First Capital 1Q profits soar to Rs. 2.8 b

Managing Director/CEO Dilshan Wirasekara 

First Capital Holdings PLC (the Group) yesterday announced outstanding financial performance for the first quarter ended 30 June with an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year.

Among the key divisions, the Primary Dealer segment demonstrated an exceptional growth trajectory, reporting a Profit after Tax of Rs. 2.73 billion for Q1 2023, compared to the previous year’s figure of Rs. 409 million. This achievement can be attributed to a net interest income of Rs. 1.1 billion and a substantial trading gain of Rs. 2.1 billion from the sale of the Government securities portfolio. In the prior year, the division reported a net interest income of Rs. 185 million and a trading gain of Rs. 242 million.

The Corporate Dealing Securities division also showcased a remarkable turnaround, reporting a Profit after Tax of Rs. 77 million for Q1 2023, a significant improvement from the previous year’s Loss after Tax of Rs. 310 million.

The Wealth Management division reported a Loss after Tax of Rs. 0.8 million for Q1 2023, an improvement from the previous year’s Loss after Tax of Rs. 0.9 million. The division’s assets under management demonstrated growth, standing at Rs. 48.6 billion as of June 30, 2023, compared to Rs. 40.5 billion as of 31 March.

The Stock Brokering division maintained a strong stance, reporting a Profit after Tax of Rs. 2 million for Q1 2023, though lower than the previous year’s figure of Rs. 9 million.

First Capital Holdings Managing Director/CEO Dilshan Wirasekara said: “Our growth across multiple divisions reflects our commitment to excellence, adaptability, and strategic foresight. We remain dedicated to delivering value to our clients and shareholders while maintaining a strong position in the market.”

The Group’s achievements were further underscored by its recognition as the most awarded entity in the Investment Banking Sector by LMD. Additionally, the Group had also received the distinguished Great Place to Work Certification for the 2nd consecutive year in recognition of their continued efforts to cultivate a supportive and inclusive workplace that promotes employee growth and well-being.

With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, First Capital focuses on staying true to its ‘performance first’ ethos. First Capital stands strong with robust fundamentals, dedicated teams, and the support of the Janashakthi Group, allowing it to weather challenging market cycles. The organisation is actively expanding its reach and significance by embracing an evolving digital platform, bolstering its digital capabilities, and integrating its operations. These efforts are aimed at transforming client experiences, fostering operational efficiency, and driving overall growth and sustainability.