First Capital posts post-tax profit of Rs. 1.46 bln for 1Q2020/21 

First Capital Holdings PLC, the only listed investment bank in Sri Lanka, continued its growth momentum into the first quarter of 2020 (Q1 2020) recording a Profit after Tax of Rs.1.46 billion for the quarter ended June 30, 2020, compared to Rs. 581.96 million 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 Rs. 1.07 billion for the year, it said in a media release. 
First Capital, with a history of over 35 years, currently has total assets of Rs. 32.5 billion and equity of Rs. 4.9 billion.
“Reflecting on the past three months, what stands out most is the group’s record-breaking performance, making it without a doubt, the best year to date,” said Chairman, First Capital Holdings PLC, Nishan Fernando.
The group’s Primary Dealer operations were positively impacted by the Central Bank’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 Rs. 1.36 billion for the quarter (2019/20 – Rs. 562 million). 
The Corporate Finance division too recorded notable results, mobilising Rs. 3 billion for its clients through structuring and placement of corporate debt securities, generating a fee income of Rs. 25 million for the quarter (2019/20 – Rs. 31 million).
The Wealth Management division of the group delivered a strong performance reporting a fee income of Rs. 17 million for the quarter (2019/20 – Rs. 11 million) amidst challenges faced during the COVID-19 lockdown period. The division showed a growth in assets under management to end with Rs. 27.9 billion as at June 30, 2020 (31st March 2020 – Rs. 26.4 billion).