21 Nov 2012 07:00
Embargo for 7am Weds 21 Nov 2012 |
BCB HOLDINGS LIMITED
Results for the Second Quarter ended 30 September 2012
Belize City, Belize, November 21, 2012 -- BCB Holdings Limited (London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company")
Background Information
BCB Holdings Limited's current operations are principally comprised of the parent company and its wholly owned Financial Services division which operates through Belize Bank Limited and internationally through Belize Bank International Limited, both of which are based in Belize. Within Belize, Belize 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 Belize Bank are commercial lending, consumer lending, deposit-taking and related banking activities.
Financial Information
The financial information included in this report as at March 31, 2012 and September 30, 2012 and for the six months ended September 30, 2012 reflects the performance of the businesses described above. The comparative income statement for the six months ended September 30, 2011, reflects the impact of the demerger by the Company of Waterloo Investment Holdings Limited, which became effective on October 26, 2011. In accordance with accounting standards, the income statement for the six months ended September 30, 2011 has been presented to separately disclose the results from continuing and discontinued operations.
Results - six months ended September 30, 2012
On this basis, the Company reported a net income from continuing operations of $2.6m for the six months ended September 30, 2012 (2011 - net loss $6.3m), and a net income per ordinary share from continuing operations for the six months of $0.03 (2011 - net loss $0.06).
For further information contact:
Makinson Cowell BCB Holdings
+1 (212) 994 9044 UK +44 (0)20 7248 6700
Belize +501 227 7178
Nicholas Wells/Adrian Hargrave Cenkos Securities plc
UK +44 (0)20 7397 8900
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 September 30, 2012 | 3 months ended September 30, 2011 | 6 months ended September 30, 2012 | 6 months ended September 30, 2011 | |
Financial Services Interest income |
10.1 |
9.3 |
19.5 |
20.9 |
Interest expense | (3.5) | (5.4) | (7.3) | (11.4) |
Net interest income | 6.6 | 3.9 | 12.2 | 9.5 |
Provision for loan losses | (2.0) | (4.7) | (2.4) | (7.8) |
Net non-interest expense | (2.9) | (2.8) | (5.4) | (5.4) |
Operating income (loss) - Financial Services | 1.7 | (3.6) | 4.4 | (3.7) |
Corporate expenses | (0.9) | (1.4) | (1.8) | (2.6) |
Net income - continuing operations | 0.8 | (5.0) | 2.6 | (6.3) |
Net income - discontinued operations | -- | 4.0 | -- | 10.1 |
Net income (loss) | 0.8 | (1.0) | 2.6 | 3.8 |
Earnings (loss) per share: basic and diluted
| ||||
Net income (loss) - continuing operations | $0.01 | $(0.05) | $0.03 | $(0.06) |
Net income (loss)- discontinued operations | $0.00 | $0.04 | $0.00 | $0.10 |
Net income (loss) | $0.01 | $(0.01) | $0.03 | $0.04 |
Number of shares - (basic & diluted) | 100.0m | 100.0m | 100.0m | 100.0m |
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
September 30 2012 $m | March 31 2012 $m | |
Financial Services | ||
Cash, cash equivalents and due from banks | 145.1 | 146.7 |
Interest-bearing deposits with correspondent banks | 5.5 | 31.0 |
Government of Belize securities | 43.4 | 18.5 |
Loans - net | 367.8 | 375.7 |
Property, plant and equipment - net | 15.9 | 15.1 |
Other assets | 79.5 | 78.4 |
Total Financial Services assets | 657.2 | 665.4 |
Corporate | ||
Cash and cash equivalents | 7.9 | 8.5 |
Other current assets | 2.0 | 1.3 |
Total assets | 667.1 | 675.2 |
Liabilities and shareholders' equity | ||
Financial Services | ||
Deposits | 537.8 | 545.6 |
Interest payable | 5.6 | 6.5 |
Other liabilities | 6.0 | 8.0 |
Total Financial Services liabilities | 549.4 | 560.1 |
Corporate | ||
Current liabilities | 6.1 | 5.9 |
Long-term liabilities | 1.2 | 1.2 |
Total liabilities | 556.7 | 567.2 |
Total shareholders' equity | 110.4 | 108.0 |
Total liabilities and shareholders' equity | 667.1 | 675.2 |
|
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
6 Months ended September 30 | 2012 $m | 2011 $m |
Cash flows from operating activities | ||
Net loss from continuing operations | 2.6 | (6.3) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 0.8 | 0.7 |
Provision for loan losses | 2.4 | 7.8 |
Decrease in interest payable | (0.9) | (0.6) |
Changes in assets and liabilities - net | (3.6) | (1.9) |
Net cash provided (utilized) by operating activities - continuing | 1.3 | (0.3) |
Net cash provided by operating activities - discontinued | -- | 5.6 |
Net cash provided by operating activities | 1.3 | 5.3 |
Cash flows from investing activities | ||
Purchase of property plant and equipment (net of disposals) | (1.6) | (0.2) |
Decrease (increase) in interest-bearing deposits | 25.5 | (23.1) |
Increase (decrease) in Government securities | (24.9) | 2.9 |
Decrease in loans to customers | 5.5 | 3.9 |
Other | (0.2) | -- |
Net cash provided by (utilized by) investing activities | 4.3 | (16.5) |
Cash flows from financing activities | ||
(Decrease) increase in deposits | (7.8) | 22.9 |
Net cash (utilized) provided by financing activities | (7.8) | 22.9 |
Net change in cash, cash equivalents and due from banks | (2.2) | 11.7 |
Cash, cash equivalents and due from banks at beginning of period | 155.2 | 130.2 |
Cash, cash equivalents and due from banks at end of period | 153.0 | 141.9 |
-Ends-