First Capital posts PAT of Rs.136mn for 1Q

First Capital Holdings PLC, a member of the Janashakthi group, recorded a profit after tax of Rs.136 million for the first quarter of 2021 (first quarter of 2021/22), compared to Rs.1.46 billion in the corresponding period of the previous year. 

The results are attributed to lower contribution of trading income of the group’s primary dealer division, whereas the substantial easing of monetary policy measures was experienced during the corresponding period of the previous year.

The group’s primary dealer arm reported a profit after tax of Rs.54 million for the quarter ended on June 30, 2021 (first quarter of 20/21 – Rs.1.36 billion). The results include a net interest income of Rs.129 million and a trading loss on sale of government securities amounting to Rs.24 million (first quarter of 20/21 – net interest income of Rs.163 million and a trading gain of Rs.1.62 billion). 

The corporate finance division recorded a profit after tax of Rs.35 million for the quarter ended on June 30, 2021 (first quarter of 20/21 – Rs.188 million). The results include fee income on structuring and placement of corporate debt securities of Rs.16 million and trading gain on sale of corporate debt/equity securities of Rs.36 million.

The wealth management division showed a growth in its fee-based income and reported a profit after tax of Rs.22 million for the quarter ended on June 30, 2021 (first quarter of 20/21 – Rs.15 million). The assets under management of the division stood at Rs.45.6 billion as of June 30, 2021 (first quarter of 20/21 – Rs.27.9 billion). 
Furthermore, the group’s stock brokering division showed a strong performance recording a profit after tax of Rs.24 million for the quarter ended on June 30, 2021 (first quarter of 20/21 – Rs.5 million).