First Capital Holdings reports robust financial performance for FY 2023/24

First Capital Holdings PLC (the Group), a leading investment institution, and a member of the Janashakthi Group, announces an outstanding financial performance for the fiscal year ended 31 March 2024, recording a Total Comprehensive Income of Rs. 10.1Bn, a significant increase from Rs. 2.7Bn in the previous year. 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. 11.1Bn, a remarkable surge from Rs. 2.9Bn in the previous year. This performance was primarily driven by substantial trading gains on the government securities portfolio amounting to Rs. 15.8Bn and net interest income of Rs. 3.2Bn, compared to trading gains of Rs. 2.4Mn and net interest income of Rs. 3.6Bn in the prior year.

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

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

The Stock Brokering division recorded a Profit after Tax of Rs. 8Mn, compared to Rs. 109Mn 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 2nd 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.

Dilshan Wirasekara, MD/CEO of First Capital, stated, "We’re 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.

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1.     Nishan Fernando – Chairman, First Capital Holdings PLC

2.     Dilshan Wirasekara – MD/ Chief Executive Officer, First Capital Holdings PLC

 About First Capital Holdings PLC:

First Capital, the pioneering investment institution and non-bank market leader in primary dealing, is an organization that aims to establish itself as a catalyst for growth in capital markets, embodying the ethos of “Performance-First” and with a vision to improve the lives of all Sri Lankans through financial solutions. First Capital Holdings PLC is a member of the Janashakthi Group and operates as a primary dealer, corporate finance advisor, wealth manager and stockbroker. Notably, First Capital has been recognized as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years.

With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is a listed full-service investment institution in Sri Lanka. First Capital Holdings PLC is rated [SL] A with Positive outlook by LRA.

The Board of Directors of First Capital Holdings PLC comprises Nishan Fernando (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / Chief Executive Officer), Ramesh Schaffter, Chandana de Silva, and Kuda Banda Herath.