First Capital Archives

January 26, 2024

24 January 2024, Colombo: First Capital Holdings PLC, the pioneering investment institution, has announced a groundbreaking milestone for the financial services industry in Sri Lanka with the introduction of the “First Capital Money Plus Fund”. This significant initiative, the first of its kind in Sri Lanka, offers digital withdrawal and payment facilities through a convenient EMV-enabled card for Unit Trust investment accounts, which gives a variety of transaction options for customers.

Ensuring integrity and security of the new fund, First Capital has partnered with HNB to obtain trustee services. The new innovative fund will enable Unit Trust account holders to access their investments conveniently through an EMV-enabled card.

Kavin Karunamoorthy, Executive Vice President – Asset Management at First Capital Holdings PLC, commenting on the game-changing solution said, “First Capital has always been the ‘First’ in many aspects to revolutionize the capital markets in Sri Lanka. Staying true to our brand promise, ‘Performance First’, we are introducing this revolutionary solution to the investment market, providing convenient and instant access to funds that give attractive returns over conventional investment instruments. We are hoping to bring this new facility to the market very soon, and I am confident that this initiative is going to be an important milestone in living our vision ‘to improve the lives of all Sri Lankans through financial solutions’ ”.

Adding to this, Damith Pallewatte, Deputy General Manager – Wholesale Banking Group, HNB said “HNB is proud to serve as the preferred primary trustee bank to First Capital Holdings PLC. Given our position as a Domestic Systemically Important Bank with the largest retail footprint among Sri Lanka’s private sector banks and our 135-year legacy of banking excellence, we are confident that HNB is the ideal partner for First Capital. Moving forward, we aim to leverage HNB’s powerful technological capabilities to innovate seamless new digital products, delivering unprecedented value and convenience directly into the hands of our customers.”

The new Unit Trust Fund (First Capital Money Plus Fund), approved by the Securities Exchange Commission of Sri Lanka, offers a milestone facility, providing investors with instant access to their investments through over 3,500 ATMs, POS terminals, and digital payment gateways available islandwide. First Capital expects the added accessibility and flexibility to catalyse the growth of the unit trust market in Sri Lanka.

December 15, 2023

First Capital Holdings PLC, the pioneering investment institution, has secured a prestigious accolade at the TAGS Awards 2023, organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) for the 58th consecutive year. The company was honoured with the prestigious Gold Award in the Investment Banking category, recognizing its outstanding performance and dedication to transparency, accountability, governance, and sustainability in corporate reporting. The TAGS Awards bestowed recognition upon exemplary companies spanning 29 industry sectors, reflecting a commitment to comprehensive progress and governance.

First Capital has embraced both the Integrated Reporting Framework and the Global Reporting Initiative framework, positioning the organization at the forefront of global reporting standards. The Integrated Reporting Framework offers stakeholders a thorough and interconnected perspective on the company’s performance, encompassing both financial and non-financial facets. Simultaneously, the Global Reporting Initiative framework ensures standardized and transparent communication of the company’s environmental, social, and governance impacts.

Mangala Jayashantha, Chief Financial Officer of First Capital, commented on this latest achievement, stating: “We are here today because, as a responsible business, we understand the importance of moving beyond conventional financial reporting norms. Transparent and comprehensive reporting not only meets regulatory standards but also builds trust and credibility in this fiercely competitive market landscape. We are honoured to receive this prestigious award from the Institute of Chartered Accountants of Sri Lanka. This recognition reaffirms our commitment to excellence in reporting, highlighting our dedication to aligning with international benchmarks and First Capital’s vision to improve the lives of all Sri Lankans through financial solutions”

This commitment to enhanced reporting practices is poised to enhance First Capital’s reputation among investors, stakeholders, and the general public. Furthermore, this dedication positions First Capital as a socially responsible corporate entity, underscoring its awareness of emerging trends and its commitment to best practices in reporting. The company’s proactive stance in embracing sustainability and ESG practices reflects its forward-thinking approach, demonstrating a commitment to long-term value creation for all stakeholders.

With a strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, First Capital focuses on staying true to its “Performance First” ethos. First Capital stands strong with robust fundamentals, dedicated teams, and the support of the Janashakthi Group, allowing it to weather challenging market cycles. The organization is actively expanding its reach and significance by embracing an evolving digital platform, bolstering its digital capabilities, and integrating its operations. These efforts are aimed at transforming client experiences, fostering operational efficiency, and driving overall growth & sustainability.

December 1, 2023

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First Capital Holdings PLC, a Janashakthi Group Company, proudly announces its partnership with the Ceylonese Rugby & Football Club [CR&FC] as the Platinum Sponsor for the upcoming rugby season. This collaboration marks First Capital’s first venture into the rugby realm through its association with CR&FC, with aims of fostering the growth of rugby in Sri Lanka, which boasts a large following. CR&FC, with its illustrious 100-year legacy in Sri Lankan Rugby, stands as a testament to the country’s rich Rugby heritage, having produced exceptional players who have represented the nation. In line with this legacy, the club has a visionary plan to establish a Rugby academy in the future. First Capital is proud to partner with this exceptionally strong team and will support CR&FC through yet another successful Rugby season.

By partnering with CR&FC, one of the greatest Rugby clubs in Sri Lanka, First Capital looks forward to uplifting one of the nation’s most passionately followed sports. As both dynamic organisations place a strong emphasis on ‘Performance First’ this partnership is destined to reach new heights with countless benefits for all.

Randinith Madanayake, Head of Marketing at First Capital, emphasised the significance of this partnership, stating, “At First Capital, our guiding principle is ‘Performance First.’ Partnering with CR&FC, a club synonymous with on-field excellence, allows us to extend this ethos to the wider community and showcase our commitment to sports in Sri Lanka during what has been a particularly difficult season. We believe Rugby has a promising future in Sri Lanka and are committed to fostering excellence in the sphere of Sri Lankan sports. First Capital is also committed to supporting the financial awareness of athletes. This sponsorship not only represents a pivotal step towards fostering the holistic development of Rugby in Sri Lanka, but also represents a step towards improving the lives of all Sri Lankans through financial solutions. We firmly believe that financial empowerment is essential for this progress, and we are fully prepared to provide that support.”

With a strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, First Capital focuses on staying true to its ‘Performance First’ spirit. First Capital stands strong with robust fundamentals, dedicated teams, and the support of the Janashakthi Group, allowing it to weather challenging market cycles. The organization is actively expanding its reach and significance by embracing an evolving digital platform, bolstering its digital capabilities, and integrating its operations. These efforts are aimed at transforming client experiences, fostering operational efficiency, and driving overall growth & sustainability.

November 13, 2023

First Capital Holdings PLC, a Janashakthi Group Company, proudly announces the inauguration of its first branch in the heart of Jaffna, marking a significant step towards making capital market products more accessible to the Jaffna community. With a legacy of four decades in the investment space, First Capital is set to bring unparalleled expertise and a diverse range of financial products and services to the region.

“We are delighted to establish our footprint in Jaffna, a region that holds a special place in our hearts,” expressed Ramesh Schaffter, MD/ Group CEO of Janashakthi Group. “Janashakthi has long been a trusted household name in the region, and our expansion into Jaffna through First Capital signifies our commitment to fostering growth and prosperity by leveraging the potential of the capital market. We stand firm in our belief that the introduction of First Capital’s comprehensive suite of products and services will serve as a catalyst for the economic development of the region. We are a Group that embodies the principles of honesty & ethics, fosters collaboration, prioritizes respect, champions performance-driven initiatives, and upholds a culture of transparency. Rest assured, these core values will be reflected in every aspect of our service.”

The opening of the Jaffna branch not only reinforces First Capital’s position as a pioneer in the investment banking landscape but also marks the company’s distinction as the only currently available non-bank primary dealer within the region. This strategic move aims to bridge the gap between investors and transformative financial opportunities.

Tharusha Ekanayake, Chief Operating Officer of First Capital, emphasized the significance of this milestone, stating, “The inauguration of First Capital’s first branch in Jaffna symbolizes our commitment to revolutionize the financial landscape of the region. We aspire to become the catalyst for growth by providing expert guidance and facilitating access to a diverse range of capital market products. Through our branch, investors can benefit from tailored advice and explore a multitude of investment opportunities, transcending traditional investment avenues.”

Renowned for its exemplary services, award-winning financial expertise in the capital markets, and commitment to transparency and ethical practices, First Capital is a CBSL, SEC, and CSE regulated, LRA “A” rated company. The institution boasts an extensive portfolio, including Government Securities, Unit Trust Funds, Private Wealth Management, Corporate Debt, Corporate Advisory, and Stock Brokering. Backed by a fully-fledged research arm, First Capital is dedicated to empowering both individuals and businesses in making informed investment decisions.

Having garnered multiple accolades, including the prestigious title of “The Most Valuable Consumer Brand in the Investment Banking Sector” by Brand Finance and a listing amongst the top 100 corporates in Sri Lanka as per LMD, First Capital continues to uphold its commitment to excellence and innovation in the financial sector. With the vision of improving the lives of all Sri Lankans through financial solutions, First Capital strives to deliver ‘Performance First’.

August 16, 2023

First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year.

Among the key divisions, the Primary Dealer segment demonstrated an exceptional growth trajectory, reporting a Profit after Tax of Rs. 2.73 billion for Q1 2023, compared to the previous year’s figure of Rs. 409 million. This achievement can be attributed to a net interest income of Rs. 1.1 billion and a substantial trading gain of Rs. 2.1 billion from the sale of the government securities portfolio. In the prior year, the division reported a net interest income of Rs. 185 million and a trading gain of Rs. 242 million.

The Corporate Dealing Securities division also showcased a remarkable turnaround, reporting a Profit after Tax of Rs. 77 million for Q1 2023, a significant improvement from the previous year’s Loss after Tax of Rs. 310 million.

The Wealth Management division reported a Loss after Tax of Rs. 0.8 million for Q1 2023, an improvement from the previous year’s Loss after Tax of Rs. 0.9 million. The division’s assets under management demonstrated growth, standing at Rs. 48.6 billion as of June 30, 2023, compared to Rs. 40.5 billion as of March 31, 2023.

The Stock Brokering division maintained a strong stance, reporting a Profit after Tax of Rs. 2 million for Q1 2023, though lower than the previous year’s figure of Rs. 9 million.

The Group’s remarkable achievements were further underscored by its recognition as the most awarded entity in the Investment Banking Sector by LMD. Additionally, the Group had also received the distinguished Great Place to Work® Certification™ for the 2nd consecutive year in recognition of their continued efforts to cultivate a supportive and inclusive workplace that promotes employee growth and well-being.

Dilshan Wirasekara, Managing Director / CEO of First Capital Holdings PLC expressed his thoughts on the robust financial performance during the first quarter of 2023: “Our growth across multiple divisions reflects our commitment to excellence, adaptability, and strategic foresight. We remain dedicated to delivering value to our clients and shareholders while maintaining a strong position in the market.”

With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, First Capital focuses on staying true to its ‘Performance First’ ethos. First Capital stands strong with robust fundamentals, dedicated teams, and the support of the Janashakthi Group, allowing it to weather challenging market cycles. The organization is actively expanding its reach and significance by embracing an evolving digital platform, bolstering its digital capabilities, and integrating its operations. These efforts are aimed at transforming client experiences, fostering operational efficiency, and driving overall growth & sustainability.

July 26, 2023

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First Capital, the pioneering investment institution in Sri Lanka, is delighted to announce its triumph as the ‘Most Valuable Consumer Brand in the Investment Banking Sector,’ featured in the esteemed ‘Brands Annual 2023’ edition by Brand Finance. This achievement marks the second consecutive year that First Capital has secured the top spot, affirming its position as the most valued brand in the sector. Moreover, First Capital has also been recognized among the top 100 brands in the country.

Brand Finance is a globally renowned brand valuation and strategy consultancy. Their market research partner, ‘Breakthrough Business Intelligence’ measures the perception of brands & customer behaviour and provides vital input in evaluating the most valuable brands. The prestigious accolade, bestowed upon First Capital, is a testament to the company’s unwavering commitment to excellence and its Performance First ethos. This recognition is just one among many that highlights First Capital’s remarkable success over the past 40 years.

Dilshan Wirasekara, the Managing Director/Chief Executive Officer of First Capital, expressed gratitude and pride in the brand’s well-deserved recognition. He stated, “Being named Sri Lanka’s Most Valuable Consumer Brand in the Investment Banking Sector for the second consecutive year is an extraordinary honour. This recognition underscores our steadfast dedication to providing top-notch service to our esteemed customers, and I extend my heartfelt gratitude to our valued clientele and stakeholders for their unwavering trust and partnership. We remain fully committed continuing in this path of success towards to excellence, innovation, and creating a positive impact for all.”

Commenting on the achievement, Randinith Madanayake, Head of Marketing at First Capital, expressed: “Over the past few years, First Capital has been passionately dedicated to fortifying our brand, aligned with our Performance First ethos. We are thrilled to witness the continuation of our 40+ years of brand legacy. Throughout this journey, we have prioritized enhancing brand identity, elevating customer experience, establishing a strong digital presence, fostering innovation, and increasing brand awareness. Our adaptability to market trends, which we refer to as our ‘agility,’ has played a pivotal role in maintaining our leading position in the sector. As we move forward, we remain steadfast in our commitment to enriching the lives of all Sri Lankans through financial solutions, with our customers always at the heart of everything we do.”

July 13, 2023

Colombo, July 12, 2023 — First Capital, the pioneering investment institution and non-bank market leader in primary dealing, successfully concluded the 8^th edition of the First Capital Colombo Symposium 2023, one of the largest investor symposiums ever held in Sri Lanka. The event themed “Invest with Impact, Seize Capital Market Opportunities” took place on July 4th, 2023, at the Shangri-La Hotel, Colombo and brought together a diverse group of investors, corporate leaders, entrepreneurs, and industry experts for an evening of insightful discussions and valuable networking opportunities.

Keynote presentations were delivered by Dimantha Mathew, Chief Research and Strategy Officer of First Capital, and Ranjan Ranatunga, Manager – Research. They provided insightful perspectives on the current economic landscape, investment strategies, and capital market opportunities. During their presentations, they also reflected on their past predictions and their level of accuracy, while highlighting the extensive research and analysis that goes into their stock valuations. Additionally, they offered insights into what can be anticipated in the future regarding the investment landscape.

The highlight of the symposium was the panel discussion featuring distinguished veterans of the industry who focused on critical topics such as SOE privatization and debt restructuring, while the audience participated in an interactive Q&A session. The discussion was moderated by Nisthar Cassim – Editor/CEO of Daily FT, ensuring engaging and insightful dialogs.

Speaking at the panel discussion, Suresh Shah, the Chairman of the SOE Reform Unit of the Government of Sri Lanka, emphasized the importance of safeguarding citizens’ interests through SOE restructuring. “It is essential that we assess the state-owned enterprises from the perspective of our citizens’ interests and a competitive economy and make informed decisions about which entities should remain with the government and which should not. We must also implement mechanisms to improve the efficiency of government entities. However, in order for all of this to work, we need to establish a robust governance structure. The fundamentals need to change, and we should enact legislation to protect investor interests and provide credible investors an opportunity to contribute to the success of SOEs.”

Dr. Nishan de Mel, the Executive Director of Verite Research stated, “There are two factors that will determine long term debt sustainability. One, is how deep the restructure will be. A deep restructure would ensure that restructuring once would be sufficient. A shallow restructure could necessitate restructuring more than once. Two, is whether Sri Lanka resolves its governance issues. On average, countries restructure their debt twice before they achieve debt sustainability. Verité Research conducted an analysis revealing that the differentiating factor between countries that restructure once and those that restructure multiple times is governance. Countries with higher governance indicators, as measured by the Worldwide Governance Indicators index of the World Bank, restructure only once, whereas those with lower scores tend to undergo multiple restructurings. Sri Lanka falls slightly within the category of countries with lower governance indicators, which typically leads to multiple debt restructurings.”

During the panel discussion, Dimantha Mathew, the Chief Research and Strategy Officer of First Capital, expressed optimism for the bond market, stating “bond yields and market interest rates may potentially dip further to 11%-13.5%.” He also projected a promising future for the stock market, predicting that the All Share Price Index (ASPI) could rise to 12,000 by the end of 2023 and potentially reach 15,000 by the end of 2024, creating attractive investment opportunities for investors.

The First Capital Colombo Investor Symposium is among the various initiatives undertaken by the Company to foster financial literacy and provide accessible knowledge on the investment landscape. As an award-winning research team, First Capital’s research analysts conduct comprehensive analysis of macroeconomic indicators on local and global levels. They closely examine economic, political, and external factors, provide interest rate forecasts, and deliver market performance forecasts. First Capital is dedicated to conducting frequent research analysis on the government securities market, making them one of only two research units in the country focusing on this area. The company offers comprehensive reports on a weekly, monthly, quarterly, and daily basis, which are available through their website, social media channels, and the First Capital WhatsApp broadcast.

The First Capital Colombo Investor Symposium 2023 serves as a testament to the Company’s commitment to empowering investors, fostering economic growth, and providing invaluable knowledge to the financial community. The event’s resounding success further solidifies First Capital’s position as a leader in the investment landscape and highlights their dedication to making a positive impact on the lives of all Sri Lankans through financial solutions.

March 30, 2023

First Capital Holdings PLC, a Janashakthi Group company, recently joined the Jaffna International Trade Fair in the interest of spreading awareness and enhancing knowledge on investment banking products and services amongst the Jaffna business community. As a leading full-service investment institution, First Capital brought a plethora of information on investment banking and engaged with the exhibition participants.

Furthermore, a special event was organized by First Capital at Jetwing Jaffna for the region’s business leaders and entrepreneurs, in order to educate them on product and services available and have a direct dialogue to understand their needs. The evening was graced by Chief Guest Mr. Chandra Schaffter, the Chairman Emeritus of the Janashakthi Group, who is well known and respected within the Jaffna business community.

Dilshan Wirasekara Managing Director and Chief Executive Officer of First Capital Holdings PLC expressed his thoughts during the event: “We are extremely delighted to be here and set forth our journey in the Jaffna region with you. We are amazed by the enthusiasm shown by the people for investment banking products and services and we will be actively working towards spreading awareness and enhancing knowledge so that you can make informed decisions with regard to your investments. As the pioneer investment institution in Sri Lanka with a legacy built on trust and performance for over 40 years, and as a thriving entity within the Janashakthi group, we are here to provide our expertise on the right financial solutions for your investment needs.”

With the vision of improving the lives of all Sri Lankans through financial solutions, First Capital strives to deliver ‘Performance First’. With the mission of leading the way in innovative solutions to manage risk and create wealth, First Capital focuses on delivering the brand philosophy of Performance First by maintaining stability, competitive advantage and delivering a superior customer experience, while continuing to explore opportunities in the digital era.

Looking ahead, the organization’s fundamentals together with the dedication of the teams and the backing of the Janashakthi Group, have enabled First Capital to remain resilient through challenging market cycles. First Capital is building scale and relevance through an evolving digital platform with enhanced digital capabilities and integrating the business to transform client experiences and drive operational efficiency.

December 5, 2022

First Capital Holdings PLC, a Janashakthi Group Company renewed its collaboration as Silver Partner of the CFA Society Sri Lanka for a second consecutive year, in a bid to uplift the financial services industry and broaden its reach. The sponsorship cheque was handed over by Dilshan Wirasekara – Director / Chief Executive Officer, First Capital Holdings PLC to CFA Society Sri Lanka President Aruna Perera CFA recently.

CFA Institute is an apex association for capital market professionals globally with strong ethics and governance principles. Welcoming the continued partnership with First Capital, Aruna Perera CFA said that it was indeed a pleasure for CFA Society Sri Lanka to have collaborated with First Capital to enhance its capital market development activities and it will be a great value addition for both organizations.

Expressing his views on the partnership, Dilshan Wirasekara – Director / Chief Executive Officer of First Capital Holdings PLC said, “We are pleased to collaborate with CFA Society Sri Lanka and remain committed to delivering our promise of ‘Performance First’ as we continue to drive progressive change in capital market development. We look forward to a continued partnership, and trust that collaboration with the CFA Society Sri Lanka will promote the growth and development of the Sri Lankan financial services industry”.

As a leading financial services provider, Frist Capital strongly supports CFA Society Sri Lanka’s mission to continue to serve society by promoting and developing the financial services industry.

Backed by a mission of leading the way in innovative solutions to manage risk and create wealth, First Capital is focused on delivering Performance First, by maintaining stability, competitive advantage and delivering a superior customer experience, while continuing to explore opportunities in the digital era.

Looking ahead, the organization’s fundamentals together with the dedication of the teams and the backing of the Janashakthi Group, have enabled First Capital to remain resilient through challenging market cycles. First Capital is building scale and relevance through an evolving digital platform with enhanced digital capabilities and integrating our business to transform client experiences and drive operational efficiency

October 5, 2021

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Colombo, October 5, 2021 – The ‘Performance First’ work ethic embraced by First Capital Holdings PLC, a Janashakthi Group Company, received industry validation recently as it was certified as a great workplace by the independent analysts at Great Place to Work® in Sri Lanka. First Capital employees engaged in a multi-faceted anonymous survey conducted by Great Place to Work® on their workplace and provided extensive ratings based on which the company earned this valuable credential.

A nationally recognized financial solutions provider, First Capital team members work on a foundation of shared ideas, expertise and knowledge, confident in the belief that their services truly stand out due to an exemplary work ethic that encompasses both productivity and a virtuous way of doing business. The organisation is driven by the motto “performance first” and “performance” is an integral part of the wider Group’s values where people can look forward to a mutually rewarding career at First Capital.

“At First Capital, the entire employee life cycle is carefully designed to create a rewarding career and a motivating work environment for our employees. Values are embedded in our performance culture, and employees are evaluated and rewarded annually on how they live values,” stated Dilshan Wirasekara, Director / Chief Executive Officer at First Capital Holdings PLC. “The Great Place to Work® certification is an excellent testimony to the people practices that are in place at First Capital. To be recognized by Great Place to Work® as a great place to work is indeed an honour, and is a reflection of the Management’s commitments towards its people in enabling a rewarding career within the company.” He added.

According to Great Place to Work®, a great workplace is one in which employees no matter who they are and what they do for the organization are having a consistently positive experience of trusting their leaders, enjoying the people they work with, and having pride in what they do. It is an honour for the company to be recognized by their employees as an organization that fosters respect, trust and fairness.

“We applaud First Capital for seeking employees’ feedback and the opportunity to certify itself,” said Kshanika Ratnayake, CEO of Great Place to Work® in Sri Lanka. “These ratings measure its capacity to earn its own employees’ trust and create a great workplace – critical metrics that anyone considering working for or doing business with First Capital should take into account as an indicator of high performance.”

Older Posts

First Capital and HNB Partner to Introduce a Groundbreaking Digital Withdrawal and Payment Facility for Unit Trust Investors

First Capital Wins GOLD at TAGS Awards 2023 for Inclusive Reporting Excellence.

First Capital Announces Platinum Sponsorship and Steps onto the Rugby Field with CR&FC

First Capital’s Inaugural Branch in Jaffna Ready to Revolutionize Jaffna’s Financial Landscape

First Capital Reports Impressive Financial Performance with Profits Soaring to Rs. 2.81 Billion

First Capital Retains Crown as the Most Valuable Consumer Brand in the Investment Banking Sector – Brand Finance Rankings 2023

First Capital Colombo Investor Symposium Concludes with Great Success

First Capital brings their expertise to the Jaffna business community.

First Capital collaborates with CFA Society Sri Lanka as Silver Partner

First Capital’s ‘Performance First’ Culture Now Certified by Great Place to Work® In Sri Lanka