First Capital Holdings delivers profitable start to FY24/25

Friday, 16 August 2024 00:30 - - {{hitsCtrl.values.hits}}

CEO/MD Dilshan Wirasekara

Chairman Rajendra Theagarajah

First Capital Holdings PLC has 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 characterised 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 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 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 from Rs. 94 billion on 31 March. The Stock Brokering division reported a Profit after Tax of Rs. 15 million for the quarter ended 30 June 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 of First Capital MD/CEO Dilshan Wirasekara. 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.

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