2Q Results (5153W)
November 19 2010 - 9:00AM
UK Regulatory
TIDMBCB
RNS Number : 5153W
BCB Holdings Ltd
19 November 2010
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
SIX MONTHS ENDED SEPTEMBER 30, 2010
Belize City, Belize, November 19, 2010 -- BCB Holdings Limited
(London - AIM - BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company") reported net income of $7.6m (2009
-- $13.4m) for the three months ended September 30, 2010, the
second quarter of fiscal 2011. Earnings per share for the quarter
ended September 30, 2010 was $0.08 (2009 -- $0.13).
For the six months ended September 30, 2010 the Company reported
net income of $16.5m (2009 -- $28.0m). Earnings per share for the
six months ended September 30, 2010 was $0.17 (2009 -- $0.31).
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.
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 3 months 6 months 6 months
ended ended ended ended
September September September September
30, 30, 30, 30,
2010 2009 2010 2009
Financial Services
Interest income 21.2 24.0 40.6 48.3
Interest expense (10.9) (11.3) (21.9) (23.4)
Net interest income 10.3 12.7 18.7 24.9
Provision for loan losses (2.1) (2.2) (3.5) (2.2)
Net non-interest expense (3.7) (0.7) (4.4) (1.6)
Operating income -
Financial Services 4.5 9.8 10.8 21.1
Corporate expenses (2.5) (1.4) (4.2) (2.5)
Total operating income 2.0 8.4 6.6 18.6
Associates 5.6 5.0 9.9 9.4
Net income 7.6 13.4 16.5 28.0
Earnings per ordinary
share: Basic and
diluted:
Net income $0.08 $0.13 $0.17 $0.31
Number of shares - basic
and diluted 100.0m 99.9m 100.0m 91.8m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
September 30 March 31
2010 2010
$m $m
Assets
Financial Services
Cash, cash equivalents and due
from banks 49.2 58.4
Interest-bearing deposits with
correspondent banks 57.6 84.0
Loans - net 826.0 826.3
Property, plant and equipment
- net 18.9 16.2
Government of Belize Securities 25.2 --
Other assets 99.1 92.1
Total Financial Services assets 1,076.0 1,077.0
Corporate
Cash and cash equivalents 0.2 0.3
Other current assets 1.1 0.4
Property, plant and equipment
- net 0.1 0.1
Associates 113.0 108.6
Total assets 1,190.4 1,186.4
Liabilities and shareholders'
equity
Financial Services
Deposits 592.4 611.9
Interest payable 10.7 8.8
Other liabilities 8.4 10.5
Long-term debt 127.4 121.4
Total Financial Services liabilities 738.9 752.6
Corporate
Current liabilities 5.2 4.0
Long-term liabilities 1.2 1.2
Total liabilities 745.3 757.8
Total shareholders' equity 445.1 428.6
Total liabilities and shareholders'
equity 1,190.4 1,186.4
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
2010 2009
6 months ended September 30 $m $m
Cash flow from operating activities
Net income 16.5 28.0
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 0.7 0.7
Provision for loan losses 3.5 2.2
Undistributed earnings of associates (4.4) (3.0)
Increase in interest payable 1.9 3.1
Changes in assets and liabilities - net (8.6) 0.6
Net cash provided by operating activities 9.6 31.6
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (3.4) (0.4)
Decrease in interest-bearing deposits 26.4 4.7
(Increase) decrease in Government securities (25.2) 0.3
Increase in loans to customers (3.2) (14.1)
Net cash utilized by investing activities (5.4) (9.5)
Cash flows from financing activities
Decrease in deposits (19.5) (66.3)
Increase (decrease) in long-term debt 6.0 (5.5)
Additional paid in capital -- 52.4
Net cash utilized by financing activities (13.5) (19.4)
Net change in cash, cash equivalents and
due from banks (9.3) 2.7
Cash, cash equivalents and due from banks
at beginning of year 58.7 47.7
Cash, cash equivalents and due from banks
at end of year 49.4 50.4
This information is provided by RNS
The company news service from the London Stock Exchange
END
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