29 Dec 2016 16:45
This announcement contains inside information.
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2016
Belize City, Belize, December 29, 2016 -- Caribbean Investment Holdings Limited (London - AIM: CIHL; Bermuda - CIHL) (the "Company" or "CIHL")
The Company reported a net loss from operations of $3.8m for the six months ended September 30, 2016 (2015 - net income of $2.5m), and a net loss per ordinary share from continuing operations for the six months of $0.04 (2015 - net income per share of $0.03).
For further information contact:
Caribbean Investment Holdings Limited
UK +44 (0)207 248 6700
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)20 739 8920
Note: This and other press releases are available at the Company's web site: http://www.cihltd.co.
Background Information
Caribbean Investment Holdings Limited (CIHL) is a parent holding company with no independent business operations or assets other than its investments in its subsidiaries, intercompany balances and holdings of cash and cash equivalents. CIHL's businesses are conducted through its subsidiaries. The Belize Bank Limited (BBL) is incorporated and based in Belize and focuses on the provision of financial services and lending to domestic clients. Belize Bank International Limited is incorporated and based in Belize and focuses on the provision of financial services and lending to international clients. CIHL also owns an international corporate services business based in Belize, which operates as Belize Corporate Services Limited. Within Belize, BBL is the largest, full service commercial and retail banking operation with a head office in Belize City and eleven branches extended into each of the six districts of Belize. The principal operations of BBL are commercial lending, consumer lending, deposit taking and related banking activities.
Caribbean Investment Holdings Limited |
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Financial Information |
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Summarized Consolidated Statements of Comprehensive Income (unaudited) | |||
US dollars in millions except per share data |
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6 months ended September 30 | 2016 |
| 2015 |
| $m |
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Financial Services |
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Interest income | 21.3 |
| 17.1 |
Interest expense | (3.6) |
| (4.0) |
Net interest income | 17.7 |
| 13.1 |
Provision for loan losses | (12.6) |
| (4.9) |
Net non-interest expense | (5.4) |
| (2.9) |
Operating (loss) income - Financial Services | (0.3) |
| 5.3 |
Corporate expenses | (1.7) |
| (1.5) |
Net (loss) income before tax | (2.0) |
| 3.8 |
Taxation | (1.8) |
| (1.3) |
Net loss income after tax and before other comprehensive income | (3.8) |
| 2.5 |
Other comprehensive income: |
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Unrealized gains (losses) on securities | 0.3 |
| (0.9) |
Comprehensive (loss) income | (3.5) |
| 1.6 |
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(Loss) income per ordinary share: |
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Basic and diluted: |
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Net (loss) income | $ (0.04) |
| $ 0.03 |
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Number of shares - basic and diluted | 99.9m |
| 99.9m |
Summarized Consolidated Statements of Changes in Shareholders' Equity (unaudited) |
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US dollars in millions |
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| Additional |
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| Share | paid in | Treasury | Retained |
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| capital | capital | shares | earnings | Total |
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| $m | $m | $m | $m | $m |
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At March 31, 2015 |
| 0.6 | 52.8 | (21.7) | 26.0 | 57.7 |
Accumulated other comprehensive income | - | - | - | (0.6) | (0.6) | |
Net loss |
| - | - | - | 0.6 | 0.6 |
At March 31, 2016 |
| 0.6 | 52.8 | (21.7) | 26.0 | 57.7 |
Accumulated other comprehensive income | - | - | - | 0.3 | 0.3 | |
Net loss |
| - | - | - | (3.8) | (3.8) |
At September 30, 2016 |
| 0.6 | 52.8 | (21.7) | 22.5 | 54.2 |
Summarized Consolidated Balance Sheets (unaudited) | ||
US dollars in millions | ||
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| September 30 | March 31 |
| 2016 | 2016 |
| $m | $m |
Assets |
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Financial Services |
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Cash, cash equivalents and due from banks | 186.2 | 172.1 |
Interest-bearing deposits with correspondent banks | 7.6 | 15.0 |
Government of Belize securities | 34.0 | - |
Other securities | 29.1 | 11.8 |
Current assets | 256.9 | 198.9 |
Loans - net | 275.4 | 288.7 |
Property, plant and equipment - net | 15.8 | 16.3 |
Government of Belize receivable | 27.4 | 25.2 |
Other assets | 20.1 | 17.5 |
Total Financial Services assets | 595.6 | 546.6 |
Corporate |
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Cash and cash equivalents | 3.7 | 4.9 |
Other current assets | 0.6 | 0.4 |
Total assets | 599.9 | 551.9 |
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Liabilities and shareholders' equity |
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Financial Services |
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Deposits | 524.2 | 475.5 |
Interest payable | 3.9 | 3.8 |
Other liabilities | 9.4 | 6.8 |
Total Financial Services liabilities | 537.5 | 486.1 |
Corporate |
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Current liabilities | 8.2 | 8.1 |
Total liabilities | 545.7 | 494.2 |
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Total shareholders' equity | 54.2 | 57.7 |
Total liabilities and shareholders' equity | 599.9 | 551.9 |
Summarized Consolidated Statements of Cash Flows (unaudited) |
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US dollars in millions |
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6 Months ended September 30 |
| 2016 | 2015 | |
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| $m | $m |
Cash flows from operating activities |
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Net (loss) income from operations |
| (3.8) | 2.5 | |
Adjustments to reconcile net income to net cash |
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| provided by operating activities: |
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Depreciation |
| 0.8 | 0.9 | |
Provision for loan losses |
| 6.6 | 4.9 | |
Decrease in interest payable |
| 0.1 | 0.1 | |
Changes in assets and liabilities - net |
| (2.3) | - | |
Net cash provided by operating activities |
| 1.4 | 8.4 | |
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Cash flows from investing activities |
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Purchase of property, plant and equipment (net of disposals) |
| (0.3) | (0.6) | |
Decrease in interest-bearing deposits with correspondent banks |
| 7.4 | 45.1 | |
(Increase) decrease in investment securities |
| (17.3) | 32.0 | |
(Increase) in Government of Belize securities and receivables |
| (34.0) | - | |
Decrease in loans (net of charge-offs) to customers |
| 6.7 | 0.8 | |
Net cash (utilized) provided by investing activities |
| (37.5) | 77.3 | |
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Cash flows from financing activities |
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Increase (decrease) in deposits |
| 48.7 | (99.7) | |
Other movements |
| 0.3 | (0.9) | |
Net cash provided (utilized) by financing activities |
| 49.0 | (100.6) | |
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Net change in cash, cash equivalents and due from banks |
| 12.9 | (14.9) | |
Cash, cash equivalents and due from banks at beginning of period |
| 177.0 | 183.6 | |
Cash, cash equivalents and due from banks at end of period |
| 189.9 | 168.7 | |
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Cash - financial services |
| 186.2 | 168.2 | |
Cash - corporate |
| 3.7 | 0.5 | |
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| 189.9 | 168.7 |