Colombo 17 August 2020: First Capital Holdings PLC (the Group) the only listed investment institution in Sri Lanka, continued its growth momentum into the first quarter of 2020 (Q1 2020) recording a Profit after Tax of LKR 1.46Bn for the quarter ended 30th June 2020, compared to Rs. 581.96Mn in the corresponding period of the previous year.
The results are reported on the back of a robust performance for year 2019/20, where the Group posted a Consolidated Profit after Tax of LKR 1.07Bn for the year. First Capital, with an impressive history of over 35 years, currently has total assets of LKR 32.5Bn and Equity of LKR 4.9Bn.
“Reflecting on the past 3 months, what stands out most is the Group’s record-breaking performance, making it without a doubt, the best year to date”, commented Chairman, First Capital Holdings PLC, Nishan Fernando.
The Group’s Primary Dealer operations were positively impacted by the CBSL’s efforts to revive the economy through monetary policy easing measures to counter the COVID-19 pandemic impact, with the business reporting a Profit after Tax of LKR 1.36Bn for the quarter (2019/20 – LKR 562Mn).
The Corporate Finance division too recorded notable results, mobilising LKR 3Bn for its clients through structuring and placement of corporate debt securities, generating a fee income of LKR 25Mn for the quarter (2019/20 – LKR 31Mn).
The Wealth Management division of the Group delivered a strong performance reporting a fee income of LKR 17Mn for the quarter (2019/20 – LKR 11Mn) amidst challenges faced during the COVID-19 lockdown period. The division showed a growth in assets under management to end with LKR 27.9Bn as at 30th June 2020 (31st March 2020 – LKR 26.4Bn).
Despite the setback experienced in the first quarter of 2020, with the CSE remaining closed for 7 weeks, the Group’s Stock Brokering division recorded revenue of LKR 14Mn for the quarter (2019/20 – LKR 06Mn).
“Given that COVD-19 is still an ongoing situation, we expect the government would continue with its current accommodative monetary policy stance for the year 2020”, commented Director/Chief Executive Officer, First Capital Holdings PLC, Dilshan Wirasekara.
First Capital Holdings PLC is listed on the Colombo Stock Exchange and is rated [SL]A- with stable outlook by ICRA Lanka.