BCB Holdings Ltd 1st Quarter Results (4025R)
October 25 2013 - 6:00AM
UK Regulatory
TIDMBCB
RNS Number : 4025R
BCB Holdings Ltd
25 October 2013
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2013
Belize City, Belize, October 25, 2013 -- BCB Holdings Limited
(London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT;
Bermuda - BBHL) (the "Company"or "BCBHL")
The Company reported a net loss from operations of $0.9m for the
three months ended June 30, 2013 (2012 - net income of $1.8m), the
first quarter of fiscal 2013, and a net loss per ordinary share
from continuing operations for the quarter of $0.01 (2012 - net
income per share of $0.02).
Background Information
BCB Holdings Limited 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. The Belize Bank Limited ("BBL"), which is
incorporated and based in Belize, focuses on the provision of
financial services and lending to domestic clients, and Belize Bank
International Limited, which is incorporated and based in Belize,
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.
For further information contact:
BCB Holdings Limited
UK: +44 (0) 207 248 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 2013 2012
$m $m
Financial Services
Interest income 10.1 9.4
Interest expense (2.8) (3.8)
------------------------------------------- -------- -------
Net interest income 7.3 5.6
Provision for loan losses (3.6) (0.4)
Net non-interest expense (3.4) (2.5)
------------------------------------------- -------- -------
Operating income - Financial Services 0.3 2.7
Corporate expenses (1.2) (0.9)
------------------------------------------- -------- -------
Net (loss) income (0.9) 1.8
------------------------------------------- -------- -------
(Loss) earnings per ordinary share:
Basic and diluted:
Net (loss) income - continuing operations $(0.01) $0.02
Number of shares - basic and diluted 100.0m 100.0m
------------------------------------------- -------- -------
Consolidated Statements of Changes in Shareholders' Equity
(unaudited)
Share capital Additional Treasury Retained Total
paid in shares earnings
$m capital
$m $m $m $m
---------------------- -------------- ----------- --------- ---------- -------
At March 31, 2012 0.6 52.8 (21.6) 76.2 108.0
Purchase of Treasury
Shares -- -- (0.1) -- (0.1)
Other movements -- -- -- (0.3) (0.3)
Net loss -- -- -- (21.6) (21.6)
---------------------- -------------- ----------- --------- ---------- -------
At March 31, 2013 0.6 52.8 (21.7) 54.3 86.0
Other movements -- -- -- (0.1) (0.1)
Net loss -- -- -- (0.9) (0.9)
---------------------- -------------- ----------- --------- ---------- -------
At June 30, 2013 -- -- -- 53.3 85.0
---------------------- -------------- ----------- --------- ---------- -------
Summarized Consolidated Balance Sheet (unaudited)
June 30 March 31
2013 2013
$m $m
Financial Services
Cash, cash equivalents and due from banks 113.4 125.2
Interest-bearing deposits with correspondent
banks 20.3 17.6
Investment Securities 78.6 81.8
Government of Belize securities 30.4 31.0
Loans - net 342.4 350.7
Property, plant and equipment - net 15.8 15.8
Government of Belize receivable 20.9 20.9
Other assets 36.6 37.9
---------------------------------------------- -------- ---------
Total Financial Services assets 658.4 680.9
Corporate
Cash and cash equivalents 6.3 7.3
Other current assets 2.8 2.4
---------------------------------------------- -------- ---------
Total assets 667.5 690.6
---------------------------------------------- -------- ---------
Liabilities and shareholders' equity
Financial Services
Deposits 563.5 580.9
Interest payable 3.9 5.1
Other liabilities 7.0 10.9
---------------------------------------------- -------- ---------
Total Financial Services liabilities 574.4 596.9
Corporate
Current liabilities 6.9 6.5
Long-term liabilities 1.2 1.2
---------------------------------------------- -------- ---------
Total liabilities 582.5 604.6
Total shareholders' equity 85.0 86.0
---------------------------------------------- -------- ---------
Total liabilities and shareholders' equity 667.5 690.6
---------------------------------------------- -------- ---------
Summarized Consolidated Statement of Cash Flows (unaudited)
3 Months ended June 30 2013 2012
$m $m
Cash flows from operating activities
Net (loss) income from continuing operations (0.9) 1.8
Adjustments to reconcile net loss to net
cash
provided by operating activities:
Depreciation 0.5 0.3
Provision for loan losses 3.6 0.4
Decrease in interest payable (1.2) (1.0)
Changes in assets and liabilities - net (2.6) (0.4)
Net cash (utilized by) provided by operating
activities (0.6) 1.1
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (0.5) (0.6)
(Increase) decrease in interest-bearing deposits (2.7) 6.4
Decrease in Government securities 0.6 1.0
Decrease in Investment securities 3.2 --
Decrease in loans to customers 4.7 5.0
Net cash provided by investing activities 5.3 11.8
-------------------------------------------------- ------- ------
Cash flows from financing activities
(Decrease) increase in deposits (17.4) 0.3
Other movements (0.1) --
Net cash (utilized by) provided by financing
activities (17.5) 0.3
-------------------------------------------------- ------- ------
Net change in cash, cash equivalents and
due from banks (12.8) 13.2
Cash, cash equivalents and due from banks
at beginning of period 132.5 155.2
Cash, cash equivalents and due from banks
at end of period 119.7 168.4
-------------------------------------------------- ------- ------
This information is provided by RNS
The company news service from the London Stock Exchange
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