1st Quarter Results
August 23 2010 - 9:52AM
UK Regulatory
TIDMBCB
RNS Number : 4885R
BCB Holdings Ltd
23 August 2010
+----------------+--------------------------------------------------------------------------+
| | |
+----------------+--------------------------------------------------------------------------+
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2010
Belize City, Belize, August 23, 2010 -- BCB Holdings Limited (London - AIM: BCB;
Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company")
reported net income of $8.9m (2009 -- $14.6m) for the quarter ended June 30,
2010, the first quarter of fiscal 2011.
Operating income of the Financial Services division for the quarter ended June
30, 2010 amounted to $6.3m (2009 - $11.3m).
Earnings per share for the quarter ended June 30, 2010 was $0.09 (2009 --
$0.17).
Background Information
The Financial Services division operates principally through the Belize Bank in
Belize and British Caribbean Bank in the Turks and Caicos Islands. In 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.
BCB Holdings Limited
Financial Information
Summarized Consolidated Statements of Income (unaudited)
US dollars in millions except per share data
+------------------------------------------+----------+---------+
| 3 Months ended June 30 | 2010 | 2009 |
| | $m | $m |
+------------------------------------------+----------+---------+
| Financial Services | | |
+------------------------------------------+----------+---------+
| Interest income | 19.4 | 24.3 |
+------------------------------------------+----------+---------+
| Interest expense | (11.0) | (12.1) |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Net interest income | 8.4 | 12.2 |
+------------------------------------------+----------+---------+
| Provision for loan losses | (1.4) | -- |
+------------------------------------------+----------+---------+
| Net non-interest expense | (0.7) | (0.9) |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Operating income - Financial Services | 6.3 | 11.3 |
+------------------------------------------+----------+---------+
| Corporate expenses | (1.7) | (1.1) |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Total operating income | 4.6 | 10.2 |
+------------------------------------------+----------+---------+
| Associates | 4.3 | 4.4 |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Net income | 8.9 | 14.6 |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Earnings per ordinary share: | | |
+------------------------------------------+----------+---------+
| Basic and diluted: | | |
+------------------------------------------+----------+---------+
| Net income | $0.09 | $0.17 |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Number of shares - basic & diluted | 100.0m | 83.6m |
+------------------------------------------+----------+---------+
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
+------------------------------------------+----------+---------+
| | June 30 | June 30 |
| | 2010 | 2009 |
| | $m | $m |
+------------------------------------------+----------+---------+
| Financial Services | | |
+------------------------------------------+----------+---------+
| Cash, cash equivalents and due from | 43.0 | 58.4 |
| banks | | |
+------------------------------------------+----------+---------+
| Interest-bearing deposits with | 65.5 | 84.0 |
| correspondent banks | | |
+------------------------------------------+----------+---------+
| Loans - net | 819.8 | 826.3 |
+------------------------------------------+----------+---------+
| Property, plant and equipment - net | 19.5 | 16.2 |
+------------------------------------------+----------+---------+
| Government of Belize securities | 25.2 | -- |
+------------------------------------------+----------+---------+
| Other assets | 97.2 | 92.1 |
+------------------------------------------+----------+---------+
| Total Financial Services assets | 1,070.2 | 1,077.0 |
+------------------------------------------+----------+---------+
| Corporate | | |
+------------------------------------------+----------+---------+
| Cash and cash equivalents | 0.3 | 0.3 |
+------------------------------------------+----------+---------+
| Other current assets | 0.5 | 0.4 |
+------------------------------------------+----------+---------+
| Property, plant and equipment - net | 0.1 | 0.1 |
+------------------------------------------+----------+---------+
| Associates | 107.4 | 108.6 |
+------------------------------------------+----------+---------+
| Total assets | 1,178.5 | 1,186.4 |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Liabilities and shareholders' equity | | |
+------------------------------------------+----------+---------+
| Financial Services | | |
+------------------------------------------+----------+---------+
| Deposits | 592.5 | 611.9 |
+------------------------------------------+----------+---------+
| Interest payable | 8.8 | 8.8 |
+------------------------------------------+----------+---------+
| Other liabilities | 9.6 | 10.5 |
+------------------------------------------+----------+---------+
| Long-term debt | 124.4 | 121.4 |
+------------------------------------------+----------+---------+
| Total Financial Services liabilities | 735.3 | 752.6 |
+------------------------------------------+----------+---------+
| Corporate | | |
+------------------------------------------+----------+---------+
| Current liabilities | 4.5 | 4.0 |
+------------------------------------------+----------+---------+
| Long-term liabilities | 1.2 | 1.2 |
+------------------------------------------+----------+---------+
| Total liabilities | 741.0 | 757.8 |
+------------------------------------------+----------+---------+
| Total shareholders' equity | 437.5 | 428.6 |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Total liabilities and shareholders' | 1,178.5 | 1,186.4 |
| equity | | |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
+----------------------------------------------+---------+--------+
| 3 Months ended June 30 | 2010 | 2009 |
| | $m | $m |
+----------------------------------------------+---------+--------+
| Cash flows from operating activities | | |
+----------------------------------------------+---------+--------+
| Net income | 8.9 | 14.6 |
+----------------------------------------------+---------+--------+
| Adjustments to reconcile net income to net | | |
| cash | | |
| provided by operating activities: | | |
+----------------------------------------------+---------+--------+
| Depreciation | 0.3 | 0.4 |
+----------------------------------------------+---------+--------+
| Provision for loan losses | 1.4 | -- |
+----------------------------------------------+---------+--------+
| Undistributed earnings of associates | 1.2 | 2.0 |
+----------------------------------------------+---------+--------+
| Increase in interest payable | -- | 0.8 |
+----------------------------------------------+---------+--------+
| Changes in assets and liabilities - net | (5.6) | (1.0) |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Net cash provided by operating activities | 6.2 | 16.8 |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Cash flows from investing activities | | |
+----------------------------------------------+---------+--------+
| Purchase of property plant and equipment | (3.6) | (0.2) |
| (net of disposals) | | |
+----------------------------------------------+---------+--------+
| Decrease (increase) in interest-bearing | 18.5 | (5.2) |
| deposits | | |
+----------------------------------------------+---------+--------+
| (Increase) decrease in Government securities | (25.2) | 0.3 |
+----------------------------------------------+---------+--------+
| Decrease (increase) in loans to customers | 5.1 | (12.0) |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Net cash utilized by investing activities | (5.2) | (17.1) |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Cash flows from financing activities | | |
+----------------------------------------------+---------+--------+
| Decrease in deposits | (19.4) | (52.4) |
+----------------------------------------------+---------+--------+
| Increase in long-term debt | 3.0 | 2.7 |
+----------------------------------------------+---------+--------+
| Additional paid in capital | -- | 52.4 |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Net cash (utilized) provided by financing | (16.4) | 2.7 |
| activities | | |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Net change in cash, cash equivalents and due | (15.4) | 2.4 |
| from banks | | |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Cash, cash equivalents and due from banks at | 58.7 | 47.7 |
| beginning of period | | |
+----------------------------------------------+---------+--------+
| | | |
+----------------------------------------------+---------+--------+
| Cash, cash equivalents and due from banks at | 43.3 | 50.1 |
| end of period | | |
+----------------------------------------------+---------+--------+
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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