News & market updates

Lanka Rating Agency upgraded First Capital Treasuries PLC's credit rating to 'A+' from 'A', citing strengthened financials including FY24 PAT of ~Rs 11.1bn, 9MFY25 PAT of ~Rs 2.5bn and a 9MFY25 CAR of ~17.95%.

WealthTrust Securities reports secondary Treasury bond yields fell across 2028–2034 maturities with total secondary market volume Rs.21.64bn; USD/LKR depreciated to 296.30/296.45 and net overnight liquidity surplus was Rs.181.72bn.

First Capital Treasuries PLC has enabled bidding for T-Bill and T-Bond auctions via WhatsApp, claiming up to 50% reductions in lead times and human involvement. The WhatsApp integration (with Yenasys) auto-populates bid sheets to improve accuracy and security for clients.

First Capital Holdings PLC reported Total Comprehensive Income of Rs. 4.53Bn for the nine months ended 31 Dec 2024. Group net income before operating expenses was Rs. 7.69Bn (vs Rs. 17.90Bn a year earlier); Primary Dealer PAT Rs. 2.45Bn and Corporate Finance PAT Rs. 1.94Bn.

At the 4 March T-bill auction, weighted average yields fell across maturities (91-day 7.53%, 182-day 7.86%, 364-day 8.34%) and the full Rs.167bn on offer was raised with bids 1.90x. Secondary bond market closed broadly steady and USD/LKR depreciated slightly to 295.30/295.50.

Janashakthi Group (JXG) reported group revenue of LKR 18.34 billion and EBIT of LKR 6.18 billion for the nine months ended 31 Dec 2024. Key subsidiaries—First Capital Holdings (revenue LKR 10.72bn, PAT LKR 4.53bn; First Capital Treasuries held LKR 66.19bn in govt securities), Janashakthi Insurance (GWP +44%, PAT LKR 3.53bn) and Orient Finance (PAT LKR 254m)—drove performance and the group was upgraded to BBB- by LRA.

Janashakthi Group (JXG) reported group revenue of Rs.18.34 billion and EBIT of Rs.6.18 billion for the nine months to 31 Dec 2024. Key contributors were First Capital Holdings (Rs.10.72bn), Janashakthi Insurance (Rs.4.89bn) and Orient Finance (Rs.3.52bn), and the group received a BBB- LRA rating.

Treasury Bond auctions were fully subscribed, raising Rs.67.50 billion with strong demand (bids 2.75x) and key maturities issued below expectations (01.09.28 at 10.31%, 15.10.30 at 11.23%). Secondary bond market rallied, yields fell and USD/LKR appreciated to Rs.295.90/296.20.

Treasury bill auction fully subscribed with Rs.180bn raised as weighted average yields fell to 7.79% (91-day), 8.00% (182-day) and 8.43% (364-day); USD/LKR spot appreciated to Rs.298.50/298.75.

First Capital Holdings (CFVF.N0000) won four TAGS Awards, including the Gold Award in Investment Banking. Its subsidiary First Capital Treasuries (FCT.N0000) won Gold in the newly listed companies category and Silver in the Service Sector, while the group's Money Market Fund received Bronze.

CBSL held policy rates at 8% while the 3-month T-bill rate fell to 7.93% (a three-year low) as the Rs.182.5b T-bill auction was fully subscribed, triggering a secondary market rally ahead of a Rs.40b Treasury bond auction.

First Capital Holdings PLC (CFVF.N0000) won four awards at CA Sri Lanka's TAGS Awards 2024, including the Gold Award in Investment Banking. Its subsidiary First Capital Treasuries PLC (FCT.N0000) won Gold in the newly listed companies category and Silver in the Service Sector, and the group's Money Market Fund won Bronze.

Secondary bond yields declined and the Rs.155 billion T-bill auction was fully subscribed, with 91/182/364-day weighted average rates falling to 8.12%, 8.25% and 8.63%. USD/LKR closed at Rs.298.80/299.00 and net liquidity surplus stood at Rs.148.47 billion.

Dividend · Rs 2.60 · XD Jan 17, 2025

First Interim dividend of LKR 2.6/share; XD 2025-01-17; record 2025-01-19; payable 2025-02-06; FY 2024/2025

First Capital Treasuries PLC appointed Channa de Silva as an Independent Non-Executive Director effective 1 January 2025. He is currently Chairman of Sarvodaya Development Finance PLC and the appointment concerns First Capital Treasuries, a subsidiary of First Capital Holdings PLC.

First Capital Treasuries PLC has appointed CEO Sachith Perera as a Non-Independent Executive Director of the Board effective 1 January 2025. Perera brings over 30 years' treasury and balance-sheet management experience, including senior roles at HSBC Sri Lanka and Maldives.

First Capital Treasuries PLC appointed its CEO, Sachith Perera, as a Non-Independent Executive Director effective 1 January 2025. Perera has over 30 years' experience in treasury and balance sheet management, including senior roles at HSBC Sri Lanka.

First Capital Treasuries PLC appointed Channa de Silva as an Independent Non-Executive Director effective 1 January 2025. He is chairman of Sarvodaya Development Finance PLC and a former Director General/CEO of the SEC, bringing capital markets and regulatory experience.

Secondary bond yields declined and the Rs.185b weekly T-bill auction was fully subscribed; weighted average rates were 91-day 8.66%, 182-day 8.81% and 364-day 9.02%. The USD/LKR depreciated to Rs.291.55/291.85 and secondary bond/bill volume was Rs.20.62b.

Hayleys PLC won the Gold for Overall Excellence in Corporate Reporting at CA Sri Lanka’s TAGS Awards 2024; Diesel & Motor Engineering PLC took Silver and Commercial Bank of Ceylon PLC featured among top winners. Multiple shortlisted firms (e.g., DIMO, COMB, LFIN, SFIN, CCS, HAYC, SLTL, LGL, FCT) received sector awards.

Secondary Treasury yields saw intraday swings—15.10.27 and 01.05.28 fell to lows of 10.07% and 10.45% before rising to highs of 10.15% and 10.60%; total secondary Treasury turnover was Rs.70.35bn. Money-market rates were around 8.17%–8.32%, CB net liquidity surplus Rs.221.89bn and USD/LKR marginally appreciated to 290.30/290.40.

A Rs. 205.00 billion Treasury bond auction was fully subscribed, with WAYRs of 10.62% (15.10.28), 11.28% (15.03.31) and 11.40% (01.11.33). Secondary bond market volumes were elevated and yields consolidated lower; USD/LKR closed at 290.70/290.80.

First Capital Holdings PLC reported Total Comprehensive Income of Rs. 904 million for the six months ended Sep 30, 2024, down from Rs. 9.58 billion a year earlier. The decline was driven by much lower trading gains after an extraordinary prior-year interest-rate related gain, with the Primary Dealer division posting PAT of Rs. 578 million (previously Rs. 9.21 billion).

Foreign investors increased holdings of LKR-denominated government securities by about Rs.12 billion since 20 September, lifting total foreign holdings to roughly Rs.51.14 billion (a net FX inflow of $42m). WealthTrust reported a Rs.495 million inflow in the week to 17 October, the fifth consecutive weekly inflow.

First Capital Treasuries PLC (FCT) was named Sri Lanka’s 'Most Leading Non-Bank Primary Dealer 2024' by Finance Derivative Magazine and won two ARC Awards International (Gold for Cover/Home Page and Silver for PDF) for its annual reporting.

First Capital Treasuries PLC (FCT) was named "Most Leading Non-Bank Primary Dealer in Sri Lanka 2024" by Finance Derivative Magazine and won two ARC Awards International (Gold for Cover/Home Page; Silver for PDF annual report). FCT is a member of First Capital Holdings PLC.