BCB Holdings Ltd 1st Quarter Results (4819P)
October 25 2012 - 2:00AM
UK Regulatory
TIDMBCB
RNS Number : 4819P
BCB Holdings Ltd
25 October 2012
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2012
Belize City, Belize, October 25, 2012 -- BCB Holdings Limited
(London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company")
Background Information
BCB Holdings Limited's current operations are principally
comprised of the parent company and its wholly owned Financial
Services division which operates through Belize Bank Limited and
internationally through Belize 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.
Financial Information
The financial information included in this report as at March
31, 2012 and June 30, 2012 and for the three months ended June 30,
2012 reflects the performance of the businesses described above.
The comparative income statement for the three months ended June
30, 2011, reflects the impact of the demerger by the Company of
Waterloo Investment Holdings Limited, which became effective on
October 26, 2011. In accordance with accounting standards, the
income statement for the three months ended June 30, 2011 has been
presented to separately disclose the results from continuing and
discontinued operations.
Results - three months ended June 30, 2012
On this basis, the Company reported a net income from continuing
operations of $1.8m for the three months ended June 30, 2012 (2011
- net loss $1.3m), the first quarter of fiscal 2013, and a net
income per ordinary share from continuing operations for the
quarter of $0.02 (2011 - net loss $0.01).
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 ended June 30 2012 2011
$m $m
Financial Services
Interest income 9.4 11.6
Interest expense (3.8) (6.0)
-------------------------------------- ------- --------
Net interest income 5.6 5.6
Provision for loan losses (0.4) (3.1)
Net non-interest expense (2.5) (2.6)
-------------------------------------- ------- --------
Operating income (loss) - Financial
Services 2.7 (0.1)
Corporate expenses (0.9) (1.2)
-------------------------------------- ------- --------
Net income (loss) - continuing
operations 1.8 (1.3)
Net income - discontinued operations -- 6.1
Net income 1.8 4.8
-------------------------------------- ------- --------
Earnings per ordinary share:
Basic and diluted:
Net income (loss) - continuing
operations $0.02 $(0.01)
Net income - discontinued operations -- $0.06
-------------------------------------- ------- --------
Net income (loss) $0.02 $0.05
Number of shares - basic and
diluted 100.0m 100.0m
-------------------------------------- ------- --------
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
US dollars in millions
June 30 March
31
2012 2012
$m $m
Financial Services
Cash, cash equivalents and due
from banks 160.2 146.7
Interest-bearing deposits with
correspondent banks 24.6 31.0
Government of Belize securities 17.5 18.5
Loans - net 370.3 375.7
Property, plant and equipment
- net 15.4 15.1
Other assets 76.7 78.4
-------------------------------------- -------- ------
Total Financial Services assets 664.7 665.4
Corporate
Cash and cash equivalents 8.2 8.5
Other current assets 1.6 1.3
-------------------------------------- -------- ------
Total assets 674.5 675.2
-------------------------------------- -------- ------
Liabilities and shareholders'
equity
Financial Services
Deposits 545.9 545.6
Interest payable 5.5 6.5
Other liabilities 6.3 8.0
-------------------------------------- -------- ------
Total Financial Services liabilities 557.7 560.1
Corporate
Current liabilities 5.8 5.9
Long-term liabilities 1.2 1.2
-------------------------------------- -------- ------
Total liabilities 564.7 567.2
Total shareholders' equity 109.8 108.0
-------------------------------------- -------- ------
Total liabilities and shareholders'
equity 674.5 675.2
-------------------------------------- -------- ------
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
US dollars in millions
3 Months ended June 30 2012 2011
$m $m
Cash flows from operating activities
Net loss from continuing operations 1.8 (1.3)
Adjustments to reconcile net loss
to net cash
provided by operating activities:
Depreciation 0.3 0.3
Provision for loan losses 0.4 3.1
Decrease in interest payable (1.0) (1.2)
Changes in assets and liabilities
- net (0.4) 0.7
Net cash provided by operating
activities - continuing 1.1 1.6
Net cash provided by operating
activities - discontinued -- 6.8
--------------------------------------- ------ ------
Net cash provided by operating
activities 1.1 8.4
--------------------------------------- ------ ------
Cash flows from investing activities
Purchase of property plant and
equipment (net of disposals) (0.6) (0.5)
Decrease in interest-bearing deposits 6.4 --
Decrease in Government securities 1.0 8.3
Decrease in loans to customers 5.0 8.9
Net cash provided by (utilized
by) investing activities 11.8 16.7
--------------------------------------- ------ ------
Cash flows from financing activities
Increase in deposits 0.3 6.5
Net cash utilized by financing
activities 0.3 6.5
--------------------------------------- ------ ------
Net change in cash, cash equivalents
and due from banks 13.2 31.6
Cash, cash equivalents and due
from banks at beginning of period 155.2 130.2
Cash, cash equivalents and due
from banks at end of period 168.4 161.8
--------------------------------------- ------ ------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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