Half Yearly Report
December 01 2009 - 12:04PM
UK Regulatory
TIDMBCB
RNS Number : 4221D
BCB Holdings Ltd
01 December 2009
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
SIX MONTHS ENDED SEPTEMBER 30, 2009
Belize City, Belize, December 1, 2009 -- BCB Holdings Limited (London - AIM -
BCB; Trinidad and Tobago Stock Exchange - BCBTT) (the "Company") reported net
income of $13.4m (2008 -- $18.3m) for the quarter ended September 30, 2009, the
second quarter of fiscal 2010.
Earnings per share for the quarter ended September 30, 2009 was $0.13 (2008 --
$0.31).
For the six months ended September 30, 2009 the Company reported net income of
$28.0m (2008 -- $36.0m. Earnings per share for the six months ended September
30, 2009 was $0.31 (2008 -- $0.61).
Commenting on corporate performance, Chairman, Lord Ashcroft, KCMG, said:
"Financial Services operating income continues to be affected by the weak
economic environment in our countries of operation where there are no signs of a
recovery in the short term. Operating income is down principally due to interest
reversals on non-performing loans"
"The Company's share of our associate Numar's income was $5.0 million compared
with $6.3 million in 2008 principally as a result of lower prevailing market
prices in the palm oil market"
"Earnings per share of $0.13 is down due to lower earnings and the dilutive
effect of the shares issued on the acquisition of Cockleshell Limited 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.
The Company's ordinary shares were listed on the Trinidad and Tobago Stock
Exchange on 28 October 2009 and remain admitted to trading on AIM.
For further information contact:
Makinson Cowell BCB Holdings
+1 (212) 994 9044UK +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 | 3 months | 6 months | 6 months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Financial Services | 24.0 | 26.4 | 48.3 | 51.5 |
| Interest income | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Interest expense | (11.3) | (10.7) | (23.4) | (20.8) |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net interest income | 12.7 | 15.7 | 24.9 | 30.7 |
+-------------------------------+--------------+--------------+--------------+--------------+
| Provision for loan losses | (2.2) | (3.4) | (2.2) | (4.4) |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net non-interest (expense) | (0.7) | 0.7 | (1.6) | (0.7) |
| income | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Operating income - Financial | 9.8 | 13.0 | 21.1 | 25.6 |
| Services | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Corporate expenses | (1.4) | (1.0) | (2.5) | (2.6) |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Total operating income | 8.4 | 12.0 | 18.6 | 23.0 |
+-------------------------------+--------------+--------------+--------------+--------------+
| Associates | 5.0 | 6.3 | 9.4 | 13.0 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net income | 13.4 | 18.3 | 28.0 | 36.0 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Earnings per ordinary share: | | | | |
| Basic and diluted: | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Net income | $0.13 | $0.31 | $0.31 | $0.61 |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| Number of shares - basic and | 99.9m | 59.1m | 91.8m | 59.1m |
| diluted | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-------------------------------+--------------+--------------+--------------+--------------+
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
+----------------------------------------+----------------+----------------+
| | September 30 | March 31 |
| | 2009 | 2009 |
| | $m | $m |
+----------------------------------------+----------------+----------------+
| | | |
+----------------------------------------+----------------+----------------+
| Assets | | |
+----------------------------------------+----------------+----------------+
| Financial Services | | |
+----------------------------------------+----------------+----------------+
| Cash, cash equivalents and due from | 50.2 | 47.5 |
| banks | | |
+----------------------------------------+----------------+----------------+
| Interest-bearing deposits with | 79.8 | 84.5 |
| correspondent banks | | |
+----------------------------------------+----------------+----------------+
| Loans - net | 888.4 | 876.5 |
+----------------------------------------+----------------+----------------+
| Property, plant and equipment - net | 16.5 | 16.8 |
+----------------------------------------+----------------+----------------+
| Other assets | 41.7 | 47.2 |
+----------------------------------------+----------------+----------------+
| Total Financial Services assets | 1,076.6 | 1,072.5 |
+----------------------------------------+----------------+----------------+
| Corporate | | |
+----------------------------------------+----------------+----------------+
| Cash and cash equivalents | 0.2 | 0.2 |
+----------------------------------------+----------------+----------------+
| Other current assets | 0.6 | 0.5 |
+----------------------------------------+----------------+----------------+
| Property, plant and equipment - net | 0.1 | 0.1 |
+----------------------------------------+----------------+----------------+
| Associates | 100.0 | 97.0 |
+----------------------------------------+----------------+----------------+
| Total assets | 1,177.5 | 1,170.3 |
+----------------------------------------+----------------+----------------+
| | | |
+----------------------------------------+----------------+----------------+
| | | |
+----------------------------------------+----------------+----------------+
| Liabilities and shareholders' equity | | |
+----------------------------------------+----------------+----------------+
| Financial Services | | |
+----------------------------------------+----------------+----------------+
| Deposits | 580.6 | 646.9 |
+----------------------------------------+----------------+----------------+
| Interest payable | 12.0 | 8.9 |
+----------------------------------------+----------------+----------------+
| Other liabilities | 8.6 | 11.6 |
+----------------------------------------+----------------+----------------+
| Long-term debt (2013/2014) | 141.2 | 146.7 |
+----------------------------------------+----------------+----------------+
| Total Financial Services liabilities | 742.4 | 814.1 |
+----------------------------------------+----------------+----------------+
| Corporate | | |
+----------------------------------------+----------------+----------------+
| Current liabilities | 3.5 | 5.0 |
+----------------------------------------+----------------+----------------+
| Long-term liabilities | 1.2 | 1.2 |
+----------------------------------------+----------------+----------------+
| Total liabilities | 747.1 | 820.3 |
+----------------------------------------+----------------+----------------+
| Total shareholders' equity | 430.4 | 350.0 |
+----------------------------------------+----------------+----------------+
| | | |
+----------------------------------------+----------------+----------------+
| Total liabilities and shareholders' | 1,177.5 | 1,170.3 |
| equity | | |
+----------------------------------------+----------------+----------------+
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
| 6 month ended September 30 | 2009 | 2008 |
| | $m | $m |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash flow from operating activities | | |
+---------------------------------------------------+----------------+-------------------+
| Net income | 28.0 | 36.0 |
+---------------------------------------------------+----------------+-------------------+
| Adjustments to reconcile net income to net cash | | |
| provided by operating activities: | | |
+---------------------------------------------------+----------------+-------------------+
| Depreciation | 0.7 | 0.7 |
+---------------------------------------------------+----------------+-------------------+
| Provision for loan losses | 2.2 | 4.4 |
+---------------------------------------------------+----------------+-------------------+
| Undistributed earnings of associates | (3.0) | (7.7) |
+---------------------------------------------------+----------------+-------------------+
| Increase in interest payable | 3.1 | 5.1 |
+---------------------------------------------------+----------------+-------------------+
| Changes in assets and liabilities - net | 0.6 | (8.3) |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net cash provided by operating activities | 31.6 | 30.2 |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash flows from investing activities | | |
+---------------------------------------------------+----------------+-------------------+
| Purchase of property plant and equipment (net of | (0.4) | (0.5) |
| disposals) | | |
+---------------------------------------------------+----------------+-------------------+
| Decrease in interest-bearing deposits | 4.7 | 47.1 |
+---------------------------------------------------+----------------+-------------------+
| Decrease in Government securities | 0.3 | 5.0 |
+---------------------------------------------------+----------------+-------------------+
| Increase in loans to customers | (14.1) | (93.8) |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net cash utilized by investing activities | (9.5) | (42.2) |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash flows from financing activities | | |
+---------------------------------------------------+----------------+-------------------+
| Increase in short-tem debt | -- | 4.0 |
+---------------------------------------------------+----------------+-------------------+
| (Decrease) Increase in deposits | (66.3) | 11.7 |
+---------------------------------------------------+----------------+-------------------+
| Decrease in long-tem debt | (5.5) | -- |
| Additional Paid in Capital | 52.4 | -- |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net cash (utilized) provided by financing | (19.4) | 15.7 |
| activities | | |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Net change in cash, cash equivalents and due from | 2.7 | 3.7 |
| banks | | |
+---------------------------------------------------+----------------+-------------------+
| | | | | | |
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
| Cash, cash equivalents and due from banks at | 47.7 | 44.1 | | | |
| beginning of year | | | | | |
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+
| Cash, cash equivalents and due from banks at end | 50.4 | 47.8 |
| of year | | |
+---------------------------------------------------+----------------+-------------------+
| | | |
+---------------------------------------------------+----------------+-------------------+-------------------+-------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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