First Capital profits soars to Rs. 2.81 Bn
First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023 reporting an impressive Profit After Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year.
Among the key divisions, the primary dealer segment demonstrated an exceptional growth trajectory, reporting a Profit After Tax of Rs. 2.73 billion for Q1 2023, compared to the previous year’s figure of Rs. 409 million.
This achievement can be attributed to a net interest income of Rs. 1.1 billion and a substantial trading gain of Rs. 2.1 billion from the sale of the government securities portfolio. In the prior year, the division reported a net interest income of Rs. 185 million and a trading gain of Rs. 242 million.
The Corporate Dealing Securities division also showcased a remarkable turnaround, reporting a Profit After Tax of Rs. 77 million for Q1 2023, a significant improvement from the previous year’s Loss After Tax of Rs. 310 million. The Wealth Management division reported a Loss After Tax of Rs. 0.8 million for Q1 2023, an improvement from the previous year’s Loss After Tax of Rs. 0.9 million.
The division’s assets under management demonstrated growth, standing at Rs. 48.6 billion as of June 30, 2023, compared to Rs. 40.5 billion as of March 31, 2023.
The Stock Brokering division maintained a strong stance, reporting a Profit After Tax of Rs. 2 million for Q1 2023, though lower than the previous year’s figure of Rs. 9 million. The Group’s remarkable achievements were further underscored by its recognition as the most awarded entity in the Investment Banking Sector by LMD and many other accolades.
Managing Director, CEO of First Capital Holdings PLC Dilshan Wirasekara, (pictured) expressed his thoughts on the robust financial performance during the first quarter of 2023: “Our growth across multiple divisions reflects our commitment to excellence, adaptability, and strategic foresight. We remain dedicated to delivering value to our clients and shareholders while maintaining a strong position in the market.”
The organization is actively expanding its reach and significance by embracing an evolving digital platform, bolstering its digital capabilities, and integrating its operations.
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