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| Sunday, 13 April 2003 |
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Post-tax profit of Rs 305m : 2002 - best in history for First Capital The First Capital Group achieved phenomenal growth during 2002, the best year in its history. Net profit after tax attributable to the group climbed to Rs 305 million from Rs 83 million in 2001. Shareholders' funds too rose to Rs 432 million from Rs 182 million in the previous year. This performance was mainly due to increased profitability from trading in fixed income securities and capital gains realised from trading in equity. The group comprises five companies of which First Capital Ltd is the holding company. The subsidiaries are First Capital Treasuries Ltd (primary dealer appointed by the Central Bank), First Capital Money Brokers Ltd (licensed money broker appointed by the Central Bank), First Capital Asset Management Ltd (investment manager) and First Capital Markets Ltd (corporate debt house). First Capital Asset Management and First Capital Markets were incorporated in 2002, and both have made positive contributions in their first year of operations. Rohini Nanayakkara serves as Group Chairperson and Ajith Devasurendra as Chief Executive Officer. The other members of the board are H.D.S. Amarasuriya, M.T.L Fernando, S.C.G. Guruge, N.C. Pieris, K. Shah, S.N.A. Tennakoon, S.R.S. Karunanayake and J. Cannon. First Capital Ltd was incorporated in 1993 as CBC Crosby Capital Corporation (Pvt) Ltd as a joint venture investment bank between Commercial Bank and Crosby Securities. Later it became Commercial Capital Ltd. with Singer Sri Lanka acquiring 50 per cent of the company in 1995. In December 1998, a group of new investors bought in to Commercial Bank's stake, while Commercial Capital Ltd acquired 30 per cent of First Capital Treasuries (then known as MB Financial Services Ltd). The present management, responsible for the company's turnaround, was also appointed in December 1998. In 2000, a further 35 per cent of First Capital Treasuries was acquired by First Capital Ltd. The group has grown tremendously after the management change and the restructuring that took place in 1998, and has emerged as one of the best financial services groups from being a loss-making outfit. During the last four years, the group consistently outperformed most industry benchmarks. The First Capital Group claims a ground-breaking track record. First Capital Treasuries was the first dedicated primary dealer in the country and the first to launch a website. It also introduced the first and only bond index in the country. First Capital Asset Management is the first company to offer actively managed portfolios in the region. The First Capital Group is focused on money and capital markets in general, and debt markets in particular. The group is also considering opportunities in regional countries. |
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