BCB Holdings Ltd Half Yearly Report (6221R)
November 21 2012 - 2:00AM
UK Regulatory
TIDMBCB
RNS Number : 6221R
BCB Holdings Ltd
21 November 2012
Embargo for 7am Weds 21 Nov 2012
BCB HOLDINGS LIMITED
Results for the Second Quarter ended 30 September 2012
Belize City, Belize, November 21, 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 September 30, 2012 and for the six months ended
September 30, 2012 reflects the performance of the businesses
described above. The comparative income statement for the six
months ended September 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 six months ended
September 30, 2011 has been presented to separately disclose the
results from continuing and discontinued operations.
Results - six months ended September 30, 2012
On this basis, the Company reported a net income from continuing
operations of $2.6m for the six months ended September 30, 2012
(2011 - net loss $6.3m), and a net income per ordinary share from
continuing operations for the six months of $0.03 (2011 - net loss
$0.06).
For further information contact:
Makinson Cowell BCB Holdings
+1 (212) 994 9044 UK +44 (0)20 7248 6700
Belize +501 227 7178
Nicholas Wells/Adrian Hargrave Cenkos Securities plc
UK +44 (0)20 7397 8900
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 6 months 6 months
ended ended ended
September September September September
30, 30, 30, 30,
2012 2011 2012 2011
------------------------------------ ----------- --------------- ----------- -----------
Financial Services
Interest income 10.1 9.3 19.5 20.9
Interest expense (3.5) (5.4) (7.3) (11.4)
------------------------------------ ----------- --------------- ----------- -----------
Net interest income 6.6 3.9 12.2 9.5
Provision for loan losses (2.0) (4.7) (2.4) (7.8)
Net non-interest expense (2.9) (2.8) (5.4) (5.4)
------------------------------------ ----------- --------------- ----------- -----------
Operating income (loss) -
Financial Services 1.7 (3.6) 4.4 (3.7)
Corporate expenses (0.9) (1.4) (1.8) (2.6)
------------------------------------ ----------- --------------- ----------- -----------
Net income - continuing operations 0.8 (5.0) 2.6 (6.3)
Net income - discontinued
operations -- 4.0 -- 10.1
Net income (loss) 0.8 (1.0) 2.6 3.8
------------------------------------ ----------- --------------- ----------- -----------
Earnings (loss) per share:
basic and diluted
Net income (loss) - continuing
operations $0.01 $(0.05) $0.03 $(0.06)
Net income (loss)- discontinued
operations $0.00 $0.04 $0.00 $0.10
Net income (loss) $0.01 $(0.01) $0.03 $0.04
Number of shares - (basic
& diluted) 100.0m 100.0m 100.0m 100.0m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
September March 31
30
2012 2012
$m $m
Financial Services
Cash, cash equivalents and due from banks 145.1 146.7
Interest-bearing deposits with correspondent
banks 5.5 31.0
Government of Belize securities 43.4 18.5
Loans - net 367.8 375.7
Property, plant and equipment - net 15.9 15.1
Other assets 79.5 78.4
---------------------------------------------- ---------- ---------
Total Financial Services assets 657.2 665.4
Corporate
Cash and cash equivalents 7.9 8.5
Other current assets 2.0 1.3
---------------------------------------------- ---------- ---------
Total assets 667.1 675.2
---------------------------------------------- ---------- ---------
Liabilities and shareholders' equity
Financial Services
Deposits 537.8 545.6
Interest payable 5.6 6.5
Other liabilities 6.0 8.0
---------------------------------------------- ---------- ---------
Total Financial Services liabilities 549.4 560.1
Corporate
Current liabilities 6.1 5.9
Long-term liabilities 1.2 1.2
---------------------------------------------- ---------- ---------
Total liabilities 556.7 567.2
Total shareholders' equity 110.4 108.0
---------------------------------------------- ---------- ---------
Total liabilities and shareholders' equity 667.1 675.2
---------------------------------------------- ---------- ---------
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
6 Months ended September 30 2012 2011
$m $m
Cash flows from operating activities
Net loss from continuing operations 2.6 (6.3)
Adjustments to reconcile net loss to net
cash
provided by operating activities:
Depreciation 0.8 0.7
Provision for loan losses 2.4 7.8
Decrease in interest payable (0.9) (0.6)
Changes in assets and liabilities - net (3.6) (1.9)
Net cash provided (utilized) by operating
activities - continuing 1.3 (0.3)
Net cash provided by operating activities
- discontinued -- 5.6
-------------------------------------------------- ------- -------
Net cash provided by operating activities 1.3 5.3
-------------------------------------------------- ------- -------
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (1.6) (0.2)
Decrease (increase) in interest-bearing deposits 25.5 (23.1)
Increase (decrease) in Government securities (24.9) 2.9
Decrease in loans to customers 5.5 3.9
Other (0.2) --
Net cash provided by (utilized by) investing
activities 4.3 (16.5)
-------------------------------------------------- ------- -------
Cash flows from financing activities
(Decrease) increase in deposits (7.8) 22.9
Net cash (utilized) provided by financing
activities (7.8) 22.9
-------------------------------------------------- ------- -------
Net change in cash, cash equivalents and
due from banks (2.2) 11.7
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 153.0 141.9
-------------------------------------------------- ------- -------
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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