In FY23, IG experienced a profit reduction, while its Investment and Trading turned around. IG suggests Apple Pay for smooth and instant payments.
Transition to Apple Pay
Upon ending the PayPal payment mode, IG account holders must explore alternative funding and withdrawal options for their IG accounts. The suggested option, Apple Pay, ensures a smooth experience by providing high authorization rates and instant transitions.
An IG administrator said that the decision to adjust the payment methods came from their discussion with the FCA. The official assured users of alternative funding and withdrawal options, where they suggest utilizing Apple Pay.
Users are advised to contact IG directly with any concerns or questions about the payment method adjustments.
FY23 IG Subsidiaries Results
Three British IG Group subsidiaries have released their financial data for FY2023 (fiscal year 2023). Two had worse outcomes than the previous year, while the third had a significant profit increase.
The IG Trading and Investments, IG Markets Limited, and IG Index Limited reports are obtainable from the British Companies House register. IG Markets, the over-the-counter (OTC) trading service provider, had a trading revenue drop from 2022’s £453.6 million to £405.2 million.
The company’s net profit dropped from £188.6 million to £171.3 million due to higher interest rates, inflation, and market volatility. IG Index net trading revenue decreased from £262.5 million to £236.5 million, while the net profit dropped to £102.5 million.
The August 2022-established IG Trading and Investments reported a £9.17 net profit, a notable U-turn from the 2022 loss of about £800,000. The company’s total equity increased to £20.7 million from £3.5 million.
