BCB Holdings Ltd 3rd Quarter Results (7722A)
February 24 2014 - 5:54AM
UK Regulatory
TIDMBCB
RNS Number : 7722A
BCB Holdings Ltd
24 February 2014
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
THIRD QUARTER ENDED DECEMBER 31, 2013
Belize City, Belize, February 24, 2014 -- BCB Holdings Limited
(London - AIM: BCB; Bermuda - BBHL) (the "Company" or "BCBHL")
The Company reported a net loss from operations of $2.7m for the
three months ended December 31, 2013 (2012 - net income of $2.1m),
and a net loss per ordinary share from continuing operations for
the three months of $0.03 (2012 - net income per share of
$0.02).
The Company reported a net loss from operations of $4.8m for the
nine months ended December 31, 2013 (2012 - net income of $4.7m),
and a net loss per ordinary share from continuing operations for
the nine months of $0.05 (2012 - net income per share of
$0.05).
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
Cenkos Securities plc
Nicholas Wells +44 (0)20 739 8920
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,
2013 2012 2013 2012
---------------------------- ---------- --------------- ---------- ----------
Financial Services
Interest income 11.2 10.0 31.8 29.5
Interest expense (2.7) (3.3) (8.3) (10.6)
---------------------------- ---------- --------------- ---------- ----------
Net interest income 8.5 6.7 23.5 18.9
Provision for loan losses (7.0) (0.8) (16.0) (3.2)
Net non-interest expense (3.0) (2.7) (8.7) (8.1)
---------------------------- ---------- --------------- ---------- ----------
Operating (loss) income -
Financial Services (1.5) 3.2 (1.2) 7.6
Corporate expenses (1.2) (1.1) (3.6) (2.9)
---------------------------- ---------- --------------- ---------- ----------
Net (loss) income (2.7) 2.1 (4.8) 4.7
---------------------------- ---------- --------------- ---------- ----------
(Loss) Earnings per share:
basic and diluted
Net (loss) income $(0.03) $0.02 $(0.05) $0.05
Number of shares - (basic
& diluted) 100.0m 100.0m 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 -- -- -- (4.8) (4.8)
---------------------- -------------- ----------- --------- ---------- -------
At December 31, 2013 0.6 52.8 (21.7) 49.4 81.1
---------------------- -------------- ----------- --------- ---------- -------
Summarized Consolidated Balance Sheet (unaudited)
December March 31
31
2013 2013
$m $m
Financial Services
Cash, cash equivalents and due from banks 123.1 125.2
Interest-bearing deposits with correspondent
banks 49.4 17.6
Investment Securities 36.4 81.8
Government of Belize securities 33.5 31.0
Loans - net 337.8 350.7
Property, plant and equipment - net 15.9 15.8
Government of Belize receivable 20.9 20.9
Other assets 38.6 37.9
---------------------------------------------- --------- ---------
Total Financial Services assets 655.6 680.9
Corporate
Cash and cash equivalents 4.6 7.3
Other current assets 3.5 2.4
---------------------------------------------- --------- ---------
Total assets 663.7 690.6
---------------------------------------------- --------- ---------
Liabilities and shareholders' equity
Financial Services
Deposits 563.3 580.9
Interest payable 4.2 5.1
Other liabilities 6.4 10.9
---------------------------------------------- --------- ---------
Total Financial Services liabilities 573.9 596.9
Corporate
Current liabilities 7.5 6.5
Long-term liabilities 1.2 1.2
---------------------------------------------- --------- ---------
Total liabilities 582.6 604.6
Total shareholders' equity 81.1 86.0
---------------------------------------------- --------- ---------
Total liabilities and shareholders' equity 663.7 690.6
---------------------------------------------- --------- ---------
Summarized Consolidated Statement of Cash Flows (unaudited)
9 Months ended December 31 2013 2012
$m $m
Cash flows from operating activities
Net (loss) income from continuing operations (4.8) 4.7
Adjustments to reconcile net loss to net
cash
provided by operating activities:
Depreciation 1.4 1.3
Provision for loan losses 16.0 3.2
Decrease in interest payable (0.9) (1.4)
Changes in assets and liabilities - net (5.3) (2.0)
Net cash provided by operating activities 6.4 5.8
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (1.5) (1.9)
Increase in interest-bearing deposits (31.8) (4.0)
Increase in Government securities (2.5) (22.4)
Decrease (increase) in Investment securities 45.4 (21.2)
Increase in loans to customers (3.1) (1.1)
Net cash provided (utilized) by investing
activities 6.5 (50.6)
---------------------------------------------- ------- -------
Cash flows from financing activities
(Decrease) increase in deposits (17.6) 25.1
Other movements (0.1) (0.2)
Net cash (utilized) provided by financing
activities (17.7) 24.9
---------------------------------------------- ------- -------
Net change in cash, cash equivalents and
due from banks (4.8) (19.9)
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 127.7 135.3
---------------------------------------------- ------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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