BCB Holdings Ltd 3rd Quarter Results (7215Y)
February 26 2013 - 10:33AM
UK Regulatory
TIDMBCB
RNS Number : 7215Y
BCB Holdings Ltd
26 February 2013
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
THIRD QUARTER ENDED DECEMBER 31, 2012
Belize City, Belize, February 26, 2013 -- BCB Holdings Limited
(London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company")
Background Information
BCB Holdings Limited (BCBHL) is a parent holding company with no
independent business operations or assets other than its
investments in its subsidiaries, intercompany balances and holdings
of cash and cash equivalents. BCBHL's businesses are conducted
through its subsidiaries. BCBHL's subsidiary financial holding
company, BB International Limited, owns the investments in The
Belize Bank Limited (BBL), which is incorporated and based in
Belize and focuses on the provision of financial services and
lending to domestic clients, and Belize Bank International Limited,
which is incorporated and based in Belize and focuses on the
provision of financial services and lending to international
clients. BCBHL also owns an international corporate services
business based in Belize. Within Belize, BBL is the largest, full
service commercial and retail banking operation with a head office
in Belize City and thirteen branches extended into each of the six
districts of Belize. The principal operations of BBL 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 December 31, 2012 and for the nine months ended
December 31, 2012 reflects the performance of the businesses
described above. The comparative income statement for the nine
months ended December 31, 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 nine months ended December
31, 2011 has been presented to separately disclose the results from
continuing and discontinued operations.
Results - nine months ended December 31, 2012
On this basis, the Company reported a net income from continuing
operations of $4.7m for the nine months ended December 31, 2012
(2011 - net loss $8.7m), and a net income per ordinary share from
continuing operations for the nine months of $0.05 (2011 - net loss
$0.09).
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 9 months 9 months
ended ended ended
December December 31, December December
31, 31, 31,
2012 2011 2012 2011
-------------------------------------------------------------------------- ---------- --------------- ---------- ----------
Interest
income 10.0 10.1 29.5 31.0
Interest expense (3.3) (4.7) (10.6) (16.1)
-------------------------------------------------------------------------- ---------- --------------- ---------- ----------
Net interest income 6.7 5.4 18.9 14.9
Provision for loan losses (0.8) (4.1) (3.2) (11.9)
Net non-interest expense (2.7) (2.4) (8.1) (7.8)
-------------------------------------------------------------------------- ---------- --------------- ---------- ----------
Operating income (loss) -
Financial Services 3.2 (1.1) 7.6 (4.8)
Corporate expenses (1.1) (1.3) (2.9) (3.9)
-------------------------------------------------------------------------- ---------- --------------- ---------- ----------
Net income (loss) - continuing
operations 2.1 (2.4) 4.7 (8.7)
Net loss - discontinued operations -- (10.7) -- (0.6)
Net income (loss) 2.1 (13.1) 4.7 (9.3)
-------------------------------------------------------------------------- ---------- --------------- ---------- ----------
Earnings (loss) per share:
basic and diluted
Net income (loss) - continuing
operations $0.02 $(0.02) $0.05 $(0.09)
Net income (loss)- discontinued
operations $0.00 $(0.11) $0.00 $(0.00)
Net income (loss) $0.02 $(0.13) $0.05 $(0.09)
Number of shares - (basic
& diluted) 100.0m 100.0m 100.0m 100.0m
BCB Holdings Limited
Financial Information
Summarized Consolidated Balance Sheet (unaudited)
December March 31
31
2012 2012
$m $m
Financial Services
Cash, cash equivalents and due from banks 128.3 146.7
Interest-bearing deposits with correspondent
banks 35.0 31.0
Other securities 31.8 10.6
Government of Belize securities 40.9 18.5
Loans - net 373.6 375.7
Property, plant and equipment - net 15.7 15.1
Other assets 67.7 67.8
---------------------------------------------- --------- ---------
Total Financial Services assets 693.0 665.4
Corporate
Cash and cash equivalents 7.0 8.5
Other current assets 2.6 1.3
Total assets 702.6 675.2
---------------------------------------------- --------- ---------
Liabilities and shareholders' equity
Financial Services
Deposits 570.7 545.6
Interest payable 5.1 6.5
Other liabilities 6.5 8.0
---------------------------------------------- --------- ---------
Total Financial Services liabilities 582.3 560.1
Corporate
Current liabilities 6.6 5.9
Long-term liabilities 1.2 1.2
---------------------------------------------- --------- ---------
Total liabilities 590.1 567.2
Total shareholders' equity 112.5 108.0
---------------------------------------------- --------- ---------
Total liabilities and shareholders' equity 702.6 675.2
---------------------------------------------- --------- ---------
BCB Holdings Limited
Financial Information
Summarized Consolidated Statement of Cash Flows (unaudited)
9 Months ended December 31 2012 2011
$m $m
Cash flows from operating activities
Net income (loss) from continuing operations 4.7 (9.3)
Adjustments to reconcile net income (loss)
to net cash
provided by operating activities:
Depreciation 1.3 1.1
Provision for loan losses 3.2 11.9
Decrease in interest payable (1.4) (1.7)
Changes in assets and liabilities - net (2.0) (0.1)
Net cash provided by operating activities
- continuing 5.8 1.9
Net cash utilized by operating activities
- discontinued -- (4.3)
-------------------------------------------------- ------- ------
Net cash provided (utilized) by operating
activities 5.8 (2.4)
-------------------------------------------------- ------- ------
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (1.9) (3.1)
(Increase) decrease in interest-bearing deposits (4.0) 0.8
(Increase) decrease in Government securities (22.4) 10.4
Increase in other securities (21.2) (1.5)
Increase in loans to customers (1.1) (4.1)
Other (0.2) --
Net cash (utilized) provided by investing
activities (50.8) 2.5
-------------------------------------------------- ------- ------
Cash flows from financing activities
Increase in deposits 25.1 1.0
Decrease in long term debt -- (0.6)
Net cash provided by financing activities 25.1 0.4
-------------------------------------------------- ------- ------
Net change in cash, cash equivalents and
due from banks (19.9) 0.5
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 135.3 130.7
-------------------------------------------------- ------- ------
-END-
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The company news service from the London Stock Exchange
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