1st Quarter Results (5615M)
August 18 2011 - 2:00AM
UK Regulatory
TIDMBCB
RNS Number : 5615M
BCB Holdings Ltd
18 August 2011
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2011
Belize City, Belize, August 18, 2011 -- BCB Holdings Limited
(London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company") reported net income of $4.9m (2010
-- $8.9m) for the quarter ended June 30, 2011, the first quarter of
fiscal 2012.
Operating income of the Financial Services division for the
quarter ended June 30, 2011 amounted to $0.0m (2010 - $6.3m).
Earnings per share for the quarter ended June 30, 2011 was $0.05
(2010 -- $0.09).
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
2011 2010
3 Months ended June 30 $m $m
Financial Services
Interest income 15.4 19.4
Interest expense (10.2) (11.0)
Net interest income 5.2 8.4
Provision for loan losses (3.1) (1.4)
Net non-interest expense (2.1) (0.7)
Operating (loss) income - Financial Services -- 6.3
Corporate expenses (1.8) (1.7)
Total operating (loss) income (1.8) 4.6
Associates 6.7 4.3
Net income 4.9 8.9
Earnings per ordinary share:
Basic and diluted:
Net income $0.05 $0.09
Number of shares - basic & diluted 100.0m 100.0m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
June 30 March 31
2011 2011
$m $m
Financial Services
Cash, cash equivalents and due from banks 54.9 43.2
Interest-bearing deposits with correspondent
banks 120.7 99.5
Government of Belize securities 20.6 28.9
Loans - net 733.2 764.5
Property, plant and equipment - net 18.2 18.0
Other assets 118.3 119.2
Total Financial Services assets 1,065.9 1,073.3
Corporate
Other current assets 0.4 0.4
Associates 126.0 125.8
Total assets 1,192.3 1,199.5
Liabilities and shareholders' equity
Financial Services
Deposits 604.1 612.2
Interest payable 8.8 11.9
Other liabilities 8.8 13.1
Long-term debt 136.5 133.8
Total Financial Services liabilities 758.2 771.0
Corporate
Current liabilities 6.7 6.0
Long-term liabilities 1.2 1.2
Total liabilities 766.1 778.2
Total shareholders' equity 426.2 421.3
Total liabilities and shareholders' equity 1,192.3 1,199.5
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
2011 2010
3 Months ended June 30 $m $m
Cash flows from operating activities
Net income 4.9 8.9
Adjustments to reconcile net income to net
cash
provided by operating activities:
Depreciation 0.3 0.3
Provision for loan losses 3.1 1.4
Undistributed earnings of associates (0.2) 1.2
Decrease in interest payable (3.1) --
Changes in assets and liabilities - net (2.7) (5.6)
Net cash provided by operating activities 2.3 6.2
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (0.5) (3.6)
(Increase) decrease in interest-bearing deposits (21.2) 18.5
Decrease (increase) in Government securities 8.3 (25.2)
Decrease in loans to customers 28.2 5.1
Net cash provided by (utilized by) investing
activities 14.8 (5.2)
Cash flows from financing activities
Decrease in deposits (8.1) (19.4)
Increase in long-term debt 2.7 3.0
Net cash utilized by financing activities (5.4) (16.4)
Net change in cash, cash equivalents and
due from banks 11.7 (15.4)
Cash, cash equivalents and due from banks
at beginning of period 43.2 58.7
Cash, cash equivalents and due from banks
at end of period 54.9 43.3
This information is provided by RNS
The company news service from the London Stock Exchange
END
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