First Capital sees losses

0
25

First Capital Holdings PLC (the Group), a member of the Janashakthi Group, reported a Loss after Tax of Rs 413 million for the year ended 31 March 2022, compared to a Profit after Tax of Rs 2.1 billion in the previous year. The wealth management and stock brokering businesses contributed positively towards the Group’s results during what was a challenging period for the market at large.

The loss reported during the year was a result of the trading and marked to mark losses incurred on the government securities portfolio by the Group’s primary dealer division. This was due to the significant tightening of monetary policy measures since August 2021. 

The Primary Dealer division of the Group reported a Loss after Tax of Rs 429 million for the year ended 31 March 2022 in comparison to a Profit after Tax of Rs 1.8 billion in 2020/21.

Meanwhile, the corporate finance division reported a Loss after Tax of Rs 232 million for the year ended 31 March 2022 in comparison to Profit after Tax of Rs 267 million in 2020/21.

The wealth management division reported a Profit after Tax of Rs 87 million for the year ended 31 March 2022 as against Rs 77 million in 2020/21. The assets under management of the division stood at Rs 41.2 billion as of 31 March 2022 from Rs 45.2 billion recorded at 31 March 2021.

The Stock Brokering division recorded a Profit after Tax of Rs 230 million for the year ended 31 March 2022 from Rs 75 million in 2020/21.