a multi-country brokerage firm.” The company expects to complete the deal by the fourth quarter of this year.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
