First Capital records highest ever PAT

First Capital Holdings PLC recorded its highest ever consolidated post-tax profit of Rs. 1,960 million for the year 2017/18, showing a significant growth compared to Rs. 232 million in 2016/17.

The group recorded a total comprehensive income of Rs. 1,866 million for the year, which is an increase from Rs. 238 million recorded in 2016/17, a media release by the company said. “First Capital’s performance includes recognition of a deferred tax asset amounting to Rs. 897 million (2017/18) in accordance to LKAS 12.”

The group’s primary dealer contributed Rs. 1,668 million in post-tax profit (including recognition of a deferred tax asset of Rs. 845 million) for the year bolstered by opportunities derived through secondary market activities.

First Capital has total assets of Rs.35 billion and equity in excess of Rs. 3.5 billion.

The corporate finance division mobilised Rs.24 billion through the structuring and placement of corporate debt securities. Increasing its contribution to the group’s profitability, the business reported a total fee income of Rs. 80 million for the year.

The asset management division increased its assets under management by Rs. 2.1 billion in 2017/18, demonstrating a positive impact to the group’s bottom line, with a total fee income of Rs. 38 million. The group’s stock brokering unit recorded an income of Rs. 78 million for the financial year.

First Capital also made investments to enhance its regional presence through the expansion of its branch network to Negombo; in addition to fully-fledged branches operating in Matara, Kandy and Kurunegala.