First Capital Holdings sets new benchmark in 4-decade legacy with FY23 performance

First Capital Holdings PLC (the group), a member of the Janashakthi group, announced its impressive financial results and a remarkable turnaround from the previous year, marking the

year ended on March 31, 2023 its most successful in its 40-year history. 

The group’s financial results exhibit an impressive feat, with a total comprehensive income of Rs.2.71 billion, showcasing a significant improvement from the previous year’s total comprehensive loss of Rs.640 million. 
The primary dealer division reported a profit after tax of Rs.2.88 billion for the year ended on March 31, 2023. This is a substantial improvement from the loss after tax of Rs.652 million recorded in the previous financial year (2021/22). 

The impressive results were driven by a robust net interest income of Rs.3.6 billion and a gain on trading government securities portfolio, amounting to Rs.2.41 billion, as against the 2021/22 net interest income of Rs.484 million and the loss on trading government securities portfolio of Rs.979 million. The division disposed its entire held to maturity portfolio of government securities and reported a loss of Rs.1.26 billion.

Furthermore, the corporate dealing securities division reported a profit after tax of Rs.34 million, indicating a significant turnaround from the loss after tax of Rs.248 million in the previous year. 
The wealth management division’s financial results for the year 2022/23 were at breakeven level, compared to the profit after tax of Rs.87 million reported in the previous year. The division’s assets under management stood at Rs.40.5 billion as of March 31, 2023, which is slightly lower than the Rs.41.2 billion reported at the beginning of the financial year.
The stockbroking division achieved a profit after tax of Rs.110 million, further solidifying the group’s strong financial performance.

First Capital Managing Director/Chief Executive Officer Dilshan Wirasekara expressed his thoughts on the group’s remarkable achievements stating, “We are thrilled with the outstanding financial results achieved by First Capital Holdings PLC. These results demonstrate our commitment to driving growth, innovation and delivering exceptional value to our clients. We are proud to see our efforts recognised in the Brand Finance Ranking, where we were named as one of the Top 100 Corporates in Sri Lanka and Top Investment Banks,” Wirasekara said.

“We have also taken significant strides in strengthening our leadership within our organisation. As part of these efforts, we have appointed Sachith Perera as the new CEO of our subsidiary First Capital Treasuries PLC, subject to regulatory approval. With his expertise and extensive experience, we are confident that Sachith will play a pivotal role in driving the growth of our government securities business,” he added.
The board of directors of the company declared an interim dividend of Rs.2.25 per share, amounting to Rs.911 million for the year 2022/23 in April 2023, highlighting the group’s dedication to creating value for its shareholders.