BCB Holdings Ltd 1st Quarter Results (8895V)
October 31 2014 - 12:22PM
UK Regulatory
TIDMBCB
RNS Number : 8895V
BCB Holdings Ltd
31 October 2014
BCB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED JUNE 30, 2014
Belize City, Belize, October 31, 2014 -- BCB Holdings Limited
(London - AIM: BCB; Bermuda - BBHL) (the "Company")
The Company reported a net income from operations of $1.8m for
the three months ended June 30, 2014 (2013 - net loss $0.9m), the
first quarter of fiscal 2015, and a net income per ordinary share
from operations for the quarter of $0.02 (2013 - net loss
$0.01).
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. The Belize Bank Limited (BBL) is
incorporated and based in Belize and focuses on the provision of
financial services and lending to domestic clients. Belize Bank
International Limited 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.
For further information contact:
BCB Holdings
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 ended June 30 2014 2013
$m $m
Financial Services
Interest income 10.1 10.1
Interest expense (2.3) (2.8)
--------------------------------------- ------ --------
Net interest income 7.8 7.3
Provision for loan losses (2.2) (3.6)
Net non-interest expense (2.7) (3.4)
--------------------------------------- ------ --------
Operating income - Financial Services 2.9 0.3
Corporate expenses (1.1) (1.2)
--------------------------------------- ------ --------
Net income (loss) 1.8 (0.9)
--------------------------------------- ------ --------
Earnings (loss) per ordinary share:
Basic and diluted:
Net income (loss) $0.02 $(0.01)
Number of shares - basic and diluted 99.9m 99.9m
--------------------------------------- ------ --------
Consolidated Statements of Changes in Shareholders' Equity
US dollars in millions
Share capital Additional Treasury Retained Total
$m paid in shares earnings $m
capital $m $m
$m
------------------- -------------- ----------- --------- ---------- -------
At March 31, 2013 0.6 52.8 (21.7) 54.3 86.0
Other movements -- -- -- 0.3 0.3
Net loss -- -- -- (12.0) (12.0)
------------------- -------------- ----------- --------- ---------- -------
At March 31, 2014 0.6 52.8 (21.7) 42.6 74.3
Other movements -- -- -- 0.4 0.4
Net income -- -- -- 1.8 1.8
------------------- -------------- ----------- --------- ---------- -------
At June 30, 2014 0.6 52.8 (21.7) 44.8 76.5
------------------- -------------- ----------- --------- ---------- -------
Summarized Consolidated Balance Sheet (unaudited)
June 30 March 31
2014 2014
$m $m
Financial Services
Cash, cash equivalents and due from banks 218.9 170.5
Interest-bearing deposits with correspondent
banks 55.6 54.3
Investment Securities 39.9 37.3
Government of Belize securities 9.0 20.0
Loans - net 322.0 326.2
Property, plant and equipment - net 17.0 17.2
Government of Belize receivable 24.6 24.6
Other assets 30.3 31.2
---------------------------------------------- -------- ---------
Total Financial Services assets 717.3 681.3
Corporate
Cash and cash equivalents 3.0 4.0
Other current assets 4.2 3.9
---------------------------------------------- -------- ---------
Total assets 724.5 689.2
---------------------------------------------- -------- ---------
Liabilities and shareholders' equity
Financial Services
Deposits 628.1 593.1
Interest payable 3.3 4.3
Other liabilities 7.3 8.5
---------------------------------------------- -------- ---------
Total Financial Services liabilities 638.7 605.9
Corporate
Current liabilities 8.1 7.8
Long-term liabilities 1.2 1.2
---------------------------------------------- -------- ---------
Total liabilities 648.0 614.9
Total shareholders' equity 76.5 74.3
---------------------------------------------- -------- ---------
Total liabilities and shareholders' equity 724.5 689.2
---------------------------------------------- -------- ---------
Summarized Consolidated Statement of Cash Flows (unaudited)
3 Months ended June 30 2014 2013
$m $m
Cash flows from operating activities
Net income (loss) from continuing operations 1.8 (0.9)
Adjustments to reconcile net loss to net
cash
provided by operating activities:
Depreciation 0.4 0.5
Provision for loan losses 2.2 3.6
Decrease in interest payable (1.0) (1.2)
Changes in assets and liabilities - net (0.3) (2.6)
Net cash provided (utilized by) by operating
activities 3.1 (0.6)
Cash flows from investing activities
Purchase of property plant and equipment
(net of disposals) (0.2) (0.5)
Increase in interest-bearing deposits (1.3) (2.7)
Decrease in Government securities 11.0 0.6
(Increase) decrease in Investment securities (2.6) 3.2
Decrease in loans to customers 2.0 4.7
Net cash provided by investing activities 8.9 5.3
---------------------------------------------- ------ -------
Cash flows from financing activities
Increase (decrease) in deposits 35.0 (17.4)
Other movements 0.4 (0.1)
Net cash provided (utilized by) by financing
activities 35.4 (17.5)
---------------------------------------------- ------ -------
Net change in cash, cash equivalents and
due from banks 47.4 (12.8)
Cash, cash equivalents and due from banks
at beginning of period 174.5 132.5
Cash, cash equivalents and due from banks
at end of period 221.9 119.7
---------------------------------------------- ------ -------
This information is provided by RNS
The company news service from the London Stock Exchange
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