Interim Results for six months ended 30 Sept 2011 (4889S)
November 21 2011 - 11:53AM
UK Regulatory
TIDMBCB
RNS Number : 4889S
BCB Holdings Ltd
21 November 2011
21 November 2011
BCB HOLDINGS LIMITED ANNOUNCES INTERIM RESULTS FOR THE
SIX MONTHS ENDED SEPTEMBER 30, 2011
Belize City, Belize, November 21, 2011 -- BCB Holdings Limited
(London - AIM - BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company").
Background
The demerger by BCB Holdings Limited of Waterloo Investment
Holdings Limited, which owns BCB Holdings Limited's former
non-Belizean businesses, became effective on October 26, 2011 (the
"Demerger"). The Demerger was the subject of a Circular to the
Company's shareholders dated October 19, 2011 (the "Circular") to
which reference should be made.
As a result of the Demerger, the Company's Financial Services
division now operates principally through Belize Bank Limited and
internationally through British Caribbean Bank International
Limited, both of which are based in Belize. Within Belize, Belize
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 Belize Bank are commercial lending, consumer lending,
deposit-taking and related banking activities.
Waterloo Investment Holdings Limited is now the holding company
for the Company's non-Belizean businesses which comprise British
Caribbean Bank Limited, a portfolio of other assets (principally
loans in the Turks and Caicos Islands) and certain investments in
associated companies with interests in edible oil processing and
distribution operations and palm seed plantations principally in
Costa Rica.
Financial Information
The pro forma financial effects of the Demerger on the Company
as at and for the year ended March 31, 2011 are set out in the
Circular.
The financial information included in this report, as at and for
the period ended September 30, 2011, is presented before the impact
of the Demerger, which became effective subsequent to that date,
namely October 26, 2011. The financial information included herein
is presented as required by the rules of AIM.
On this basis, the Company reported a net loss of $1.1m (2010 -
net income: $7.6m) for the three months ended September 30, 2011,
the second quarter of fiscal 2012, and a net loss per ordinary
share for the quarter of $0.01 (2010 - net earnings: $0.08).
For the six months ended September 30, 2011, the Company
reported net income of $3.8m (2010 - $16.5m). Earnings per ordinary
share for the six months ended September 30, 2011 was $0.04 (2010 -
$0.17).
Net assets at September 30, 2011 were $425.1m (March 31, 2011 -
$421.3m).
On a pro forma basis, assuming that the Demerger had taken place
as of April 1, 2011, the Company's net loss for the six months
ended September 2011 was $5.7m and the loss per ordinary share was
$0.06. Net assets on a pro forma basis at September 30, 2011 was
$120.4m.
For further information contact:
Makinson Cowell BCB Holdings Limited
+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,
2011 2010 2011 2010
------------------------------ ----------- ----------- ----------- -----------
Financial Services
Interest income 12.0 21.2 27.4 40.6
Interest expense (9.9) (10.9) (20.1) (21.9)
------------------------------ ----------- ----------- ----------- -----------
Net interest income 2.1 10.3 7.3 18.7
Provision for loan losses (4.8) (2.1) (7.9) (3.5)
Net non-interest expense (3.5) (3.7) (5.6) (4.4)
------------------------------ ----------- ----------- ----------- -----------
Operating (loss) income
- Financial Services (6.2) 4.5 (6.2) 10.8
Corporate expenses (2.0) (2.5) (3.8) (4.2)
------------------------------ ----------- ----------- ----------- -----------
Total operating (loss)
income (8.2) 2.0 (10.0) 6.6
Associates 7.1 5.6 13.8 9.9
Net (loss) income (1.1) 7.6 3.8 16.5
------------------------------ ----------- ----------- ----------- -----------
Earnings per ordinary share:
Basic and diluted:
Net (loss) income $(0.01) $0.08 $0.04 $0.17
Number of shares - basic
and diluted 100.0m 100.0m 100.0m 100.0m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
September 30 March 31
2011 2011
$m $m
Assets
Financial Services
Cash, cash equivalents and due
from banks 48.1 43.2
Interest-bearing deposits with
correspondent banks 137.4 99.5
Government of Belize Securities 25.9 28.9
Loans - net 721.5 764.5
Property, plant and equipment
- net 17.4 18.0
Other assets 121.9 119.2
Total Financial Services assets 1,072.2 1,073.3
Corporate
Other current assets 0.7 0.4
Associates 133.2 125.8
Total assets 1,206.1 1,199.5
Liabilities and shareholders'
equity
Financial Services
Deposits 614.5 612.2
Interest payable 9.5 11.9
Other liabilities 8.3 13.1
Long-term debt 139.8 133.8
Total Financial Services liabilities 772.1 771.0
Corporate
Current liabilities 7.7 6.0
Long-term liabilities 1.2 1.2
Total liabilities 781.0 778.2
Total shareholders' equity 425.1 421.3
Total liabilities and shareholders'
equity 1,206.1 1,199.5
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
6 months ended September 30 2011 2010
$m $m
Cash flow from operating activities
Net income 3.8 16.5
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 0.7 0.7
Provision for loan losses 7.9 3.5
Undistributed earnings of associates (7.4) (4.4)
(Decrease) increase in interest payable (2.4) 1.9
Changes in assets and liabilities - net (6.1) (8.6)
Net cash (utilized) provided by operating
activities (3.5) 9.6
---------------------------------------------- ------- -------
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (0.1) (3.4)
(Increase) decrease in interest-bearing
deposits (37.9) 26.4
Increase (decrease) in Government securities 3.0 (25.2)
Decrease (increase) in loans to customers 35.1 (3.2)
Net cash provided (utilized) by investing
activities 0.1 (5.4)
---------------------------------------------- ------- -------
Cash flows from financing activities
Increase (decrease) in deposits 2.3 (19.5)
Increase (decrease) in long-term debt 6.0 6.0
Net cash provided (utilized) by financing
activities 8.3 (13.5)
---------------------------------------------- ------- -------
Net change in cash, cash equivalents and
due from banks 4.9 (9.3)
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 48.1 49.4
---------------------------------------------- ------- -------
-END-
This information is provided by RNS
The company news service from the London Stock Exchange
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