Tuesday Nov 19, 2024
Tuesday Nov 19, 2024
Tuesday, 19 November 2024 00:46 - - {{hitsCtrl.values.hits}}
First Capital Holdings PLC (the Group) has recorded a Total Comprehensive Income of Rs. 904 million for the six months ended 30 September 2024, demonstrating resilience in a dynamic market environment, compared to Rs. 9.58 billion in the same period of last year.
The Group’s net income before operating expenses for the first half of 2024/25 was Rs. 1.90 billion compared to Rs. 16.61 billion reported in the corresponding period of the previous year. The significant variance was due to an extraordinary gain realised in the last year resulting from the extraordinary decline in interest rates witnessed, post domestic debt optimisation. The lower contribution via business activities of the Group, stemmed from the Primary Dealer division mainly, as the corresponding period of the previous year saw substantial easing of monetary policy rates and resultant conducive secondary market trading that was not seen in the current year.
The Primary Dealer division recorded a Profit after Tax of Rs. 578 million for the six months ended 30 September 2024, compared to Rs. 9.21 billion in the previous year. This period’s results included a trading gain on the sale of the Government securities portfolio amounting to Rs. 1.24 billion and net interest income of Rs. 834 million, compared to a trading gain of Rs. 13.6 billion and net interest income of Rs. 2 billion reported in the similar corresponding period of the previous year.
The Corporate Finance Advisory and Dealing Securities division achieved a Profit after Tax of Rs. 264 million for the six months ended September 30, 2024, a slight decrease from Rs. 337 million compared to the corresponding period of the previous year.
The Wealth Management division reported a Profit after Tax of Rs. 49 million for the first half of 2024/25, an increase from Rs. 18 million in the corresponding period of the previous year. As of 30 September 2024, the assets under management of the division totalled Rs. 95.7 billion, up from Rs. 94 billion as of 31 March 2024.
The Stock Brokering division recorded a Profit after Tax of Rs. 6 million for the six months ended 30 September 2024, a decline from Rs. 31 million compared to the corresponding period of last year.
Managing Director/CEO Dilshan Wirasekara said: “Our results for the first half of 2024/25 highlight the strength and adaptability of First Capital Holdings PLC. We are particularly pleased with the healthy contributions from our Primary Dealer division and the impressive growth in our Wealth Management segment. These achievements underscore our commitment to providing exceptional value to our clients and stakeholders. With a clear strategy in place, we are well-positioned to capitalise on emerging opportunities in the dynamic financial landscape.”
