3rd Quarter Results (8929B)
February 25 2011 - 7:59AM
UK Regulatory
TIDMBCB
RNS Number : 8929B
BCB Holdings Ltd
25 February 2011
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
NINE MONTHS ENDED DECEMBER 31, 2010
Belize City, Belize, February 25, 2011 -- BCB Holdings Limited
(London - AIM - BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company") reported net income of $3.8m (2009
-- $15.3m) for the three months ended December 31, 2010, the third
quarter of fiscal 2011. Earnings per share for the quarter ended
December 31, 2010 was $0.04 (2009 -- $0.15).
For the nine months ended December 31, 2010 the Company reported
net income of $20.3m (2009 -- $43.3m). Earnings per share for the
nine months ended December 31, 2010 was $0.20 (2009 -- $0.46).
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 associates, Grupo Agroindustrial CB, S.A., Tower
Strategic Ltd., Mesocafta International, S.A. and BVI International
Holdings, Inc., own 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 9 months 9 months
ended ended ended ended
December December December December
31, 31, 31, 31,
2010 2009 2010 2009
Financial Services
Interest income 17.9 24.5 58.5 72.8
Interest expense (11.2) (11.1) (33.1) (34.5)
Net interest income 6.7 13.4 25.4 38.3
Provision for loan losses (1.9) (0.9) (5.4) (3.1)
Net non-interest expense (3.9) (1.0) (8.3) (2.6)
Operating income - Financial
Services 0.9 11.5 11.7 32.6
Corporate expenses (2.9) (1.3) (7.1) (3.8)
Total operating (loss)
income (2.0) 10.2 4.6 28.8
Associates 5.8 5.1 15.7 14.5
Net income 3.8 15.3 20.3 43.3
Earnings per ordinary share:
Basic and diluted:
Net income $0.04 $0.15 $0.20 $0.46
Number of shares - basic
and diluted 100.0m 100.0m 100.0m 94.5m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
December 31 March 31
2010 2010
$m $m
Assets
Financial Services
Cash, cash equivalents and due
from banks 45.0 58.4
Interest-bearing deposits with
correspondent banks 82.5 84.0
Loans - net 822.3 826.3
Property, plant and equipment
- net 20.5 16.2
Government of Belize Securities 25.2 --
Other assets 91.5 92.1
Total Financial Services assets 1,087.0 1,077.0
Corporate
Cash and cash equivalents 0.2 0.3
Other current assets 1.3 0.4
Property, plant and equipment
- net -- 0.1
Associates 118.6 108.6
Total assets 1,207.1 1,186.4
Liabilities and shareholders'
equity
Financial Services
Deposits 601.9 611.9
Interest payable 11.6 8.8
Other liabilities 7.2 10.5
Long-term debt 130.7 121.4
Total Financial Services liabilities 751.4 752.6
Corporate
Current liabilities 5.6 4.0
Long-term liabilities 1.2 1.2
Total liabilities 758.2 757.8
Total shareholders' equity 448.9 428.6
Total liabilities and shareholders'
equity 1,207.1 1,186.4
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
2010 2009
9 months ended December 31 $m $m
Cash flow from operating activities
Net income 20.3 43.3
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 1.0 1.0
Provision for loan losses 5.4 3.1
Undistributed earnings of associates (10.0) (7.5)
Increase in interest payable 2.8 0.7
Changes in assets and liabilities - net (2.0) (21.7)
Net cash provided by operating activities 17.5 18.9
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (5.2) (0.6)
Decrease in interest-bearing deposits 1.5 10.0
Increase in Government securities (25.2) (2.7)
Increase in loans to customers (1.4) (2.7)
Net cash (utilized) provided by investing
activities (30.3) 4.0
Cash flows from financing activities
Decrease in deposits (10.0) (66.7)
Increase (decrease) in long-term debt 9.3 (3.9)
Additional paid in capital -- 52.4
Net cash utilized by financing activities (0.7) (18.2)
Net change in cash, cash equivalents and
due from banks (13.5) 4.7
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 period 45.2 52.4
This information is provided by RNS
The company news service from the London Stock Exchange
END
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