First Capital Holdings posts best ever results in FY23

First Capital Holdings PLC, yesterday announced impressive financial results, and a remarkable turnaround from the previous year, marking the year ended 31 March 2023 its most successful in its 40-year history. 

The Group’s financial results exhibit an impressive feat, with a Total Comprehensive Income of Rs. 2.71 billion, showcasing a significant improvement from the previous year’s Total Comprehensive Loss of Rs. 640 million. In a statement, FCH said the extraordinary performance demonstrates the Group’s resilience, strategic initiatives, and effective risk management which have turned the tide in their favour. 

The Primary Dealer division reported a Profit after Tax of Rs. 2.88 billion for the year ended 31 March 2023. This is a substantial improvement from the Loss after Tax of Rs. 652 million recorded in the previous financial year (2021/22). The impressive results were driven by robust net interest income of Rs. 3.6 billion and a gain on trading government securities portfolio amounting to Rs. 2.41 billion, as against the 2021/22 Net Interest Income of Rs. 484 million and the loss on trading government securities portfolio of Rs. 979 million. The division disposed of its entire “Held to Maturity” portfolio of Government securities and reported a loss of Rs. 1.26 billion.

Furthermore, the Corporate Dealing Securities division reported a Profit after Tax of Rs. 34 million, indicating a significant turnaround from the Loss after Tax of Rs. 248 million in the previous year. 

The Wealth Management division’s financial results for the year 2022/23 were at break-even level, compared to the Profit After Tax of Rs. 87 million reported in the previous year. The division’s assets under management stood at Rs. 40.5 billion as of 31 March 2023, which is slightly lower than the Rs. 41.2 billion reported at the beginning of the financial year.

The Stock Brokering division achieved a Profit after Tax of Rs. 110 million, further solidifying the Group’s strong financial performance.

Managing Director/CEO Dilshan Wirasekara said: “We are thrilled with the outstanding financial results achieved by First Capital Holdings PLC. These results demonstrate our commitment to driving growth, innovation, and delivering exceptional value to our clients. We are proud to see our efforts recognised in the Brand Finance Ranking, where we were named as one of the Top 100 Corporates in Sri Lanka and Top Investment Banks.”

Additionally, he added that 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.

“We have also taken significant strides in strengthening our leadership within our organisation. As part of these efforts, we have appointed Sachith Perera as the new CEO of our subsidiary, First Capital Treasuries PLC subject to regulatory approval. With his expertise and extensive experience, we are confident that Sachith will play a pivotal role in driving the growth of our government securities business,” Wirasekara added. 

The Board of Directors of the company declared an interim dividend of Rs. 2.25 per share, amounting to Rs. 911 million for the year 2022/23 in April 2023, highlighting the Group’s dedication to creating value for its shareholders.

The Board of Directors of First Capital Holdings PLC comprises of Chairman Nishan Fernando, Deputy Chairperson Manjula Mathews, Managing Director/CEO Dilshan Wirasekara,Ramesh Schaffter, Minette Perera, Chandana de Silva and Nishan de Mel.