29 Dec 2015 16:18
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
SECOND QUARTER ENDED SEPTEMBER 30, 2015
Belize City, Belize, December 29, 2015 -- BCB Holdings Limited (London - AIM: BCB; Bermuda - BBHL) (the "Company" or "BCBHL")
The Company reported a net income from operations of $0.7m for the three months ended September 30, 2015 (2014 - net income of $0.2m), and a net income per ordinary share from continuing operations for the three months of $0.01 (2014 - net income per share of $0.00).
For further information contact:
BCB 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.bcbholdings.com
Background Information
BCB Holdings Limited (BCBHL) 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. BCBHL'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. BCBHL also owns an international corporate services business based in Belize. Within Belize, BBL is the largest, full service commercial and retail banking operation with a head office in Belize City and twelve 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.
BCB Holdings Limited
Financial Information
Summarized Consolidated Statements of Comprehensive Income (unaudited) | ||||
US dollars in millions except per share data | ||||
3 months ended | 3 months ended | 6 months ended | 6 months ended | |
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |
$m | $m | $m | $m | |
Financial Services | ||||
Interest income | 8.5 | 10.5 | 17.1 | 20.6 |
Interest expense | (2.0) | (2.2) | (4.0) | (4.5) |
Net interest income | 6.5 | 8.3 | 13.1 | 16.1 |
Provision for loan losses | (2.5) | (3.6) | (4.9) | (5.8) |
Net non-interest expense | (2.0) | (2.3) | (2.9) | (3.9) |
Operating income - Financial Services | 2.0 | 2.4 | 5.3 | 6.4 |
Corporate expenses | (0.7) | (1.0) | (1.5) | (2.1) |
Net income before tax | 1.3 | 1.4 | 3.8 | 4.3 |
Taxation | (0.6) | (1.2) | (1.3) | (2.3) |
Net income after tax and before other comprehensive income | 0.7 | 0.2 | 2.5 | 2.0 |
Other comprehensive income: | ||||
Unrealized (losses) gains on securities | (0.1) | 0.1 | (0.9) | 0.5 |
Comprehensive income | 0.6 | 0.3 | 1.6 | 2.5 |
Earnings per ordinary share: | ||||
Basic and diluted: | ||||
Net income | $0.01 | $0.00 | $0.03 | $0.02 |
Number of shares - basic and diluted | 99.9m | 99.9m | 99.9m | 99.9m |
Summarized Consolidated Balance Sheets (unaudited)
September 30 | March 31 | |
2015 | 2015 | |
$m | $m | |
Assets | ||
Financial Services | ||
Cash, cash equivalents and due from banks | 168.2 | 183.6 |
Interest-bearing deposits with correspondent banks | 10.8 | 55.9 |
Other securities | 14.2 | 46.2 |
Government of Belize securities | - | - |
Current assets | 193.2 | 285.7 |
Loans - net | 314.8 | 320.5 |
Property, plant and equipment - net | 16.1 | 16.4 |
Government of Belize receivable | 18.3 | 18.0 |
Other assets | 6.3 | 8.2 |
Total Financial Services assets | 548.7 | 648.8 |
Corporate | ||
Cash and cash equivalents | 0.5 | 0.1 |
Property, plant and equipment - net | 0.1 | - |
Other current assets | 5.9 | 6.1 |
Total assets | 555.2 | 655.0 |
Liabilities and shareholders' equity | ||
Financial Services | ||
Deposits | 477.6 | 577.3 |
Interest payable | 3.8 | 3.7 |
Other liabilities | 6.2 | 8.2 |
Total Financial Services liabilities | 487.6 | 589.2 |
Corporate | ||
Current liabilities | 8.3 | 8.1 |
Total liabilities | 495.9 | 597.3 |
Total shareholders' equity | 59.3 | 57.7 |
Total liabilities and shareholders' equity | 555.2 | 655.0 |
Summarized Consolidated Statements of Cash Flows (unaudited)
6 Months ended September 30 | 2015 | 2014 | ||
$m | $m | |||
Cash flows from operating activities | ||||
Net income from operations | 2.5 | 2.0 | ||
Adjustments to reconcile net income to net cash | ||||
provided by operating activities: | ||||
Depreciation | 0.9 | 0.9 | ||
Provision for loan losses | 4.9 | 5.8 | ||
Decrease in interest payable | 0.1 | (0.2) | ||
Changes in assets and liabilities - net | - | (2.8) | ||
Net cash provided by operating activities | 8.4 | 5.7 | ||
Cash flows from investing activities | ||||
Purchase of property, plant and equipment (net of disposals) | (0.6) | (0.3) | ||
Decrease in interest-bearing deposits with correspondent banks | 45.1 | 28.2 | ||
Decrease (increase) in investment securities | 32.0 | (7.5) | ||
(Increase) decrease in Government of Belize securities | - | (8.5) | ||
Decrease in loans (net of charge-offs) to customers | 0.8 | 3.5 | ||
Net cash provided by investing activities | 77.3 | 15.4 | ||
Cash flows from financing activities | ||||
(Decrease) increase in deposits | (99.7) | (15.4) | ||
Other movements | (0.9) | 0.5 | ||
Net cash (utilized) by financing activities | (100.6) | (14.9) | ||
Net change in cash, cash equivalents and due from banks | (14.9) | 6.2 | ||
Cash, cash equivalents and due from banks at beginning of period | 183.6 | 174.5 | ||
Cash, cash equivalents and due from banks at end of period | 168.7 | 180.7 | ||
Cash - financial services | 168.2 | 179.0 | ||
Cash - corporate | 0.5 | 1.7 | ||
168.7 | 180.7 | |||