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First Capital posts net profit of Rs 520.9 mn in 2012-13

First Capital Holdings PLC has reported profit after tax of Rs 520.9 million for the year ending March 31 2013, in a noteworthy turnaround from a net loss of Rs 268.5 million at the end of the previous year.

While active trading strategies in the Government Securities market generated a gain of Rs 300 million in the review period, net interest income of Rs 295 million and fee income of Rs 40 million enabled the Group to quadruple net operating income (before expenses) to Rs 638 million.

Higher business volumes resulted in a doubling of turnover, and the Group, which comprises of four financial services companies, posted profit before tax of Rs 548.7 million for the year, as against a pre-tax loss of Rs 253.6 million for 2011-12.

Profit attributable to equity holders of the parent company reached Rs 490.1 million from a negative Rs 259.9 million a year previously.“Clearly, the strength of our capital base, which enables us to carry appropriate long term positions on government securities, generates above average returns from our primary dealership,” said Jehaan Ismail, CEO of First Capital Holdings. “But we have also generated a noteworthy return from the corporate debt market, and were making a name as a full service investment bank.”

He said the Group had strengthened its management team in key disciplines during the year under review and moved its offices to a more conveniently located downtown address in Colombo to better serve its growing client base.

Consequent to its significantly improved performance, earnings per share of First Capital Holdings PLC increased to Rs 4.84 from a loss per share of Rs 2.57 in 2011-12.

One of the best performing non-bank financial service providers in 2012-13, First Capital Holdings comprises of First Capital Limited, First Capital Treasuries Limited, First Capital Markets Limited and First Capital Asset Management Limited. The Group raised a noteworthy Rs 6 billion for a diverse group of clients through commercial paper, debentures and securitisations in the year reviewed.

The Group has recently acquired a 70 percent stake in a stock broking firm and said that this should enhance its revenue stream from equity based businesses in 2013/14.

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