Final Results (1417J)
June 27 2011 - 2:00AM
UK Regulatory
TIDMBCB
RNS Number : 1417J
BCB Holdings Ltd
27 June 2011
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
YEAR ENDED MARCH 31, 2011
Belize City, Belize, June 27, 2011 -- BCB Holdings Limited
(London - AIM - BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company") reported a net loss of $7.3m (2010
-- net income - $25.9m) for the year ended March 31, 2011 and a net
loss per share of $0.07 (2010 -- earnings per share - $0.27).
For the quarter ended March 31, 2011 the Company reported a net
loss of $27.6m (2010 - loss of $17.4m) and a net loss per share of
$0.28 (2010 - loss of $0.17).
As a consequence of the current economic environment in Belize
and the Turks and Caicos Islands, non-performing loans and the
associated loss of interest income have increased in fiscal
2011.
Financial Services reported an operating loss of $21.9 million
for the year after an exceptional charge of $36.4 million in
respect of loan provisions against a total loan portfolio of $864
million.
The Company closed the current fiscal year with a strong balance
sheet with shareholders equity of $421.3 million and liquid assets
of $142.7 million.
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
ended ended Year ended Year ended
March 31, March 31, March 31, March 31,
2011 2010 2011 2010
Financial Services
Interest income 13.1 19.9 71.6 92.7
Interest expense (10.8) (10.7) (43.9) (45.2)
Net interest income 2.3 9.2 27.7 47.5
Provision for loan
losses (31.0) (41.4) (36.4) (44.5)
Net non-interest
(expense) income (4.9) 12.3 (13.2) 9.7
Operating (loss)
income - Financial
Services (33.6) (19.9) (21.9) 12.7
Corporate expenses (1.3) (1.6) (8.4) (5.4)
Total operating (loss)
income (34.9) (21.5) (30.3) 7.3
Associates 7.3 4.1 23.0 18.6
Net (loss) income (27.6) (17.4) (7.3) 25.9
Earnings per ordinary
share:
Basic and diluted:
Net (loss) income $(0.28) $(0.17) $(0.07) $0.27
Number of shares
- basic and diluted 100.0m 100.0m 100.0m 95.9m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
March 31 March 31
2011 2010
$m $m
Assets
Financial Services
Cash, cash equivalents
and due from banks 43.2 58.4
Interest-bearing deposits
with correspondent banks 99.5 84.0
Loans - net 764.5 826.3
Property, plant and equipment
- net 20.0 16.2
Government of Belize Securities 28.9 --
Other assets 117.2 92.1
Total Financial Services
assets 1,073.3 1,077.0
Corporate
Cash and cash equivalents -- 0.3
Other current assets 0.4 0.4
Property, plant and equipment
- net -- 0.1
Associates 125.8 108.6
Total assets 1,199.5 1,186.4
Liabilities and shareholders'
equity
Financial Services
Deposits 612.2 611.9
Interest payable 11.9 8.8
Other liabilities 13.1 10.5
Long-term debt 133.8 121.4
Total Financial Services
liabilities 771.0 752.6
Corporate
Current liabilities 6.0 4.0
Long-term liabilities 1.2 1.2
Total liabilities 778.2 757.8
Total shareholders' equity 421.3 428.6
Total liabilities and
shareholders' equity 1,199.5 1,186.4
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
2011 2010
Year ended March 31 $m $m
Cash flow from operating activities
Net (loss) income (7.3) 25.9
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation 1.4 1.4
Provision for loan losses 36.4 44.5
Undistributed earnings of associates (17.2) (11.6)
Increase (decrease) in interest
payable 3.1 (0.1)
Changes in assets and liabilities
- net (20.5) (47.2)
Net cash (utilized) provided
by operating activities (4.1) 12.9
Cash flows from investing activities
Purchase of property plant and
equipment (net of disposals) (5.1) (0.8)
(Increase) decrease in interest-bearing
deposits (15.5) 0.5
(Increase) decreae in Government
securities (28.9) 0.3
Decrease in loans to customers 25.4 5.7
Net cash (utilized) provided
by investing activities (24.1) 5.7
Cash flows from financing activities
Increase (decrease) in deposits 0.3 (35.0)
Increase (decrease) in long-term
debt 12.4 (25.3)
Additional paid in capital -- 52.4
Sale of treasury shares -- 0.3
Net cash provided (utilized)
by financing activities 12.7 (7.6)
Net change in cash, cash equivalents
and due from banks (15.5) 11.0
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 43.2 58.7
This information is provided by RNS
The company news service from the London Stock Exchange
END
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