First Capital Holdings records Rs.10.1bn comprehensive income for FY24

First Capital Holdings PLC announced an impressive financial performance for the fiscal year ended on March 31,

2024, recording a total comprehensive income of Rs.10.1 billion, a significant increase from Rs.2.7 billion in the previous year. 

The primary dealer division was the major contributor to the group’s financial results, reporting a profit after tax (PAT) of Rs 11.1 billion, a surge from Rs.2.9 billion in the previous year. This performance was primarily driven by the trading gains on the government securities portfolio, amounting to Rs.15.8 billion and a net interest income of Rs.3.2 billion, compared to the trading gains of Rs.2.4 million and a net interest income of Rs.3.6 billion in the prior year. 

The corporate dealing securities reported a PAT 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 PAT 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 March 31, 2024, up from Rs.40.5 billion in the previous year, reflecting the division’s successful asset growth strategies.

The stockbroking division recorded a PAT 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 MD/CEO Dilshan Wirasekara 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.”