18 Aug 2011 07:00
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2011
Belize City, Belize, August 18, 2011 -- BCB Holdings Limited (London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company") reported net income of $4.9m (2010 -- $8.9m) for the quarter ended June 30, 2011, the first quarter of fiscal 2012.
Operating income of the Financial Services division for the quarter ended June 30, 2011 amounted to $0.0m (2010 - $6.3m).
Earnings per share for the quarter ended June 30, 2011 was $0.05 (2010 -- $0.09).
Background Information
The Financial Services division operates principally through the Belize Bank in Belize, British Caribbean Bank in the Turks and Caicos Islands and internationally through British Caribbean Bank International Limited which is based in Belize. Within Belize, the Bank is the largest, full service commercial and retail banking operation with a head office in Belize City and thirteen branches extending into each of the six districts of Belize. The principal operations of the Bank are commercial lending, consumer lending, deposit-taking and related banking activities. In Turks and Caicos the Bank is one of the largest commercial lenders.
The Company's associates, Grupo Agroindustrial CB, S.A., Tower Strategic Ltd., Mesocafta International, S.A. and BVI International Holdings, Inc., own edible oil processing and distribution operations and palm seed plantations principally in Costa Rica, where they are market leaders in edible oils, margarine, industrial oils and animal feed.
For further information contact:
Makinson Cowell BCB Holdings
+1 (212) 994 9044 UK +44 (0)20 7248 6700
Belize +501 227 7178
Note: This and other press releases are available at the Company's web site: http://www.bcbholdings.com
BCB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
3 Months ended June 30 | 2011 $m | 2010 $m |
Financial Services | ||
Interest income | 15.4 | 19.4 |
Interest expense | (10.2) | (11.0) |
Net interest income | 5.2 | 8.4 |
Provision for loan losses | (3.1) | (1.4) |
Net non-interest expense | (2.1) | (0.7) |
Operating (loss) income - Financial Services | -- | 6.3 |
Corporate expenses | (1.8) | (1.7) |
Total operating (loss) income | (1.8) | 4.6 |
Associates | 6.7 | 4.3 |
Net income | 4.9 | 8.9 |
Earnings per ordinary share: | ||
Basic and diluted: | ||
Net income | $0.05 | $0.09 |
Number of shares - basic & diluted | 100.0m | 100.0m |
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
June 30 2011 $m | March 31 2011 $m | |
Financial Services | ||
Cash, cash equivalents and due from banks | 54.9 | 43.2 |
Interest-bearing deposits with correspondent banks | 120.7 | 99.5 |
Government of Belize securities | 20.6 | 28.9 |
Loans - net | 733.2 | 764.5 |
Property, plant and equipment - net | 18.2 | 18.0 |
Other assets | 118.3 | 119.2 |
Total Financial Services assets | 1,065.9 | 1,073.3 |
Corporate | ||
Other current assets | 0.4 | 0.4 |
Associates | 126.0 | 125.8 |
Total assets | 1,192.3 | 1,199.5 |
Liabilities and shareholders' equity | ||
Financial Services | ||
Deposits | 604.1 | 612.2 |
Interest payable | 8.8 | 11.9 |
Other liabilities | 8.8 | 13.1 |
Long-term debt | 136.5 | 133.8 |
Total Financial Services liabilities | 758.2 | 771.0 |
Corporate | ||
Current liabilities | 6.7 | 6.0 |
Long-term liabilities | 1.2 | 1.2 |
Total liabilities | 766.1 | 778.2 |
Total shareholders' equity | 426.2 | 421.3 |
Total liabilities and shareholders' equity | 1,192.3 | 1,199.5 |
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
3 Months ended June 30 | 2011 $m | 2010 $m |
Cash flows from operating activities | ||
Net income | 4.9 | 8.9 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 0.3 | 0.3 |
Provision for loan losses | 3.1 | 1.4 |
Undistributed earnings of associates | (0.2) | 1.2 |
Decrease in interest payable | (3.1) | -- |
Changes in assets and liabilities - net | (2.7) | (5.6) |
Net cash provided by operating activities | 2.3 | 6.2 |
Cash flows from investing activities | ||
Purchase of property plant and equipment (net of disposals) | (0.5) | (3.6) |
(Increase) decrease in interest-bearing deposits | (21.2) | 18.5 |
Decrease (increase) in Government securities | 8.3 | (25.2) |
Decrease in loans to customers | 28.2 | 5.1 |
Net cash provided by (utilized by) investing activities | 14.8 | (5.2) |
Cash flows from financing activities | ||
Decrease in deposits | (8.1) | (19.4) |
Increase in long-term debt | 2.7 | 3.0 |
Net cash utilized by financing activities | (5.4) | (16.4) |
Net change in cash, cash equivalents and due from banks | 11.7 | (15.4) |
Cash, cash equivalents and due from banks at beginning of period | 43.2 | 58.7 |
Cash, cash equivalents and due from banks at end of period | 54.9 | 43.3 |