First Capital Holdings reports robust performance in FY24

First Capital Holdings PLC (the Group), yesterday announced an outstanding financial performance for the fiscal year ended 31 March 2024, recording a Total Comprehensive Income of Rs. 10.1 billion, a significant increase from Rs. 2.7 billion in the previous year. 

In a statement FCH said this substantial growth underscores the Group’s strategic positioning and robust operational execution across its business divisions. 

The Primary Dealer division was the major contributor to the Group’s impressive financial results, reporting a Profit after Tax of Rs. 11.1 billion, a remarkable surge from Rs. 2.9 billion in the previous year. This performance was primarily driven by substantial trading gains on the Government securities portfolio amounting to Rs. 15.8 billion and net interest income of Rs. 3.2 billion, compared to trading gains of Rs. 2.4 million and net interest income of Rs. 3.6 billion in the prior year. 

The Corporate Dealing Securities division also exhibited strong performance, reporting a Profit after Tax of Rs. 215 million, a significant increase from Rs. 40 million in the previous year.

The Wealth Management division turned around its performance, reporting a Profit after Tax of Rs. 6.3 million, compared to a Loss after Tax of Rs. 0.4 million in the previous year. The Assets Under Management for this division surged to Rs. 93.9 billion as of 31 March 2024, up from Rs. 40.5 billion in the previous year, reflecting the division’s successful asset growth strategies.

The Stock Brokering division recorded a Profit after Tax of Rs. 8 million, compared to Rs. 109 million in the previous year. While this marks a decrease, the division remains a critical component of the Group’s diversified portfolio. 

In recognition of its robust financial health, First Capital Holdings PLC’s Board of Directors declared a second interim dividend of Rs. 5.00 per share in March 2024, for the year 2023/24. This brings the total dividend per share declared for the year to Rs. 17.25. 

Further affirming its financial strength and stability, the credit ratings of First Capital Holdings PLC and First Capital Treasuries PLC were reaffirmed by Lanka Credit Rating Agency Limited (LRA) at “A”, with an upgraded outlook from stable to “positive” in May 2024.

First Capital Holdings MD/CEO Dilshan Wirasekara said: “We are thrilled to share such fantastic financial results this year, building on the success of the previous year. Our strategic efforts to tap into market opportunities have really paid off, and this is reflected in the strong growth across our divisions. The standout performance of our Primary Dealer division highlights our ability to navigate and make the most of favourable market conditions.”

First Capital Group’s stellar performance across its business divisions underscores its strategic acumen and operational excellence. First Capital Holdings PLC remains committed to leveraging market opportunities and enhancing stakeholder value as it continues to navigate the evolving financial landscape.