First Capital Holdings Delivers Profitable Start to FY24/25

First Capital Holdings PLC (the Group) reported a Profit After Tax of Rs. 582 million for the quarter ended 30 June 2024, compared to Rs. 2.8 billion in the same period last year. This performance marks a significant achievement reflecting the Group’s strategic agility amidst the uncertain and challenging political and macroeconomic environment characterized by high volatility in interest rates.

The Primary Dealer division achieved a Profit After Tax of Rs. 464 million for the quarter. The division’s results include a trading gain on government securities of Rs. 1.19 billion and net interest income of Rs. 387 million. In the same period last year, the division reported a Profit After Tax of Rs. 2.73 billion, which included a trading gain of Rs. 2.1 billion and net interest income of Rs. 1.1 billion.

The Corporate Finance Advisory and Corporate Dealing Securities division reported a Profit after Tax of Rs. 73 million for the quarter ended 30 June 2024, compared to Rs. 77 million in the same period of the previous year (2023/24).

The Wealth Management division reported a Profit after Tax of Rs. 29 million for the quarter ended 30 June 2024, a significant improvement from a loss of Rs. 0.8 million in the same period of the previous year (2023/24). The division’s assets under management grew to Rs. 100 billion as of 30 June 2024, from Rs. 94 billion on 31 March 2024.

The Stock Brokering division reported a Profit after Tax of Rs. 15 million for the quarter ended 30 June 2024, compared to a Profit after Tax of Rs. 2 million in the same period of the previous year (2023/24).

“Our Group delivered a strong performance in the first quarter of the financial year, successfully navigating the challenging market conditions. The Primary Dealer division’s results were impacted by interest rate fluctuations, but its overall delivery continues to stand out. Our Wealth Management, Corporate Finance, and Stock Brokering divisions continued to demonstrate growth and stability. We remain focused on navigating these market dynamics and delivering sustainable value to our shareholders.” Expressed Dilshan Wirasekara, MD/CEO of First Capital.

Rajendra Theagarajah – Chairman, First Capital

Dilshan Wirasekara – MD/CEO, First Capital

During the first quarter of its 2024/25 financial year, First Capital clinched three prestigious awards: the “Technology Resilient Company of the Year 2024” in the capital markets sector at the inaugural Digital Trust Awards 2024, and Silver awards for “Best Unit Trust Fund” for its First Capital Money Market Fund and “Best Stockbroking Research Firm” for First Capital Equities at the CFA Society Capital Market Awards 2024, further enhancing the company’s achievements.

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About First Capital Holdings PLC:

First Capital, the pioneering investment institution and non-bank market leader in primary dealing, is an organization that aims to establish itself as a catalyst for growth in capital markets, embodying the ethos of “Performance-First” and with a vision to improve the lives of all Sri Lankans through financial solutions. First Capital Holdings PLC is a member of the Janashakthi Group and operates as a primary dealer, corporate finance advisor, wealth manager and stockbroker. Notably, First Capital has been recognized as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years.

With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is a listed full-service investment institution in Sri Lanka. First Capital Holdings PLC is rated [SL] A with Positive outlook by LRA.

The Board of Directors of First Capital Holdings PLC comprises Rajendra Theagarajah (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / Chief Executive Officer), Ramesh Schaffter, Kuda Herath, Inoshini Perera, Rachini Rajapaksa, and Dilendra Wimalasekere.