17 Aug 2009 11:00
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2009
Belize City, Belize, August 14, 2009 -- BCB Holdings Limited (London - AIM: BCB) ("BCB Holdings") reported net income of $14.6m (2008 -- $17.7m) for the quarter ended June 30, 2009, the first quarter of fiscal 2010.
Earnings per share for the quarter ended June 30, 2009 was $0.17 (2008 -- $0.30).
Commenting on corporate performance, Chairman, Lord Ashcroft, KCMG, said:
"Financial Services has made a satisfactory start to fiscal 2010 with operating income of $11.3 million achieved in a continuing weak economic environment in our countries of operation"
"The Company's share of our associate Numar's income was $4.4 million, somewhat lower then 2008 principally as a result of prevailing market prices in the palm oil market"
"Earnings per share are lower than last year mainly due to the dilutive effect of the shares issued on the previously announced acquisition of Cockleshell Limited completed in May 2009"
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 associate, Numar, owns 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.
| 3 Months ended June 30 | 2009 $m | 2008 $m |
| | | |
| Financial Services | | |
| Interest income | 24.3 | 25.1 |
| Interest expense | (12.1) | (10.1) |
| Net interest income | 12.2 | 15.0 |
| Provision for loan losses | -- | (1.0) |
| Net non-interest expense | (0.9) | (1.4) |
| Operating income - Financial Services | 11.3 | 12.6 |
| Corporate expenses | (1.1) | (1.6) |
| Total operating income | 10.2 | 11.0 |
| Associates | 4.4 | 6.7 |
| Net income | 14.6 | 17.7 |
| | | |
| Earnings per ordinary share: | | |
| Basic and diluted: | | |
| Net income | $0.17 | $0.30 |
| | | |
| Number of shares - basic & diluted | 83.6m | 59.1m |
| | | |
| | June 30 2009 $m | March 31 2009 $m |
| Assets | | |
| Financial Services | | |
| Cash, cash equivalents and due from banks | 49.9 | 47.5 |
| Interest-bearing deposits with correspondent banks | 89.7 | 84.5 |
| Loans - net | 888.5 | 876.5 |
| Property, plant and equipment - net | 16.6 | 16.8 |
| Other assets | 44.2 | 47.2 |
| Total Financial Services assets | 1,088.9 | 1,072.5 |
| Corporate | | |
| Cash and cash equivalents | 0.2 | 0.2 |
| Other current assets | 0.7 | 0.5 |
| Property, plant and equipment - net | 0.1 | 0.1 |
| Associates | 95.0 | 97.0 |
| Total assets | 1,184.9 | 1,170.3 |
| | | |
| Liabilities and shareholders' equity | | |
| Financial Services | | |
| Deposits | 594.5 | 646.9 |
| Interest payable | 9.7 | 8.9 |
| Other liabilities | 9.2 | 11.6 |
| Long-term debt (2013/2014) | 149.4 | 146.7 |
| Total Financial Services liabilities | 762.8 | 814.1 |
| Corporate | | |
| Current liabilities | 3.9 | 5.0 |
| Long-term liabilities | 1.2 | 1.2 |
| Total liabilities | 767.9 | 820.3 |
| Total shareholders' equity | 417.0 | 350.0 |
| | | |
| Total liabilities and shareholders' equity | 1,184.9 | 1,170.3 |
| | | |
| | | |
| 3 Months ended June 30 | 2009 $m | 2008 $m |
| Cash flows from operating activities | | |
| Net income | 14.6 | 17.7 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Depreciation | 0.4 | 0.4 |
| Provision for loan losses | -- | 1.0 |
| Undistributed earnings of associates | 2.0 | (6.7) |
| Increase in interest payable | 0.8 | 0.3 |
| Changes in assets and liabilities - net | (1.0) | 3.9 |
| Net cash provided by operating activities | 16.8 | 16.6 |
| | | |
| Cash flows from investing activities | | |
| Purchase of property plant and equipment (net of disposals) | (0.2) | (0.3) |
| (Increase) decrease in interest-bearing deposits | (5.2) | 39.3 |
| Decrease in Government securities | 0.3 | 5.0 |
| Increase in loans to customers | (12.0) | (58.0) |
| Net cash utilized by investing activities | (17.1) | (14.0) |
| | | |
| Cash flows from financing activities | | |
| Decrease in deposits | (52.4) | (7.0) |
| Increase in long-term debt | 2.7 | 2.4 |
| Additional paid in capital | 52.4 | -- |
| Increase in short-term debt | -- | 2.5 |
| Net cash provided (utilized) by financing activities | 2.7 | (2.1) |
| Net change in cash, cash equivalents and due from banks | 2.4 | 0.5 |
| | | |
| Cash, cash equivalents and due from banks at beginning of period | 47.7 | 44.1 |
| Cash, cash equivalents and due from banks at end of period | 50.1 | 44.6 |