First Capital Holdings delivers profitable start to FY24/25

First Capital Holdings PLC (the group) reported a profit after tax of Rs.582 million for the quarter ended June 30, 2024, compared to Rs.2.8 billion in the same period last year. 
This performance marks a significant achievement reflecting the group’s strategic agility amidst the uncertain and challenging political and macroeconomic environment characterised by high volatility in interest rates.
The primary dealer division achieved a profit after tax of Rs.464 million for the quarter. The division’s results include a trading gain on government securities of Rs.1.19 billion and a net interest income of Rs.387 million. In the same period last year, the division reported a profit after tax of Rs.2.73 billion, which included a trading gain of Rs.2.1 billion and a net interest income of Rs.1.1 billion.

The corporate finance advisory and corporate dealing securities division reported a profit after tax of Rs.73 million for the quarter ended June 30, 2024, compared to Rs.77 million in the same period of the previous year (2023/24).
The wealth management division reported a profit after tax of Rs.29 million for the quarter ended June 30, 2024, a significant improvement from a loss of Rs.0.8 million in the same period of the previous year (2023/24). The division’s assets under management grew to Rs.100 billion as of June 30, 2024, from Rs.94 billion on March 31, 2024.
The stock brokering division reported a profit after tax of Rs.15 million for the quarter ended June 30, 2024, compared to a profit after tax of Rs.2 million in the same period of the previous year (2023/24).
“Our group delivered a strong performance in the first quarter of the financial year, successfully navigating the challenging market conditions. The primary dealer division’s results were impacted by interest rate fluctuations but its overall delivery continues to stand out. Our wealth management, corporate finance and stock brokering divisions continued to demonstrate growth and stability. We remain focused on navigating these market dynamics and delivering sustainable value to our shareholders,” expressed First Capital MD/CEO Dilshan Wirasekara.